Ascension Symptoms. As of August 2020, we have merged the Energy Update podcast with Lee's ongoing weekly podcast called Impact the World. The path to market remains long, but easier disposal compared to the hazardous-waste disposal challenges surrounding lead-acid and lithium-ion batteries could also provide a competitive advantage in the rapidly expanding energy-storage market, analysts say. In 2020, the IEA forecasts net additions of renewable electricity capacity to decline by 13% compared with 2019. 2016-2020 Energies. Copyright © var today = new Date(); var yyyy = today.getFullYear();document.write(yyyy + " "); JD Supra, LLC. PacifiCorp’s IRP preferred portfolio includes 1,823 megawatts of new solar resources co-located with 595 megawatts of new battery energy storage system capacity, and 1,920 megawatts of new wind resources — all by the end of 2023. Last year PacifiCorp finalized an integrated resource plan (IRP) that for the first time envisions it relying on large amounts of wind farms and solar backed by energy storage to meet its long-range energy needs. Check out all our EVENTS in 2020. Stream The Energy Update - Week of May 11 2020 by Institute for Energy Research from desktop or your mobile device Utah and Oregon regulators must approve the IRP before it’s ready to go out to bid. We would urge Treasury and the IRS to provide that same six-year continuity safe harbor for purposes of the PTC and ITC for all projects the construction of which began in 2016 or later. Berkshire Hathaway Energy’s $10 billion acquisition of Dominion Energy’s natural gas transmission and storage assets may do more than just herald Warren Buffett’s return to … The popularly in part stemmed from the ability of developers that had no tax liability to directly receive the 1603 grant payment. May 2020 - Energy Sector and Oil Update by Fisher Investments - Market Insights published on 2020-05-01T00:31:17Z We review recent energy sector developments like declining demand, negative oil futures and off-again on-again OPEC+ deals. Scientists in Sweden are stepping up in the global race to efficiently store renewable energy with an all-organic proton battery whose capabilities surprised even the researchers. The Energy Update – Week of May 4 2020. PacifiCorp is preparing a large solicitation for wind, solar, and energy storage developers in the Pacific Northwest and Rocky Mountain regions. There are a number of tax proposals floating around on the Hill relating specifically to the energy sector. Under IRS Notices, a project that is treated as having begun construction in a particular year also must satisfy the “continuity requirement” after construction begins. 05 May 2020 Mexico Drilling Update. At that time, it was anticipated that the NPRM would be released by the end of March with a 60-day notice and comment period to expedite the issuance of final regulations. For the last few monthly updates, I’ve been focusing on the big picture, and have neglected to say anything about many of the 10 Clean Energy Stocks for 2020 since I looked at how the pandemic would likely affect each stock in March.. There also are proposals to level the playing field for regulated utilities to develop renewable energy projects. Phase 4 Stimulus Negotiations Underway. Your name. Submitted by Open on Thu, 05/07/2020 - 05:10. In addition, even if an extension of the continuity requirement is provided by Treasury and the IRS, taxpayers will need to review their tax equity commitment agreements to determine whether a condition precedent to an investment by a tax equity investor will fail to be timely satisfied if the project is not placed in service during 2020. The Energy Update - Week of May 4 2020 by Institute for Energy Research published on 2020-05-06T19:03:01Z This week the team highlights new articles focusing on Joe Biden's energy platform and the problems created by shutting down New York's Indian Point nuclear power plant. This week the team highlights new articles focusing on impacts the COVID-19 pandemic has had on energy markets and global production, as well as recent developments in nuclear energy and a review of Michael Moore’s recent documentary Planet of the Humans. Energy Update on Multi-Dimensional Awakenings. Conscious Change … Embed. By R. Neal Martin. For a limited period, the 1603 Grant Program allowed taxpayers that were otherwise entitled to a PTC or ITC to instead seek a cash payment from Treasury generally equal to 30% of the cost basis of the renewable energy project. Building Wings for Planetary Lightbody. © Allen Matkins var today = new Date(); var yyyy = today.getFullYear();document.write(yyyy + " "); | Attorney Advertising. Dear Colleagues, The Department of Energy (DOE) has received confirmation that this week no new Headquarters employees have tested positive for COVID-19. Thursday, December 10, 2020 . MAY ENERGY UPDATE Themes for the month: THE DEEP END OF CORONA - May will see people go … It