Secret Plan To Fight Inflation. It has long been known that every White House has a secret plan to fight inflation. Last night, as most of you are now aware, The Senate came to an agreement with Senator Manchin, with Sinema expected to be on board, on the Inflation Reduction Act of 2022. This $360billion bill is expected to pass through reconciliation on a party line vote. It represents the boldest move to fund the energy transition and to fight climate change, bill language is still in draft but currently includes a 10-year ITC extension with 30% (6% plus adders) and a standalone credit for energy storage. There are many more aspects to this bill that will be recapped by media shortly. Here is the one-pager and here is the full text. More to come throughout the day.
What It Means. The solar market already knows how to work around tax equity and will continue to do so, a ten year extension for your partnership with your tax lawyers and appraisers. Energy storage comes from a different capital background, merchant and equity, and will have to get up to speed on using the tax credit. It means that long term bankability, capability and experience of the platform you build your storage projects on will become front and center, software integration becomes crucial consideration for asset owners.
Opinion
News
1 New York Times:
Manchin, in Reversal, Agrees to Quick Action on Climate and Tax Plan
2 Axios:
Washington waits for Sinema's verdict
3 Politico:
Biden launches plan to bring solar to low-income homes
4 Reuters:
Neoen Australia battery to provide grid stabilisation service in world first
5 Solar Power World:
BayWa r.e. distributing PVpallet’s reusable solar panel shippers
6 Energy Storage News:
US installs 5GWh of battery storage in H1 2022 but overall clean power deployments fall
7 Bloomberg:
Enphase Surges Most Since October as Europe Sales Climb 69%
Opinions:
8 PV-Tech:
Europe facing solar ‘implementation gap’ as Ember calls for installs to double
Have a great day!
Yann
Opinion
Best, Yann
News
1 Utility Dive:
MISO board approves $10.3B transmission plan to support 53 GW of renewables
2 Canary Media:
Grid energy storage is still pulling in big bucks, recession be damned
3 PV-Magazine:
GM and LG receive $2.5 billion DOE loan to build three battery manufacturing plants
4 Bloomberg:
Clean-Power Installations Plunge, Deepening Biden’s Green Woes
5 Axios:
Global nuclear hydrogen group forms
6 Reuters:
U.S. clean energy installations down 55% on climate bill fail, trade issues -report
7 PV-Tech:
Octopus Energy raises US$550m to invest in renewables-enabling tech
Opinions:
8 Energy Storage News:
Biden launches US$5 billion grid resiliency grant programme for disadvantaged communities
Have a great day!
Yann
Opinion
Best, Yann
News
1 PV-Magazine:
California governor sets goal of 3 million climate-ready homes, 6 million heat pumps by 2030
2 Utility Dive:
Biden executive order on power system cybersecurity leaves critical operations vulnerable, experts say
3 Bloomberg:
South Africa to ‘Open Floodgates’ for Private Power Generation
4 Axios:
First look - Biden's climate allies ramp up Big Oil attacks ahead of earnings
5 Solar Builder:
Cypress Creek Renewables adds 400 MW of energy storage in ERCOT
6 PV-Tech:
Ørsted acquires European onshore renewables developer Ostwind
7 Reuters:
Russia's Gazprom tightens squeeze on gas flow to Europe
Opinions:
8 GreenBiz:
What should a climate emergency look like?
Have a great day!
Yann
Opinion
Best, Yann
News
1 Axios:
Europe's surging electricity prices are shattering records
2 Utility Dive:
State regulators approve Georgia Power's plans to retire all coal plants by 2028 except for Plant Bowen
3 Bloomberg:
Australian Billionaire Joins Green Rush With Bid for Genex
4 PV-Tech:
Tesla solar installations rebound to four-year high
5 Solar Power World:
Array Technologies settles 5-year lawsuit with Nextracker
6 Energy Storage News:
Generate Capital enters front-of-the-meter energy storage market with developer acquisition
7 Canary Media:
Panasonic reveals Kansas as site for $4B EV battery megafactory
8 PV-Magazine:
California rulemaking to pursue demand flexibility through dynamic pricing
Opinions:
9 New York Times:
Climate Change Is Not Negotiable
Have a great day!
Yann
