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Congress has extended subsidies for renewable energy in years past, some of which have been tech-specific. However, the big name production and investment tax credits had relatively short lives, requiring Congress to revisit and reauthorize them every few years, which it did with the Consolidated Appropriations Act of 2021 during Trump’s final days.
What the Inflation Reduction Act hasn’t fixed just yet: Inflation. Siemens Gamesa Renewable Energy, like many of its competitors, has been struggling immensely with cost overruns due to the higher price of materials like steel, resin, and copper. “When inflation is pretty normal, you can manage it better through indices or hedges, especially if it's a shorter term project. Most onshore projects you contract and you build a year later,” he said.
The Biden administration wants to deploy 30 gigawatts of offshore wind by 2030 and held three wind lease sales in the Outer Continental Shelf last year. NREL’s report concluded that half of the U.S. offshore wind energy projects in the pipeline could be delayed beyond 2030 unless port and vessel infrastructure is improved, estimating that some $6 billion would be adequate to address those limitations.
Still, she conceded that setting a cap on Russian refined petroleum products has proved “more difficult” than setting a price cap for crude due to the wider range of refined products and prices compared to crude, as well as the importance of keeping Russian diesel on the global market, at a time when supply is “unusually strained,” she said.
UK NATIONAL GRID WILL PAY PEOPLE TO USE LESS POWER AMID COLD SNAP: Britain’s National Grid said today it will pay residents to use less power during periods of peak consumption this evening, and asked that its backup coal-fired generators to be prepared to come online amid a cold snap. Ahead of that auction, Costa said, the government will launch a public hearing beginning this week to discuss potential areas for deployment.
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