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Prime Power - March 18, 2024


President Biden Releases FY2025 DOE, Energy, and Interior Departments’ Budget Requests: Last Monday, the Biden Administration released its FY2025 budget request, with a $51.4 billion request for the Department of Energy (DOE), including a 4.6% increase in funding for the Federal Energy Regulatory Commission. The president's budget proposal would keep spending relatively flat for many clean energy technologies and proposes slashing tax subsidies to the oil and gas industry. Also included in the request:

House Republicans Announce ‘Energy Week’: Majority Leader Steve Scalise (R-LA) said the conference seeks to move multiple energy bills to Floor consideration this week. Rep. Scalise declared that “people know they are paying too much because of the far-left agenda.” The scheduled legislation includes H.R. 1023, to repeal the Inflation Reduction Act’s greenhouse gas reduction fund; the Protecting American Energy Production Act to prohibit a moratorium on hydraulic fracking; the Restoring American Energy Dominance Act to block Bureau of Land Management royalty rate increases for oil and gas companies drilling on public lands; and H.Res. 987 to denounce “the harmful, anti-American energy policies of the Biden administration.”

Biden Administration Announces $750 Million for Clean Hydrogen Projects: On Wednesday, the Department of Energy announced $750 million in funding for 52 clean hydrogen projects. Funded by the Infrastructure Investment and Jobs Act, the projects are working on six aspects of the hydrogen industry, including research and development on production of electrolyzers, securing supply chains for the electrolysis, and recycling critical materials used in hydrogen production. DOE stated the projects should help the U.S. boost its electrolyzer capacity from 3-4 gigawatts per year to 10 gigawatts.

Pennsylvania Governor Proposes Regional Climate Pact Alternative: Pennsylvania Gov. Josh Shapiro (D) proposed a statewide cap-and-invest plan on Wednesday that, if approved by the state legislature, would take the state out of Regional Greenhouse Gas Initiative with 11 Northeastern states. The proposal would let Pennsylvania set its own cap on carbon and direct 70% of the proceeds toward rebates for consumers’ energy bills. Pennsylvania’s state legislature is currently divided, making the bill’s prospects unclear.  

EPA Strengthens Gasoline Distribution Emissions Rules: On Thursday, the EPA released new final guidance on gasoline distribution facilities that it says will cut tens of thousands of tons of hazardous pollutants annually. The rule, which goes into effect 60 days after being published in the Federal Register, will cover bulk gasoline terminals, pipeline breakout stations, pumping stations and distribution facilities, but not retail gasoline stations.

Clean Energy Bill Clears New Jersey Senate Committee: On Thursday, the New Jersey State Senate Environment and Energy Committee passed a bill that would require the state to get 100% of its electricity from zero-carbon sources by 2035 — the most aggressive clean energy goal of any large state. The bill requires power companies to match renewable energy credits with each unit of electricity they sell by 2035 and directs companies to have fully carbon-free generation facilities by 2045. Democratic Governor Phil Murphy has already set a similar 100% clean energy goal.

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