On December 10, 2013, Senate Budget Committee Chairman Patty Murray (D-WA) and House Budget Committee Chairman Paul Ryan (R-WI) proposed the 2013 Bipartisan Budget Act, a two-year budget agreement that would provide $63B in sequester relief and reduce the fiscal deficit by $20B to $23B. Overview Lawmakers now have several weeks to appropriate the budget…...
With a $210M initial funding approval, NY Green Bank is poised to begin operations in early 2014. On December 19, 2013, New York State Governor Andrew M. Cuomo announced $210M initial capitalization for the $1B New York Green Bank, a market-based clean energy funding initiative launched in September. The funding includes $165M Public Service Commission…...
The Senate Finance Committee’s latest energy tax reform proposal focuses on technology-neutral and performance-based energy tax credits. On December 18, 2013, Senate Finance Committee Chairman Max Baucus (D-MT) released an energy tax reform draft that would overhaul federal energy-related tax incentives and consolidate provisions supporting renewable energy. Notably, the proposal focuses on establishing tax credits…...
DOI’s proposed Maryland 80,000 acre offshore wind lease sale aims to harness up to 1,450 MW of wind energy, enough to supply 300,000 homes. On December 17, 2013, the Department of Interior (DOI) announced a proposed notice of sale for approximately 80,000 acres of Maryland offshore area for commercial wind energy development. The proposed…...
EIA’s latest Annual Energy Outlook (AEO) projects a 56 percent increase in natural gas production by 2040, overtaking coal as the largest share of U.S. electric power generation. On December 16, 2013, the Energy Information Administration (EIA) released the AEO 2014 Early Release Overview presenting updated projections for U.S. energy markets through 2040. The AEO…...
Alternative energy project financiers are utilizing the YieldCo model to find new, cheaper sources of capital in 2013, as renewable tax credits set to expire. The YieldCo model is unlocking cash flow value from fast growing companies and providing attractive investment opportunities as money market funds, interest rates, and bond rates remain stagnant. Overview At…...
Development of clean energy and energy efficiency solutions are confronted by challenges including federal policy uncertainties jeopardizing grants and tax credits, state budget constraints, and insufficient capital markets. Several states are exploring ways to leverage public resources with innovative banking and financial mechanisms to facilitate large-scale deployment of low-carbon technologies. Overview Many federal energy subsidies…...
DOE has announced $30M to develop electrochemical technologies for low-cost distributed generation. On November 25, 2013, the Department of Energy (DOE) announced up to $30M in funding to advance distributed power generation technologies under the Advanced Research Projects Agency –Energy’s (APRA-E) Reliable Electricity Based on Electrochemical Systems (REBELS). The REBELS project will support transformational electrochemical…...
The BLM has approved the majority of a 990-mile high-voltage transmission line in Wyoming and Idaho, facilitating a stronger Western grid with more renewable energy integration. On November 12, 2013, the Bureau of Land Management (BLM) announced approval for eight segments of the proposed 10-segment Gateway West Transmission Line that could deliver up to 1,500…...
More than 100 organizations signed a petition to Congress to end wind energy production tax credits. On November 4, 2013, a coalition of more than 100 organizations, led by Americans for Prosperity, wrote to Congress expressing opposition to the wind Production Tax Credit (PTC) extension. The letter asserted that the wind industry has consistently under-performed despite…...
A number of renewable energy tax credits are set to expire on December 31, 2013. Neither the House nor Senate has introduced legislation or amendments that would likely advance before the end of the year. The expirations will affect multiple industries, including wind, biofuels, and other renewable energies. Overview More than a dozen tax credits…...
The National Renewable Energy Laboratory has released a study examining increased wind and solar energy integration to the Western Interconnection power system. On September 24, 2013, the Department of Energy’s National Renewable Energy Laboratory (NREL) released Phase 2 of the Western Wind and Solar Integration Study, assessing emissions and costs of fossil-fueled power plant cycling…...