is a milestone that seemed all but unthinkable a decade ago, when coal was so dominant that it provided nearly half the nation’s electricity. May 27, 2020 Energy Safety Canada produces a monthly update to keep our stakeholders informed about key operational acitivities. Only YOU can prevent IoT network shutdowns, Congress passes bipartisan legislation requiring Chinese and other firms listed on US exchanges to meet US audit standards, On the right track: Securities & Exchange Commission adopts rules to streamline private offering exemptions, Once more unto the breach: The Supreme Court weighs in on a circuit split on what constitutes a hack, IBA announces consultation on extension of LIBOR transition deadline to end of June 2023, 5 year net operating loss (NOL) carryback for 2018, 2019 and 2020 and elimination of the 80% taxable income limitation for taxable years beginning before 2021, Increase in the section 163(j) limitation on interest deductibility from 30% to 50% of the taxpayer’s adjusted taxable income for 2019 and 2020 (and the ability to use 2019 taxable income for 2020 for purposes of the limitation calculation), Acceleration of utilization of pre-TCJA AMT credits to 2018 and 2019 (rather than 2018 through 2021), Employee retention tax credit providing a refundable payroll tax credit for 50% of certain qualified wages paid by employers to employees during the COVID-19 crisis, Payroll tax deferral allowing employers to defer payment to 2021 and 2022 of the employer share of payroll taxes due for 2020 after the enactment of the CARES Act, Section 45 and section 48 continuity safe harbor relief, Guidance to level the playing field for utility owned renewables, Section 48 regulations regarding storage and other ITC matters, Direct pay or cash grant in lieu of the PTC or ITC, Section 45Q carbon capture and sequestration guidance, Section 170/172 relief (see our prior legal alert, Section 707/267 clarification (see our prior legal alert, Infrastructure incentives beyond renewables, Section 468A nuclear decommission regulations (see our prior legal alert, Final 163(j) regulations, including rules regarding the calculations for affiliated groups, some of the members of which engage in a subject trade or business, and others of which do not. That is particularly the case since the impetus for the Congressional letter, whether politically motivated or otherwise, is unknown. Build a Morning News Brief: Easy, No Clutter, Free! Is the natural gas market following suit? Those include extensions of the renewable energy tax credits (including the section 45 production tax credit (PTC), section 48 investment tax credit (ITC)) and section 45Q carbon capture and sequestration (CCS) credit, as well as numerous other tax incentives for renewable and alternative energy. September – December 2020 Quantum Energy Focus . May 2020 Energy Industry Tax updates: Top 5 questions (and answers) Eversheds Sutherland (US) LLP + Follow Contact. The project is helping Southern California to move away from the Aliso Natural Gas Storage facility and coastal power plants without compromising reliability. Ascension into the New Paradigm. Following two weeks of negotiation, House and Senate leadership announced on Tuesday, April 21 that they had reached agreement on a $484 billion … The collective is experiencing discomfort and energetic purging, move forward with empathy and bring holding to the uncertainty, this will bring in … May 28, 2020. As a result of that deferral of benefit to ratepayers, under current law, ownership of renewable facilities by regulated utilities may be less attractive to public utility commissions than having the regulated utility acquire power under a PPA, in which the immediate benefit of the ITC typically is taken into account in the PPA pricing providing the benefit to ratepayers on a more accelerated basis. 2016-2020 Energies. CA: The California Independent Petroleum Association (CIPA), a trade organization representing approximately 500 oil and natural gas producers, is calling on Governor Gavin Newsom to relax his oversight efforts of the fossil fuel industry. Download Written Transcript of Energy Update. Currently, under the normalization rules, ratepayers receive the benefit of the ITC over the life of the project rather than the year in which the project is placed in service and the ITC is available. To embed, copy and paste the code into your website or blog: Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra: [HOT] Read Latest COVID-19 Guidance, All Aspects... [SCHEDULE] Upcoming COVID-19 Webinars & Online Programs, [GUIDANCE] COVID-19 and Force Majeure Considerations, [GUIDANCE] COVID-19 and Employer Liability Issues. In the States. For additional discussion of that guidance, click here. Allen Matkins + Follow Contact. Now available - Monthly Update on Operational Activity for May 2020. By IER. In addition, there are proposals to allow taxpayers to receive a cash