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Feature-packed mobile game controller cools your iPhone while you playSEE IT: China stuns with maiden flight of sixth-generation aircraftFurthermore, improving the mechanisms for evidence collection and reporting of sexual harassment is crucial in ensuring that victims receive the justice and support they deserve. This can involve streamlining procedures for reporting incidents, providing access to confidential and trauma-informed support services, and implementing better training for law enforcement officials and judicial personnel to handle cases of sexual harassment with sensitivity and professionalism.
Paul George says people don’t think of one of James Harden’s best qualitiesBeyond the immediate financial impact, Taylor Swift's tour also helps to promote the city as a tourist destination. The exposure generated by a high-profile event like this can attract attention from fans and potential visitors who may not have previously considered visiting the area. This can lead to a long-term boost in tourism and economic development as the city becomes associated with high-profile events and entertainment.
As the use of technology continues to shape the landscape of modern sports, the Hawk-Eye system stands out as a valuable tool for upholding fairness and integrity in competitive environments. Wang Chuqin's endorsement of the system reflects a growing consensus within the table tennis community on the importance of embracing innovation to enhance the quality of the game. By leveraging the capabilities of the Hawk-Eye technology, table tennis has taken a significant step towards ensuring that matches are decided based on skill and performance, rather than subjective judgments or controversies.NoneIn addition, China's emphasis on technological advancement and digital transformation has played a significant role in enhancing the competitiveness of its foreign trade sector. By leveraging cutting-edge technologies such as artificial intelligence, blockchain, and big data, Chinese companies are able to optimize their supply chains, improve operational efficiency, and provide better services to their customers worldwide.The severe punishments meted out by the court reflect the gravity of the crimes committed by the public officials and the teacher. Not only did they betray the public trust, but they also endangered the health and well-being of the community. The sentences serve as a strong warning to others who may be tempted to engage in similar illegal activities.
Studies have shown that even after losing weight, the body retains a memory of its previous higher weight. This weight memory affects various biological processes, including metabolic rate, appetite regulation, and fat storage. As a result, individuals who have been overweight in the past are more likely to regain weight quickly when exposed to excess calories.
But the success of Mr. Li's venture goes beyond mere financial gains. By repurposing wood waste and straw into valuable crops, he has set an example of how sustainable practices can lead to prosperity. The once-discarded materials are now seen as valuable resources, demonstrating the transformative power of innovation and forward thinking.
Man arraigned on murder charges in NYC subway death fanned flames with a shirt, prosecutors say
As fans come to terms with the loss of a highly anticipated game, the fallout from this incident serves as a stark reminder of the consequences of poor management practices within the gaming industry. It is clear that developers are the lifeblood of any successful project, and their voices must be heard and respected in order to ensure the creation of high-quality and innovative gaming experiences.Ogun govt empowers 150 persons living with disabilityCAMPBELL, Calif.--(BUSINESS WIRE)--Dec 4, 2024-- Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its third quarter of fiscal year 2025 ended October 31, 2024. “We are encouraged by record EV sales in the industry, and we continue to see network utilization driving the need for more charging infrastructure,” said Rick Wilmer, CEO of ChargePoint. “Our third quarter results exceeded our expectations, and demonstrate that our strategy, focus on operational excellence, and rigorous cash management are translating to tangible results.” For reconciliation of GAAP and non-GAAP results, please see the tables below. For the fourth fiscal quarter ending January 31, 2025, ChargePoint expects revenue of $95 million to $105 million. The Company is concentrating on returning to growth and streamlining operations to continue on its path to positive non-GAAP Adjusted EBITDA, which is targeted for a quarter in fiscal year 2026. ChargePoint is not able to present a reconciliation of its forward-looking non-GAAP Adjusted EBITDA goal to the corresponding