On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. The IRA extends and significantly modifies the federal tax credits available for wind energy projects. This alert provides a summary for the wind industry. Additional alerts will provide summaries of the IRA focused on other clean energy technologies.
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Energy Policy & Consulting
U.S. Senate Introduces the Inflation Reduction Act
On July 27, 2022, U.S. Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.V.) introduced the Inflation Reduction Act of 2022, which proposes new and revised tax incentives for clean energy. The bill incorporates many, but not all, of the original proposals from last year’s Build Back Better Act.
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White House Launches Federal-State Offshore Wind Partnership to Supercharge Production by 2030
The White House announced a partnership on June 23, 2022, with 11 East Coast states to accelerate the growth of the United States’ offshore wind industry. The Biden administration offered the partnership to strengthen national energy security in a time of energy instability and simultaneously pursue a clean energy future.
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President Biden Orders Tariff Exemption for Solar Panels
Posted in Energy Policy & Consulting, Renewable Energy
Yesterday, June 6, 2022, President Biden ordered various emergency measures to combat a shortage of solar modules and related components in the United States, including declaring a tariff exemption of up to two years on certain solar cells and modules exported from Cambodia, Malaysia, Thailand and Vietnam.
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U.S. Department of Commerce Investigation of Solar Panel Imports Puts Solar Projects at Risk
Posted in Energy Policy & Consulting, Renewable Energy
On March 28, 2022, the U.S. Department of Commerce (DOC) announced it is investigating whether imports of solar panels assembled in Cambodia, Malaysia, Thailand and Vietnam are circumventing duties intended to limit imports of solar cells and panels from China, in violation of anti-dumping rules. The announcement of an investigation is already impacting current and future solar developments using crystalline silicon photovoltaic cells (CSPV).
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SEC Releases Proposed New Rules on Climate-Related Disclosures
By Matt Chmiel, Latasha James, Allison Wood, Elizabeth J. Hogan, Penny Zacharias, Garrett Hooe & McGuireWoods LLP on
Posted in Energy Policy & Consulting
On March 21, 2022, the U.S. Securities and Exchange Commission (SEC) issued proposed rules to significantly expand and standardize climate–related disclosures in SEC periodic reports and registration statements. According to the SEC, the purpose of these rules is to provide consistent, comparable, and reliable information to investors to enable them to make informed judgments about the impact of climate-related risks on current and potential investments.
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Biden’s Path to Clean Energy: May 11 North Carolina Offshore Wind Lease Auction
By Mike Woodard, Sam Kettering, Emilie McNally & Jake Spilman on
Posted in Energy Policy & Consulting, Renewable Energy
On March 25, 2022, the Biden-Harris administration issued a press release announcing a May 11, 2022, wind energy auction of 110,091 acres in the Carolina Long Bay offshore wind energy area off North Carolina’s coast. This announcement marks a tangible step closer to the Biden-Harris administration and state of North Carolina’s clean energy goals of achieving 30 GW and 2.8 GW, respectively, of offshore wind power by 2030.
Continue Reading Biden’s Path to Clean Energy: May 11 North Carolina Offshore Wind Lease Auction