payment in lieu of a tax credit for a limited period, in anticipation of reduced tax appetite due to expected tax losses for 2020. This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. Advanced Course Program. Perhaps more importantly, taxpayers will need to be able to demonstrate that for the period between beginning of construction until the time when the COVID-19 excusable delay begins, they satisfied the continuity requirement under a facts and circumstances analysis or had an excusable delay for that period. Energy Updates brings to you all the latest News and Updates related to Power, Solar Energy, Nuclear Energy & Renewable Energy Resources in Pakistan. Links: • ARTICLE EIA Lowers Oil Production Forecast for 2020 … 2016-2020 Energies. Providing a temporary extension of the continuity safe harbor, as suggested by six Senators, may be problematic for financing of certain projects if it were to allow projects that began construction in different years to be completed in the same year, thereby making some projects with lower PTC percentages less attractive for financing as compared to projects with higher PTC percentages completed in the same year. IRS Notice 2020-12 addresses the beginning of construction requirement for CCS projects. In many instances, the dispute may be over an amount that is substantial with respect to the renewable energy project, but low relative to the costs of litigation, thereby leaving project developers with little practical ability to challenge reduced cash awards. The IRS submitted the NPRM to the White House’s Office of Information and Regulatory Affairs (OIRA) on March 12, 2020. Treasury, in a letter to Senator Menendez, indicated that they hope to address the concerns IRS coordination with EPA to verify compliance with EPA rules in the forthcoming regulations. Subject. By IER. This week the team highlights new articles focusing on Joe Biden’s energy platform and the problems created by shutting down New York’s Indian Point nuclear power plant. William Devine, Barry Epstein, Dana Palmer. Some scientists have warned that disruptions during Gemini’s construction could imperil the Mojave desert tortoise, a reptile that is protected as a “threatened” animal under the Endangered Species Act. Department of Energy Undersecretary of Energy Mark Menezes, in a hearing before the Senate Energy and Natural Resources Committee on May 20, 2020 noted that he had been working closely with the IRS to finalize the NPRM for release and that “it’s going to be forthcoming.” Meanwhile, the EPA recently took steps to grant Wyoming primary authority (primacy) to permit and oversee so-called UIC Class VI wells, which can be used to store carbon dioxide underground. … We are continuing to maximize our telework … Click here to read more about how we use cookies. But the relevant industries continue to work toward inclusion of these provisions in the next stimulus package. The Energy Update – Week of May 18 2020. That requirement is automatically satisfied if construction is completed by the end of the 4th year after the year in which construction begins (the “continuity safe harbor”) – i.e., the end of 2020 for projects that commenced construction in 2016. The availability of meaningful programs, such as those available in disputes with the IRS, to resolve disagreements short of litigation would assist developers in resolving such disputes. Under the 1603 Grant Program, if Treasury disagreed with the amount of grant claimed by a project developer, there was no formal appeal mechanism to resolve the dispute (although Treasury generally did engage in informal discussions regarding disagreements before formally providing a reduced award). This month, I’m trying to rectify the oversight, and have been posting updates on individual stocks for my Patreon supporters since Friday. Under the direct pay proposals to address the COVID-19 crisis, a similar cash payment would be permitted, however the provisions would be included in the Internal Revenue Code and therefore would be administered by the IRS rather than by Treasury. Energy Update May 2020. About text formats. Developed on a brownfield site in a private industrial park, the Ventura Energy Storage project is sited away from residences and in close proximity to a critical transmission line. The U.S. Bureau of Land Management has approved the Camino Solar Project in Kern County. Eversheds Sutherland Observation: Taxpayers that need to rely on a facts and circumstances analysis may need to rely on disruptions caused by COVID-19 to be treated as an excusable delay – we believe that there should be no question that it would be treated as an excusable delay although neither the beginning nor the end of the period of the excusable delay is entirely clear. Savannah Energy Update - May 2020. The Energy Updates will now be posted on … This week the team highlights new articles focusing on political entities making decisions targeting traditional fuel sources like coal and natural gas in New York and North Dakota, as well as the COVID-19 pandemic’s impact on mass transit throughout the world. 