GAAP measure because certain potential future adjustments, which may be significant and may include, among other items, stock-based compensation expense, are uncertain or out of its control, or cannot be reasonably predicted without unreasonable effort. The actual amounts of such reconciling items could have a significant impact on ChargePoint's GAAP Net Loss. ChargePoint will host a webcast today at 1:30 p.m. Pacific / 4:30 p.m. Eastern to review its third quarter fiscal 2025 financial results. Investors may access the webcast, supplemental financial information and investor presentation at ChargePoint’s investor relations website ( ) under the “Events and Presentations” section. A replay will be available after the conclusion of the webcast and archived for one year. ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. For more information, visit the , the , or contact the or or . This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our projected revenue for the fourth quarter of fiscal year 2025 and our goal to achieve positive non-GAAP Adjusted EBITDA. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: macroeconomic trends including changes in or sustained inflation, interest rate volatility, or other events beyond our control on the overall economy which may reduce demand for our products and services, geopolitical events and conflicts, adverse impacts to our business and those of our customers and suppliers, including due to supply chain disruptions, tariffs, component shortages, and associated logistics expense increases; our limited operating history as a public company; our ability as an organization to successfully acquire, integrate or partner with other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs, including auto manufacture's plans and strategies to transition to predominately manufacture EV and any corresponding increased demand for installation of charging stations; our current dependence on sales of charging stations for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; our ability, and our reliance on our customers, to successfully implement, construct and manage National Electric Vehicle Infrastructure (NEVI) grant opportunities in accordance with the respective terms of the NEVI program in order to validly secure and obtain awarded funding and win additional NEVI grant opportunities; our reliance on contract manufacturers, including those located outside the United States, may result in supply chain interruptions, delays and expense increases which may adversely affect our sales, revenue and gross margins; our ability to expand our operations and market share in Europe; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins due to delays and costs associated with new product introductions, inventory obsolescence, component shortages and related expense increases; adverse impact to our revenues and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on September 9, 2024, which is available on our website at and on the SEC’s website at . Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. ChargePoint has provided financial information in this press release that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). ChargePoint uses these non-GAAP financial measures internally in analyzing its financial results. ChargePoint believes that the use of these non-GAAP financial measures is useful to investors to evaluate ongoing operating results and trends and believes they provide meaningful supplemental information to investors regarding ChargePoint’s underlying operating performance because they exclude items the Company believes are unrelated to, and may not be indicative of, its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with ChargePoint’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of ChargePoint’s historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. ChargePoint defines non-GAAP gross profit as gross profit excluding stock-based compensation expense, amortization expense of acquired intangible assets and restructuring costs for severances and employment-related termination costs, facility and other contract terminations. Non-GAAP gross margin is non-GAAP gross profit as a percentage of revenue. ChargePoint defines non-GAAP cost of revenue and operating expenses as cost of revenue and operating expenses excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of the convertible debt. ChargePoint defines non-GAAP net loss as net loss excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of the convertible debt. These amounts reflect the impact of any related tax effects. Non-GAAP pre-tax net loss is non-GAAP net loss adjusted for provision for income taxes. . ChargePoint defines non-GAAP adjusted EBITDA loss as net loss excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses, professional service fees related to the modification of the convertible debt, and further adjusted for provision of income taxes, depreciation, interest income and expense, and other income and expense (net). Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures to analyze financial results and trends. In particular, many of the adjustments to ChargePoint’s GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future, such as stock-based compensation, which is an important part of ChargePoint’s employees’ compensation and impacts hiring, retention and performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that ChargePoint excludes in its calculation of non-GAAP financial measures may differ from the components that other companies exclude when they report their non-GAAP results. In the future, ChargePoint may also exclude other expenses it determines do not reflect the performance of ChargePoint’s operating results. CHPT-IR Networked charging systems $ 52,662 $ 73,893 $ 182,182 $ 286,788 Subscriptions 36,417 30,559 106,053 86,935 Other 10,533 5,831 26,959 17,084 Total revenue 99,612 110,283 315,194 390,807 Networked charging systems 52,852 109,452 173,152 317,335 Subscriptions 17,512 19,999 53,812 53,495 Other 6,462 4,778 16,249 12,263 Total cost of revenue 76,826 134,229 243,213 383,093 22,786 (23,946 ) 71,981 7,714 Research and development 38,299 56,524 110,861 165,563 Sales and marketing 34,678 39,834 106,376 116,545 General and administrative 17,975 33,463 52,794 82,627 Total operating expenses 90,952 129,821 270,031 364,735 (68,166 ) (153,767 ) (198,050 ) (357,021 ) Interest income 1,604 1,868 6,930 6,168 Interest expense (9,315 ) (3,820 ) (22,486 ) (9,673 ) Other income (expense), net (202 ) (2,815 ) (1,090 ) (2,173 ) (76,079 ) (158,534 ) (214,696 ) (362,699 ) Provision for (benefit from) income taxes 1,511 (315 ) 3,567 162 $ (77,590 ) $ (158,219 ) $ (218,263 ) $ (362,861 ) Net loss per share, basic and diluted $ (0.18 ) $ (0.43 ) $ (0.51 ) $ (1.01 ) Weighted average shares outstanding, basic and diluted 435,331,445 376,182,783 428,757,738 360,818,131 Current assets: Cash and cash equivalents $ 219,409 $ 327,410 Restricted cash 400 30,400 Accounts receivable, net 111,854 124,049 Inventories 221,988 198,580 Prepaid expenses and other current assets 66,467 62,244 Total current assets 620,118 742,683 Property and equipment, net 37,909 42,446 Intangible assets, net 71,662 80,555 Operating lease right-of-use assets 14,782 15,362 Goodwill 214,303 213,750 Other assets 7,564 8,567 Current liabilities: Accounts payable $ 74,056 $ 71,081 Accrued and other current liabilities 143,163 159,104 Deferred revenue 102,787 99,968 Total current liabilities 320,006 330,153 Deferred revenue, noncurrent 134,056 131,471 Debt, noncurrent 299,410 283,704 Operating lease liabilities 16,019 17,350 Deferred tax liabilities 10,343 11,252 Other long-term liabilities 5,523 1,757 Total liabilities 785,357 775,687 Stockholders' equity: Common stock 44 42 Additional paid-in capital 2,028,722 1,957,932 Accumulated other comprehensive loss (15,150 ) (15,926 ) Accumulated deficit (1,832,635 ) (1,614,372 ) Total stockholders' equity 180,981 327,676 Net loss $ (218,263 ) $ (362,861 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 22,205 21,160 Non-cash operating lease cost 2,700 3,257 Stock-based compensation 61,083 91,946 Amortization of deferred contract acquisition costs 2,388 2,112 Inventory impairment — 70,000 Non-cash interest expense 12,750 — Reserves and other 17,104 7,486 Changes in operating assets and liabilities: Accounts receivable, net 6,267 8,693 Inventories (24,207 ) (183,569 ) Prepaid expenses and other assets (6,250 ) (6,135 ) Accounts payable, operating lease liabilities, and accrued and other liabilities (25,291 ) 31,738 Deferred revenue 5,249 28,685 Net cash used in operating activities (144,265 ) (287,488 ) Purchases of property and equipment (10,136 ) (14,671 ) Maturities of investments — 105,000 Net cash provided by (used in) investing activities (10,136 ) 90,329 Debt issuance costs related to the revolving credit facility — (2,853 ) Proceeds from the issuance of common stock under employee equity plans, net of tax withholding 7,742 10,957 Proceeds from issuance of common stock in connection with ATM offerings, net of issuance costs 2,970 287,198 Change in driver funds and amounts due to customers 5,681 8,935 Settlement of contingent earnout liability — (3,537 ) Net cash provided by financing activities 16,393 300,700 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 7 (691 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (138,001 ) 102,850 Cash, cash equivalents, and restricted cash at beginning of period 357,810 294,562 Cash, cash equivalents, and restricted cash at end of period $ 219,809 $ 397,412 Stock-based compensation expense (1,260 ) (1,847 ) (3,870 ) (4,780 ) Amortization of