My partner Paul Forrester wrote a Brief entitled “More Polar Vortex 2021 Fallout: “Austin, We Have a Problem” – Aggregate ERCOT Payment Shortfall Around $3B, But ERCOT Can Only Bill “Default Uplift” at $30M Per Year”. You can read it here.
In an April 12, 2021 letter to Treasury Secretary Yellen, the Solar Energy Industries Association (SEIA) has asked for an extension of the so-called “continuity safe harbor” under the beginning of construction rules under IRS Notice 2018-59. Continue Reading SEIA Asks for Extension to Continuity Safe Harbor
There have been a number of recent legislative proposals that could drastically impact the US energy industry, including renewables. In this Legal Update, my Mayer Brown colleagues and I describe some of the highlights.
There are several state legislative proposals in Texas that could have adverse impacts on the development and operation of renewable energy projects in Texas. Continue Reading Anti-Renewables Legislative Proposals in Texas
On March 31, the Biden Administration released its much-anticipated American Jobs Plan (the “AJP”), which outlines $2.3 trillion of proposed spending on not only traditional infrastructure programs, but also climate change, housing, drinking water, workforce development, manufacturing, telecommunications, and elderly care measures. Read more about the AJP in this Mayer Brown Legal Update.
Read about the Biden Administration’s efforts to promote offshore wind and create jobs in this Mayer Brown Legal Update.
On March 31, 2021, the Biden administration released the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure, create additional jobs and increase the United States’ global competitiveness. Alongside the Infrastructure Plan, the Biden administration released a Made in America Tax Plan (the “Tax Plan”), which is designed to reward US investment, eliminate profit shifting and ensure other nations will not gain a competitive edge by becoming tax havens. Taxpayers should carefully monitor both the Infrastructure Plan and the Tax Plan and evaluate the impact that such plans may have on investments, operations and strategic decisions.
Read more about both the Infrastructure Plan and the Tax Plan in this Mayer Brown Legal Update.
All eyes are on Texas as the energy industry sorts out the impact of the polar vortex. My colleagues wrote this brief update on what is happening.
North American development-stage projects interconnecting with Midcontinent Independent System Operator (“MISO”) member utilities may no longer rely on funds deposited for network upgrades being returned if the project ultimately does not move forward. Read more in this Legal Update authored by some of my Mayer Brown colleagues.
The second US stimulus bill, signed on December 27, 2020, included an amendment to Section 48 of the Internal Revenue Code that expands the existing investment tax credit (“ITC”) program to include waste energy recovery property, allowing certain waste heat to power projects to be eligible for ITCs. This Legal Update provides further detail. Read about it in this Mayer Brown Legal Update.