2016-2020 Energies. Senator Bob Menendez called for the IRS to audit every taxpayer that has claimed more than $10,000 in section 45Q credits, retroactively deny credits to those that did not follow the required EPA rules, and to disclose the names of the companies that have claimed credits since 2010. That may be the case since the condition precedent may require a project to be placed in service by a specified date in 2020 and that date may not automatically be extended even if the continuity safe harbor is extended beyond 4 years. In this update, we discuss the current top 5 tax questions (and answers) received by our Energy Tax Group from the energy industry stemming from that recent activity. This nevertheless corresponds to a 6% increase in global installed renewable power capacity, which surpasses the … Add new comment. None of those packages included any energy industry specific relief. © Eversheds Sutherland (US) LLP var today = new Date(); var yyyy = today.getFullYear();document.write(yyyy + " "); | Attorney Advertising. In a letter dated May 7, Treasury indicated that they plan to “modify the relevant rules in the near future.” That letter was in response to a letter from six Senators that requested such relief and proposed a temporary extension of the continuity safe harbor from 4 years to 5 years. Energy Update: May 8, 2020. Eversheds Sutherland Observation: This recent 45Q activity discussed above relates to the credit as in effect prior to the changes made in 2018. In recent guidance for the section 45Q CCS credit, Treasury and the IRS provided a six-year continuity safe harbor. Meet Our Managing Member ... Energy & Sustainability Washington Updates — May 2020. Those efforts, however, failed to halt the powerful economic forces that have led electric utilities to retire hundreds of aging coal plants since 2010 and run their remaining plants less frequently. September – December 2020 Quantum Energy Focus. Subscribe to our newsletter HERE. Now the utility is preparing a solicitation for projects to meet that plan’s needs through 2024. Check out the latest episodes on Lee's Podcast . Construction of a large number of wind energy projects began in 2016 as that was the last year in which construction could begin for entitlement to the full amount of section 45 production tax credit (PTC), or section 48 investment tax credit (ITC) in lieu of PTC. Aurora Solar LLC has been approved to construct, operate, maintain, and decommission a 44-MW photovoltaic solar facility on 233 acres of public lands. Energy Market Update: May 21, 2020. read | Share: After last month’s severe drop in oil prices, oil producers are scrambling to cut production and stem their losses. Revenue Procedure 2020-12 addresses allocations of section 45Q credits in partnership flip structures. Strata Solar has completed pre-construction development of Ventura Energy Storage, a 100-MW/400-MWh battery energy storage system in unincorporated Ventura County. Although section 45Q credits granted under the old and new programs should go only to taxpayers that properly capture and sequester carbon dioxide, we would caution against a rush to judgment as to whether Senator Menendez’s letter and views actually support a conclusion that companies that claimed the section 45Q credit did not satisfy those requirements or did not undertake environmentally beneficial activity without substantially more information. 5/5 Portal – New Template Design. Sustainable Development and Land Use Update - December 2020, California Environmental Law & Policy Update - December 2020 #2. Contact Us Skip to content. In addition, solar and other renewable energy projects commenced construction in 2016. May 11, 2020. Join Lee's Online Community The Portal. Copyright © var today = new Date(); var yyyy = today.getFullYear();document.write(yyyy + " "); JD Supra, LLC. Eversheds Sutherland Observation: Since the beginning of construction requirements, including the continuity safe harbor, are provided in IRS Notices (rather than in statutes) Treasury action to provide relief is appropriate. To embed, copy and paste the code into your website or blog: Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra: [HOT] Read Latest COVID-19 Guidance, All Aspects... [SCHEDULE] Upcoming COVID-19 Webinars & Online Programs, [GUIDANCE] COVID-19 and Force Majeure Considerations, [GUIDANCE] COVID-19 and Employer Liability Issues. Eversheds Sutherland Observation: Absent an ability to revolve disputes administratively, a project developer ultimately must engage in litigation to resolve disputes over the amount of a cash payment in lieu of tax credit that is available. How we use cookies fix to the third stimulus package in 2018 development and use... 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