intangible assets (774 ) (759 ) (2,301 ) (2,291 ) Restructuring costs (1) (961 ) (996 ) (961 ) (996 ) Stock-based compensation expense 1,260 1,847 3,870 4,780 Amortization of Intangible Assets 774 759 2,301 2,291 Restructuring costs (1) 961 996 961 996 Stock-based compensation expense (9,831 ) (14,451 ) (28,864 ) (39,804 ) Restructuring costs (1) (2,867 ) (4,183 ) (2,867 ) (4,183 ) Stock-based compensation expense (4,518 ) (6,467 ) (14,422 ) (17,393 ) Amortization of intangible assets (2,304 ) (2,249 ) (6,829 ) (6,794 ) Restructuring costs (1) (5,067 ) (1,343 ) (5,067 ) (1,343 ) Stock-based compensation expense (5,107 ) (10,118 ) (13,927 ) (29,969 ) Restructuring costs (1) (933 ) (9,079 ) (933 ) (9,079 ) Other adjustments (2) (1,728 ) (788 ) (5,729 ) (893 ) Stock-based compensation expense (19,456 ) (31,036 ) (57,213 ) (87,166 ) Amortization of intangible assets (2,304 ) (2,249 ) (6,829 ) (6,794 ) Restructuring costs (1) (8,867 ) (14,605 ) (8,867 ) (14,605 ) Other adjustments (2) (1,728 ) (788 ) (5,729 ) (893 ) Stock-based compensation expense 20,716 32,883 61,083 91,946 Amortization of intangible assets 3,078 3,008 9,130 9,085 Restructuring costs (1) 9,828 15,601 9,828 15,601 Other adjustments (2) 1,728 788 5,729 893 Provision for (benefit from) income taxes 1,511 (315 ) 3,567 162 Depreciation 4,230 4,135 13,074 12,076 Interest income (1,604 ) (1,868 ) (6,930 ) (6,168 ) Interest expense 9,315 3,820 22,486 9,673 Other expense (income), net 202 2,815 1,090 2,173 (1) (2) View source version on : CONTACT: Investor Relations Nandan Amladi Vice President, Finance and Investor Relations John Paolo Canton Vice President, Communications Gosselin Director, Corporate Communications KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: TECHNOLOGY ALTERNATIVE VEHICLES/FUELS EV/ELECTRIC VEHICLES AUTOMOTIVE VEHICLE TECHNOLOGY ALTERNATIVE ENERGY SOFTWARE ENERGY BATTERIES SOURCE: ChargePoint Holdings, Inc. Copyright Business Wire 2024. PUB: 12/04/2024 04:10 PM/DISC: 12/04/2024 04:17 PM
South Korea impeaches second president in two weeksDespite the challenges, China's exports have continued to demonstrate strong performance, driven by robust demand for electronic products, medical equipment, and work-from-home essentials. The pandemic has accelerated the digitalization trend globally, leading to increased demand for technology-related products, which has benefited Chinese exporters. The shift towards remote work and online learning has also boosted demand for electronic devices, further supporting China's export growth.In conclusion, the Ideal L6's stellar performance in the C-NCAP safety ratings is a clear indicator of its commitment to excellence and safety. With its advanced safety features, robust construction, and impressive crash test results, the Ideal L6 has rightfully earned its place as a leader in automotive safety. Moving forward, Ideal Motors will undoubtedly continue to innovate and set new standards in safety, paving the way for a safer and more secure future on the roads.
Swapo’s victory reinforces legacy of Frontline StatesThe 3 major US indices close the day at record levels
One of the key changes implemented by Tencent Video is the introduction of exclusive content for premium members. By offering access to a curated selection of high-quality shows, movies, and documentaries that are only available to paid subscribers, Tencent Video aims to attract and retain a loyal user base. This move echoes the strategies adopted by iQIYI and Youku, which have successfully leveraged exclusive content to differentiate their premium offerings and drive subscription growth.Therapeutic Respiratory Devices Market to See Rapid Expansion Over the Next Decade 2024-2032Beyond product offerings and technological innovations, e-commerce platforms are also ramping up their social media and influencer marketing efforts to drive consumer engagement. By partnering with popular influencers and celebrities, platforms are able to reach a wider audience, build brand loyalty, and create buzz around the "Double 12" festival.The speech was a reminder of why Jack Ma had become such a revered figure in the business world. His blend of wisdom, vision, and humility resonated with many, inspiring hope and optimism in a world that had been shaken by uncertainty and turmoil. As he shared his experiences and lessons learned, it was clear that he had not only weathered the storm but had emerged stronger and more resilient than ever.
For the lucky individuals who have matched all the winning numbers, the realization of their newfound wealth will undoubtedly be a surreal experience. Dreams that once seemed out of reach are now within their grasp, offering a world of possibilities and opportunities. Whether they choose to travel the world, donate to charity, or simply live a life of luxury, the options are endless.
