The House passed resolutions late last week targeting policies meant to address climate change and promote renewable energy that Republicans say would drive up energy prices. One of the resolutions would express a sense of Congress that a carbon tax would be “detrimental” to the American economy, and the other opposes President Obama’s budget proposal for a $10.25-per-barrel oil fee
Renewables will overtake natural gas as the dominant source of electricity generation in the U.S. in 2031, even without subsidies as wind and solar costs plunge, a Bloomberg New Energy Finance analysis showed. This U.S. shift will be driven by $745 billion in investments in renewables through 2040, outstripping the projected $95 billion that will be spent on building new fossil-fuel plants, said Elena Giannakopoulou, lead economist at BNEF. Solar and wind capacity will become cheaper than gas or coal without any incentives after 2020.
Savvy technology giant Apple Inc. is now focusing its expertise on selling excess renewable energy back into the country’s electric grid. Apple has created a subsidiary, Apple Energy LLC, that’s seeking federal permission to sell power at wholesale and provide grid services in California, the Midwest, New England and the Southwest, according to the company’s filing with the Federal Energy Regulatory Commission.
Trump’s 2009 stance came in the form of an open letter to President Barack Obama and Congress published in the New York Times. The letter, first reported by Grist, was signed by Trump and other prominent business leaders in advance of the 2009 Copenhagen climate talks that most experts agree ended in failure. Trump’s children—Eric, Ivanka and Donald Jr.—all joined the letter as well.
Oil demand is set to surge in the short-term as refining capacity hits a record, yet the gains may not hold as a flood of fuel gluts the market, eroding profit margins and eventually forcing refiners to cut runs and crude orders. Data on Thomson Reuters Eikon shows that available global capacity to refine oil into fuels like gasoline, diesel, or jet and shipping fuel, will reach 101.8 million barrels per day (bpd) in August, the highest on record, and up from about 97.25 million bpd in March.
During today’s E&ETV Event Coverage of Capitol Hill Ocean Week 2016, panelists discuss the current and future financing, policy and planning dynamics of offshore energy. Panelists include Abigail Ross Hopper, director of the Bureau of Ocean Energy Management at the Department of the Interior; John Weber, executive director of the Northeast Regional Ocean Council; Erik Milito, group director of upstream and industry operations at the American Petroleum Institute; and Nancy Sopko, manager of advocacy and federal legislative affairs at the American Wind Energy Association.
Several speakers at the recent American Wind Energy Association (AWEA) annual conference in New Orleans lauded the positive impact of Congress’s extensions of the production tax credit (PTC) and investment tax credit (ITC) in December 2015. As they noted, these extensions position wind energy for a period of unprecedented stability and growth—at least for the onshore wind sector.
Rep. Yvette Clarke (D-N.Y.) sent a letter to the Federal Trade Commission this week warning of a “growing problem” of deceptive marketing practices by segments of the solar industry. FTC is holding a workshop on June 21 examining competition and consumer protection issues with solar power, including a discussion of how consumers make decisions on solar installations.
Utilities face similar challenges across the U.S. as the cost of solar power and natural gas generation falls. Big corporate energy users such as Amazon. com, Apple, and Google have cut deals over the past two years to buy power directly from solar plants and wind farms.
US senators from Massachusetts and Rhode Island on Wednesday introduced legislation that would extend the 30% Investment Tax Credit (ITC) for offshore wind through 2025. In December 2015, president Barack Obama signed into law an omnibus and tax reform bill that extended both the ITC and the Production Tax Credit (PTC) for wind until 2019. However, given the longer planning and permitting times for offshore wind development, no such project is seen to qualify for the tax credits by that time. That is why the Offshore Wind Incentives for New Development (WIND) Act is being introduced, says a press statement.