On July 31, the Bureau of Ocean Energy Management announced three final wind energy areas off the shores of Delaware, Maryland and Virginia. Read on for details about the new wind energy areas, which have the potential to support 4-8
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Applications Open — White House Announces $20 Billion in Grant Competitions to Boost Clean Energy Projects
The Biden administration recently announced a $20 billion clean energy investment plan creating two complementary competitions providing funding for community-based climate projects across the country.
Read on for details about the National Clean Investment Fund and the Clean Communities Investment
CFTC: Calling All Whistleblowers in Carbon Markets
With an “alert” issued June 20, the Commodity Futures Trading Commission is targeting carbon markets by asking whistleblowers to come forward with information about fraudulent or manipulative trading of carbon credits and other environmental commodities as well as related derivatives.
IRS Issues More Guidance for Section 48C Advanced Energy Project Tax Credit Allocation Program
The Inflation Reduction Act of 2022 extended and modified a federal investment tax credit for a broad variety of advanced energy manufacturing projects. The program relies on an application and award process to allocate the tax credits.
Read on for
High Court Opens Door to Suits Against FERC, McGuireWoods Attorneys Write in Law360
Recent U.S. Supreme Court decisions letting federal courts hear constitutional challenges to enforcement proceedings at federal agencies opened the door to similar challenges to in-house enforcement proceedings at the Federal Energy Regulatory Commission (FERC), McGuireWoods Washington, D.C., partner Todd Mullins
Domestic Content 10% Bonus Guidance Released (IRS Notice 2023-38)
The Inflation Reduction Act of 2022 (IRA) created a 10% tax credit adder to encourage the use of “domestic content” in renewable projects that qualify for the production tax credit (PTC) and investment tax credit (ITC). Projects built using the
Opening Soon — Application for Section 48C Advanced Energy Project Investment Tax Credit
The application process for the first round of funding for the Section 48C credit will open May 31, 2023. The IRS will issue additional guidance on the program before the application process opens but the application window closes July 31,
McGuireWoods Releases Update to One-of-a-Kind FERC Enforcement Reporter
Over the past year, there have been major Federal Energy Regulatory Commission developments as more cases moved from the agency to adjudication in the courts. McGuireWoods’ update to its innovative FERC Enforcement Reporter — led by lawyers Carrie Mobley and Corban Coffman — organizes
IRS Issues Guidance for Energy Community Bonus Tax Credits – Notice 2023-29
The Inflation Reduction Act of 2022 (IRA) created several new tax incentives to encourage the development of clean energy projects that would benefit specific communities. Among these incentives, Congress included a tax credit adder for the production tax credit (PTC)
Energy Credits — Treasury, IRS Promise Direct Pay and Transferability Registry and Guidance
Direct pay and transferability for energy tax credits have been available since Jan. 1, 2023, but credit transactions using these provisions have been slow to materialize due to lack of Treasury or IRS guidance. On March 22, 2023, official Treasury