The "Double 12" shopping festival, which falls on December 12th each year, has become a highly anticipated event for both online retailers and consumers alike. Originating as an extension of the popular "Singles' Day" in China, the "Double 12" festival has evolved into a global phenomenon, attracting shoppers from around the world.The Reform UK leader pushed back against reports suggesting that legal action would be the next step, saying he would make a decision in the next couple of days about his response if there is no apology for the “crazy conspiracy theory”. Mr Farage also said the party has “opened up our systems” to media outlets, including The Daily Telegraph and The Financial Times, in the interests of “full transparency to verify that our numbers are correct”. His remarks came after Conservative Party leader Kemi Badenoch accused Mr Farage of “fakery” in response to Reform claiming they had surpassed the Tories in signed-up members. Mrs Badenoch said Reform’s counter was “coded to tick up automatically”. A digital counter on the Reform website showed a membership tally before lunchtime on Boxing Day ticking past the 131,680 figure declared by the Conservative Party during its leadership election earlier this year. Mr Farage, on whether he was threatening legal action or not, told the PA news agency: “I haven’t threatened anything. I’ve just said that unless I get an apology, I will take some action. “I haven’t said whether it’s legal or anything.” He added: “All I’ve said is I want an apology. If I don’t get an apology, I will take action. “I will decide in the next couple of days what that is. So I’ve not specified what it is.” Mr Farage, on the move to make membership data available to media organisations, said: “We feel our arguments are fully validated. “She (Mrs Badenoch) has put out this crazy conspiracy theory and she needs to apologise.” The accusations of fraud and dishonesty made against me yesterday were disgraceful. Today we opened up our systems to The Telegraph, Spectator, Sky News & FT in the interests of full transparency to verify that our data is correct. I am now demanding @KemiBadenoch apologises. — Nigel Farage MP (@Nigel_Farage) December 27, 2024 On why Mrs Badenoch had reacted as she did, Mr Farage said: “I would imagine she was at home without anybody advising her and was just angry.” Mr Farage, in a statement issued on social media site X, also said: “The accusations of fraud and dishonesty made against me yesterday were disgraceful. “Today we opened up our systems to The Telegraph, Spectator, Sky News and FT in the interests of full transparency to verify that our data is correct. “I am now demanding Kemi Badenoch apologises.” A Conservative Party source claimed Mr Farage was “rattled” that his Boxing Day “publicity stunt is facing serious questions”. They added: “Like most normal people around the UK, Kemi is enjoying Christmas with her family and looking forward to taking on the challenges of renewing the Conservative Party in the New Year.” Mrs Badenoch, in a series of messages posted on X on Thursday, said: “Farage doesn’t understand the digital age. This kind of fakery gets found out pretty quickly, although not before many are fooled.” There were 131,680 Conservative members eligible to vote during the party’s leadership election to replace Rishi Sunak in the autumn. Mrs Badenoch claimed in her thread that “the Conservative Party has gained thousands of new members since the leadership election”. Elsewhere, Mr Farage described Elon Musk as a “bloody hero” and said he believes the US billionaire can help attract younger voters to Reform. Tech entrepreneur Mr Musk met Mr Farage earlier this month at Donald Trump’s Mar-a-Lago resort in Florida, amid rumours of a possible donation to either Mr Farage or Reform. Mr Farage told The Daily Telegraph newspaper: “The shades, the bomber jacket, the whole vibe. Elon makes us cool – Elon is a huge help to us with the young generation, and that will be the case going on and, frankly, that’s only just starting. “Reform only wins the next election if it gets the youth vote. The youth vote is the key. Of course, you need voters of all ages, but if you get a wave of youth enthusiasm you can change everything. “And I think we’re beginning to get into that zone – we were anyway, but Elon makes the whole task much, much easier. And the idea that politics can be cool, politics can be fun, politics can be real – Elon helps us with that mission enormously.”
Another major retailer, Golden Gate Jewelers, has also reported a drop in gold prices today. The retailer cited a decrease in demand from consumers as one of the primary reasons for the price reduction. This decline in demand has been attributed to various factors, including economic uncertainty and a shift in consumer preferences towards other investment options.
While it remains to be seen exactly what Xbox has in store for TGA, the prospect of multiple blockbuster games on the horizon is sure to capture the attention of gamers worldwide. From highly anticipated sequels to brand-new IP, the potential for Xbox to make a splash at TGA and beyond is immense.
