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Section 1603 of the American Recovery and Reinvestment Act was designed to attract private investors to renewables projects by offering investors a cash reimbursement equal to and in lieu of the 30% federal Investment Tax Credit. According to a recent NREL report, the program has awarded $11.6 billion to around 38,000 projects – which have received $38.6 billion in total investment – and has supported the installation of 16.9 GWs in new renewable capacity. To put that in context, in 2007 third-party tax equity financing provided about $6.7 billion to renewable project developers. In 2009, in the heart of the financial… [more]
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Despite a comprehensive climate bill passing the House in 2009, the enactment of some policies that may reduce CO2 emissions over the long-term, and continuing Congressional discussion of a clean energy standard, it seems that clear paths forward on climate change are not emerging. Nevertheless, in spite of some debate as to the phenomenon’s authenticity, climate change does not seem to be going away. June 2012 was the 328th straight month above 20th Century temperature averages, Greenland’s glaciers are melting more than ever due to “freakish weather,” and the UT Energy Poll reports that the American public’s belief in the… [more]
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Senate Republicans recently unveiled the “Domestic Energy and Jobs Act,” an energy bill intended “To approve the Keystone XL Pipeline, to provide for the development of a plan to increase oil and gas exploration, development, and production under oil and gas leases of Federal land, and for other purposes.” Sen. John Hoeven (R-ND), who drafted the bill, has said that Romney would offer similar legislation if elected. Provisions of the bill would: Suspend U.S. EPA rules on refineries, pending a gas prices study Impose a minimum threshold on the amount of oil and gas leasing each year Reverse a Bureau… [more]
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In a column for the New York Times titled “There’s Still Hope for the Planet,” columnist David Leonhardt describes why investments in technology – particularly governmental investments in clean tech research and development – may be the best bet for reducing CO2 emissions, and may provide a small basis for optimism to those interested in fighting climate change. Leonhardt argues that renewable energy, which is becoming increasingly cost-competitive with traditional fossil fuels, and the emergence of natural gas as a replacement for coal, make putting a price on CO2 emissions less attractive than investment programs. “Carbon pricing is going to… [more]
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Describing recently implemented or approved regulations – including the Greenhouse Gas New Source Performance Standard, the Utility MACT standards, and the Cross-State Air Pollution Rule – and their deep impacts on the coal industry, a report from the Heritage Foundation calls on Congress “to create a framework that restricts overregulation, empowers the states, balances economic growth and environmental well-being, and creates a timely permitting process for all aspects of coal production.” The report finds no issue with the free market changing coal’s share of our energy mix, but argues against artificially reducing that share through disincentives and regulation. The report states that… [more]
View InsightHouse leadership is planning a vote this week on a bill to expand leasing for offshore drilling, the “Congressional Replacement of President Obama’s Energy-Restricting and Job-Limiting Offshore Drilling Plan” (H.R. 6082). As E&E News reports, the bill would “expand future offshore leasing to almost all of the Atlantic Ocean, the southern Pacific and Alaska’s Bristol Bay, all areas that were excluded from Interior’s final five-year leasing plan.” The bill would also double the number of sales in the Department of Interior’s plan and accelerate by three years sales Interior plans in Alaska’s Chukchi and Beaufort seas. Some have criticized the… [more]
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Earlier this year the U.S. imposed tariffs on Chinese solar products after the U.S. Commerce Department deemed that China provided Chinese solar panel manufacturers unfair subsidies, resulting in artificially low prices. These low prices, it was argued, made it difficult for more expensive American solar products to compete in global and domestic markets. At the time, opponents of the tariffs argued that the move would increase prices, eliminate jobs and threaten the U.S. solar industry. Recent analysis shows solar prices continue to fall even though Chinese manufacturers, eager to stay in the U.S. market, are buying more expensive components outside… [more]
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The U.S. Commodities Futures Trading Commission (CFTC) has issued their final definitions of financial products regulated under the Dodd-Frank Act. The rule maintains that forward contracts, which cover delivery of physical goods and, according to Platts, currently constitute most energy market trades are not swaps, which are purely financial exchanges. Examples of forward contracts in energy markets include environmental commodities, peak supply contracts, tolling agreements and many natural gas supply contracts. The ruling is significant because it keeps much of energy market outside of the jurisdiction of the CFTC, which is expanded by the Dodd-Frank Act. The ruling has been been called… [more]
View InsightA new report, produced by Battelle Memorial Institute and funded by the American Petroleum Institute and America’s Natural Gas Alliance, criticizes an EPA study plan that details a proposed agency investigation into the potential impacts of hydraulic fracturing on drinking water. The Batelle report calls for greater collaboration between industry and the EPA, and with the EPA’s study potentially informing federal drilling regulations, industry is keen to lend their voice. The report asserts that with the “industry’s extensive experience with production of oil and gas from unconventional reservoirs, its unique expertise in the process of hydraulic fracturing and associated technologies,… [more]
View InsightThe Transportation Bill, called Moving Ahead for Progress in the 21st Century Act (MAP 21), has been signed by President Obama. The bill allocates around $105 billion through 2014 to upgrade and maintain surface transportation infrastructure. Among its measures: Reauthorizes the Federal-aid highway program equal to current funding levels plus inflation for two fiscal years Expands the financing program Transportation Infrastructure Finance and Innovation Act (TIFIA) funding from $122 million to $1 billion per year Preserves dedicated funding for transit Streamlines the NEPA (environmental review) process Requires USDOT to develop a national rail plan and regional rail plans Restructures the… [more]
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