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Prime Power - April 29, 2024


Biden Administration Releases Long Awaited Power Plant Regulations: On April 25, the Biden Administration finalized strict coal and gas energy plant rules, The complex new regulations set different standards for power plants based the fuel source and and the EPA’s determination of “Best System of Emission Reduction” (BSER). Assuming the regulations remain in force, they could force many of the nation’s current fleet of coal plants to capture nearly all of their carbon dioxide emissions by 2039.  

Department of Energy Finalizes Power Line Program: Last Thursday, the Department of Energy finalized its Coordinated Interagency Authorizations and Permits program, intended to reduce the average time for federal siting and permitting of new power lines by nearly half. The program puts DOE at the helm of all new transmission applications to ensure developers have everything they need to clear the multiple federal agency approvals needed to start building.  

Department of Interior Finalizes Offshore Wind Rules: On Wednesday, the Department of Interior finalized rules hoping to streamline the regulatory process for offshore wind development. The released rules will update a five-year offshore wind leasing schedule and reforms regulations for renewable energy auctions.  

Four States Sue Biden over Methane Emissions Rule: Last Thursday, the state attorneys general of North Dakota, Wyoming, Texas, and Montana filed a suit against the Department of the Interior’s final methane emissions rule, which charges oil companies royalties for the methane their operations produce but don’t deliver to market as natural gas. In their suit against the Bureau of Land Management’s rule, the attorneys general state the Administration is “unlawfully asserting federal regulatory authority over oil and gas that is owned by the States and private parties.”

Treasury Department Finalizes Clean Energy Tax Credits Rules: Last Thursday, the Treasury Department finalized rules to facilitate the transfer of clean energy tax credits. The transferability rules allow project owners and developers to monetize 11 different clean energy tax credits by transferring them to third parties for funds. The finalized regulations clarify the rules for the transfer of credits, as well as regarding excessive credit transfers.

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