Treasury Finalizes Investment Tax Credit Rules: Last Wednesday, the US Treasury Department finalized the Section 48 Energy Credit, following last November’s initial proposed rules for the ITC. The IRA extended and expanded the ITC until 2025, after which the credit takes on a “tech-neutral” approach through 2033. By extending the credit through 2033, Congress and the Biden Treasury Department hoped the long runway would lead to significant clean energy investments. How the Trump Treasury and GOP-controlled Congress treat IRA credits remains an open question.  

Water Resources Development Act Expected to Pass this Week: Last week, House and Senate leaders announced a bipartisan agreement on water resources legislation that has been in discussion throughout the year. The House is scheduled to vote on the $17 billion bill this week, which would authorize flood management and water infrastructure projects across the country.  

EPA Power Plant Emissions Rule Before D.C. Appeals Court: Last week, the U.S. Court of Appeals for the District of Columbia heard oral arguments on the legality of EPA's 2024 rule to control greenhouse gas emissions from new gas and existing coal-fired power plants. A major focus of the case concerns  a requirement for widespread implementation of carbon capture at domestic power plants. The challenge is led by the Attorney General of West Virginia, who argued the technologies are neither broadly available nor economical. It is unclear whether the court will act before Inauguration Day. If undecided before then, it is likely the case would become moot, given expectations that the incoming Administration will revisit the regulation.  

OPEC+ Opting Against Supply Increase: Last Thursday, the eight members of the OPEC+ decided against increasing their oil production, citing weak demand. Production increases had been tentatively scheduled to take effect on January 1, which will now be pushed back until at least to April 1. US consumers have been beneficiaries of the current market, as per-barrel costs have dropped approximately 10 percent in the last six months.  

US Solar Manufacturing Continues to Break Records: Last Wednesday, a new report from the Solar Energy Industries Association found that the United States added a record-breaking 9.3 gigawatts of solar module manufacturing capacity in Q3 2024. This brings the total U.S. solar manufacturing capacity to nearly 40 gigawatts – up from the 7 gigawatts before President Biden took office.