The South Coast Air Quality Management District (SCAQMD) exists to improve regional air quality. I recently joined its Governing Board, eager to support the cause. Following my first meeting, though, I am deeply concerned, not only for my Orange County constituents, but also for all residents of the four-county SCAQMD service area. The SCAQMD is considering two rules that are far-reaching in scope and expense but will seemingly do little to clean the air. If implemented, these rules would impose ruinous expenses on already stretched residents and businesses, potentially cause people to lose housing, and strain an already stretched electricity grid. SCAQMD intends to adopt two rules on all homeowners, multi-family residents, and businesses – more than 17 million people in all. The goal: eliminate natural gas appliances. Proposed Amended Rules 1111 and 1121 require homeowners, landlords, and businesses to replace furnaces and water heaters with costly new “zero-emission” electrical units. Fortunately, anyone potentially affected by the rules has time to weigh in. As proposed under Rule 1121, if your water heater breaks after January 1, 2027, the government will force you to replace it with an electric model. These contraptions are prohibitively expensive, would require major home or business electrical upgrades, and likely impose lengthy permit wait times. Likewise, Rule 1111 targets natural gas furnaces – if your furnace fails in 2028 or beyond, you must replace it with electric technology. The cost to implement these rules? We’re talking potentially tens of thousands of dollars per unit for every homeowner, landlord, and business forced to make these purchases. The overall cost to implement the rules is at least $20.4 billion throughout the entire SCAQMD “Service” area. While staff promises that “costs will come down over time,” that won’t help consumers today or tomorrow. These rules make life in Southern California even more unaffordable. And make no mistake: You will be forced to comply. The old technology – the water heaters and furnaces you are using today – will be illegal to purchase or install. Only the wealthiest of Southern California residents can afford such extravagance. Don’t even think about buying replacement units in other states and importing them. You will not be allowed to get a permit to install non-complying appliances, nor can you sell a property containing unpermitted units. You will have to comply. For new construction, these rules would take effect in 2026, further elevating construction costs and housing prices, thereby putting homeownership even more out of reach for many Southern Californians. But the story takes a darker turn. The new zero-emission water heaters and furnaces require a substantial increase in electricity usage, further challenging California’s already stressed electric grid. We know how vulnerable, erratic, and costly our power supply is. Water heaters and furnaces aren’t luxury items – they are essential. With millions of new electric devices pulling power from the grid, we risk even more frequent brownouts or outages. How much will this cost? Surprisingly, SCAQMD has yet to provide an accurate and comprehensive assessment of the rules’ overall cost. Despite lacking this important information, and whether the marginal costs of whatever cleaner air might result is worth the cost, the rules move forward towards final adoption. Here are examples of the impact in the real world. The owner of one 500-unit apartment complex in my district, built in 2008, expects the compliance cost to be a staggering $19 million – over $37,000 per unit! Landlords will, by necessity, have to pass along as much of these costs as possible to their tenants. For older properties, the numbers are worse. A 300-unit apartment building in Newport Beach, built in the 1970s, faces compliance costs of $24 million, or over $72,000 per unit. The expenses for individual homeowners will likely be similarly eye-watering. Housing affordability is already in crisis. Adding these steep, unexpected costs will make it even more difficult for families to afford a place to live, for young people to enter the housing market, and for builders to create much-needed affordable housing units. Related Articles Commentary | Is Measure ULA living up to its promises? Commentary | Reparations return to the California Legislature Commentary | 50 years of economic policy killed American Dreams Commentary | Trump’s Jan. 6 pardons could address some real injustices Commentary | Michael Huemer: Confronting progressive myths I support efforts to improve the region’s air quality, but question whether these rules accomplish that goal at anything close to a reasonable cost. The elimination of natural gas water heaters and furnaces promises miniscule regional air quality benefits while imposing maximum consumer pain and taxing an already over-extended electricity grid. I joined in the SCAQMD board vote to delay action on these proposed rules until February 2025 – hopefully to make the public aware of these rules. You can make your voice heard so as to better inform staff and SCAQMD decision makers of the public’s position at: ClerkOfBoard@aqmd.gov . Increased housing is among the region’s top priorities; Rules 1111 and 1121 run counter to this priority. They achieve minimal air quality improvements, are prohibitively expensive and ignore the region’s energy challenges. I look forward to seeing staff’s final reports and recommendations after public input on these rules, before the final vote. Donald P. Wagner is Chairman of the Orange County Board of Supervisors and a member of the Governing Board of the South Coast Air Quality Management District.