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Prime Power - April 1, 2024


U.S. Treasury Expands Clean Energy Tax Credit Eligibility: On Friday, the U.S. Treasury Department proposed guidance to expand eligibility for a clean energy bonus credit for American communities. The bonus incentive enables an additional 10 percent subsidy on top of the investment and production tax credits for projects placed in areas with “brownfield” sites, shuttered coal mines or coal-fired power plants, or statistical areas with significant direct employment or local tax revenues related to fossil fuels and with a high rate of unemployment.

EPA Releases New Truck Emission Rules: On Friday, the EPA released tailpipe emissions rules for heavy-duty trucks for new 2027 - 2032 models. The announced rulemaking comes just days after EPA’s announced rule on light-duty vehicles, and the “heavy-duty” category covers delivery vans, garbage trucks, school buses, long-haul 18-wheelers. EPA forecasts the annual costs for the industry to comply with the rule at $1.1 billion and estimates that the changes will eliminate an estimated 1 billion tons of carbon dioxide.

DOE Funds $4 Billion in IRA Energy Tax Credits: On Friday, the Department of Energy announced $4 billion for 100 clean energy component manufacturing projects. The overall IRA funding for the projects is $10 billion, with aims to increase clean hydrogen, clean electric grids, lithium-ion battery recycling, biofuel, solar, nuclear and wind power uptake. Projects selected under this round will receive an investment tax credit up to 30%.

Sixteen States Sue Biden Administration for LNG Pause: On Thursday, Louisiana and 15 other Republican-led states filed suit in federal court to stop the Biden administration from enforcing its moratorium on new liquefied natural gas export approvals. DOE has paused LNG exports to study climate impacts of its shipping and use. The state attorneys general argue the Biden DOE’s pause is in violation of the “major questions” doctrine.  

Energy Committee Senators to Press Permitting Reform Upon Return: At last week’s CERAWeek Energy Conference, Senate Energy Committee Chair Joe Manchin (D-WV) said he and Ranking Member John Barrasso (R-WY) are in continued talks on an energy permitting reform package that has been in the works for years. Sen. Manchin, who is retiring at the end of the year, has sought to overhaul the rules for approving projects like pipelines, power lines, and gas export facilities. Sen. Barrasso says he is also optimistic about the deal this Congress.  

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