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Prime Power - June 25, 2024


Biden Administration Sets Labor Rules for Clean Energy Tax Credits: Last Tuesday, the Biden Administration released final rules for construction and maintenance workers on tax credit-eligible green energy projects. Developers looking to take advantage of a 30-percent credit on applicable solar, wind, or clean hydrogen projects will have to offer workers a prevailing wage and ensure that apprentices account for at least 15 percent of the total hours logged. Many of those tax credits are worth five times more if workers on a given project are paid the requisite wage.

OECD to Hold Global Clean Energy Meetings: Beginning Monday, the Organization for Economic Co-operation and Development is meeting to discuss a European Union-led proposal to end loans and guarantees to oil and gas projects. The United States, however, is the key stakeholder in the agreement’s prospects; though the Biden administration has not stated a position on this latest proposal, it previously has made other commitments to end public funding for fossil fuel projects internationally.

Supreme Court to Hear NEPA Review Oil Case: As reported Monday, the Supreme Court agreed to consider a case that could limit Federal agencies’ permitted breadth of analysis under the National Environmental Policy Act. Utah-based Seven County Infrastructure Coalition is challenging a U.S. Court of Appeals for the District of Columbia Circuit ruling, which found that the Surface Transportation Board had failed to conduct a thorough review. The Circuit Court determined that the Board should have evaluated how the construction of the railway could result in more crude oil development, wildfires, rail accidents, and water pollution The appeal is based on a technical matter.

DOE, EPA Outline Methane Emissions Plans: Last Friday, the Department of Energy and Environmental Protection Agency released a detailed grant and fee schedule aimed to better track and address methane leaks tied to oil and gas production. Approximately $850 million in Inflation Reduction Act grants are expected to be awarded, primarily targeting existing oil wells and infrastructure.  

DOE Releases New Cyber Supply Chain Principles: Last Tuesday, the Department of Energy released their new Supply Chain Cybersecurity Principles, establishing best practices for cybersecurity throughout the supply chain that supports energy infrastructure. According to DOE officials, the best practices were based on both corporate and international agreements to better integrate standards.    

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