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Foley Hoag LLP

Climate Law Matters: Energy & Climate Newsletter - December 2024

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In this Issue: Mission is Market - As with many, we in the Foley Hoag energy and climate practice have felt the results of the 2024 election reverberate through our industry. We’ve gathered and digested the most current...more

Fenwick & West LLP

Montana Supreme Court Sides with Youth Climate Activists

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In a 6-1 ruling yesterday, Montana’s Supreme Court upheld a landmark decision finding that a 2011 state law making it illegal to consider environmental impacts (including greenhouse gas emissions) when issuing permits for...more

Orrick, Herrington & Sutcliffe LLP

APAC Energy Pulse – December 2024

A recent report by Wood Mackenzie predicts that average renewable energy certificate (REC) prices in the Asia-Pacific region will drop by 76% between 2023 and 2050. The projected decline is due to an oversupply in the REC...more

Orrick, Herrington & Sutcliffe LLP

Section 48 Energy Investment Tax Credit: Final Regulations Released

The U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) have released final regulations for the energy investment tax credit (ITC) under Section 48 of the Internal Revenue Code, which was...more

J.S. Held

The Winds of Change: Navigating Offshore Wind Disputes

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Offshore wind energy is a new and developing frontier in the global transition to renewable power, with ambitious worldwide projects competing for expertise in a fledgling industry. As this industry grows, so too do the...more

Allen Matkins

Renewable Energy Update 12.19.24

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According to the latest U.S. Energy Storage Monitor report from the American Clean Power Association and Wood Mackenzie, the third quarter of 2024 recorded 3,806 MW and 9,931 MWh of energy storage installed across all market...more

Stoel Rives - Renewable + Law

PJM Files Reliability Resource Initiative at FERC Requesting Expansion of Transition Cycle #2 for Reliability Resources

On December 13, 2024, PJM Interconnection, L.L.C. (“PJM”), filed with the Federal Energy Regulatory Commission (“Commission”) a modification to Part VII of its Open Access Transmission Tariff (“Tariff”), adding provisions to...more

Faegre Drinker Biddle & Reath LLP

Butterfly Nets and Business Bets: How Proposed Protections for Monarchs Could Snare Agribusiness, Renewables and Development

On December 12, 2024, the U.S. Fish and Wildlife Service (USFWS) published its proposal in the Federal Register to list the Monarch Butterfly (Danaus plexippus) as a threatened species under the Endangered Species Act (ESA)....more

Foley Hoag LLP - Energy & Climate Counsel

2024 Clean Energy Bill Promotes Electric Vehicle Deployment Across Massachusetts

On November 21, 2024, Massachusetts Governor Maura Healy signed into law a sweeping climate bill (St. 2024 c. 239, An Act Promoting a Clean Energy Grid, Advancing Equity and Protecting Ratepayers) packed with measures aimed...more

Pillsbury Winthrop Shaw Pittman LLP

From “Energy Transition” to “Energy Security”: Assessing the Impact of the Republican Trifecta on the Energy Industry

With a renewed focus on domestic energy production and regulatory reform, the incoming administration signals significant shifts in U.S. energy and climate priorities. The incoming Trump Administration will prioritize...more

Baker Botts L.L.P.

Final Regulations Issued Regarding Section 48 Investment Tax Credit

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On December 12, 2024, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (“Treasury”) published final regulations (the “final regulations”) regarding the energy credit under Section 48 of the Internal...more

Latham & Watkins LLP

IRS Finalizes Investment Tax Credit Regulations

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The regulations provide important clarity around investment tax credits for biogas property, energy storage, and interconnection costs, and ease proposed aggregation rules for multiple properties. The Internal Revenue...more

Foley Hoag LLP - Energy & Climate Counsel

Give the People What They Want (and What They Want Are More and More Clean Electrons)

As we put this post-election issue of Climate Law Matters together, my colleagues and I noticed an interesting common thread in our reflections: without minimizing the impact a negative turn to federal policy could have on...more

Fenwick & West LLP

Exxon Mobil Case is an Early Taxpayer Win in the Economic Substance Controversy

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Recently, in Exxon Mobil Corp. v. United States (No. 3:22-cv-00515), a District Court in Texas ruled that the taxpayer was entitled to interest deductions on a production loan entered into as part of a multibillion-dollar...more

Baker Botts L.L.P.

Redefining Data Infrastructure: The Shift to Clean Energy-Powered AI Centers

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Partnerships such as the one forged by Google, Intersect Power and TPG Rise Climate are set to flip the traditional data center model. Instead of clustering near fiber hubs, they will be building AI data centers where clean...more

Troutman Pepper

High-Level Summary of FERC Order No. 1920-A on Transmission Planning and Cost Allocation

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On November 21, 2024, FERC issued Order No. 1920-A, which modified Order No. 1920 to expand the states’ roles in long-term transmission planning and clarified requirements for such planning as set forth in Order No. 1920....more

Jones Day

Final Regulations Clarify the Investment Tax Credit Rules

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The U.S. Department of the Treasury and the Internal Revenue Service have issued final regulations for the investment tax credit under section 48, providing guidance for projects that start construction by December 31, 2024....more

A&O Shearman

Significant updates in Treasury's final energy credit regulations

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The U.S. Treasury Department and the Internal Revenue Service (“IRS”) published final regulations on December 4, 2024, defining “energy property” and rules applicable to energy credits (the investment tax credit, or the...more

Baker Botts L.L.P.

Power Play: ExxonMobil Announces Plan to Build Datacenter-Focused Natural Gas Plant

Baker Botts L.L.P. on

ExxonMobil recently announced plans to build cleaner natural gas power plants specifically for data centers, marking a significant milestone in the energy industry's response to surging demand for data center power....more

Troutman Pepper

Federal Appeals Court Appears Skeptical of State’s Ability to Question Federal Transmission Planning Decisions

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On December 5, 2024, the U.S. Court of Appeals for the Third Circuit heard oral arguments in Transource Pennsylvania LLC v. Steven M. Defrank, et.al. The case presents the question of potential tension between FERC’s...more

Orrick, Herrington & Sutcliffe LLP

Navigating Renewable Energy Projects in the Trump Era: Tariffs, Taxes, and Commercial Strategies

Trump’s second term is expected to potentially disrupt the Inflation Reduction Act (IRA) and impose sweeping tariffs and other import restrictions. The impacts on the supply chain and tax credits may raise procurement costs...more

Morgan Lewis - Power & Pipes

DOE Initial Funding Awards to Two More Regional Hydrogen Hubs Supports Hydrogen Infrastructure Expansion

The US Department of Energy’s (DOE’s) Office of Clean Energy Demonstrations has announced initial funding awards for two additional regional clean hydrogen hubs, bringing the total number of regional hydrogen hubs with...more

Foley & Lardner LLP

IRS Releases Final Regulations Under Section 48 of the Code

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The Internal Revenue Service (“IRS”) and Department of the Treasury last week released final regulations (the “Final Regulations”) relating to investment tax credits under Section 48 of the (the “ITC”) of the Internal Revenue...more

Baker Donelson

Final Energy Credit Regulations Under Section 48

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Overview - The final regulations, scheduled to be published in final form by the Internal Revenue Service (IRS) and the Department of the Treasury on December 12, 2024, provide comprehensive rules regarding the energy credit...more

Foley Hoag LLP - Energy & Climate Counsel

Massachusetts Permitting and Siting Reform is On the Way! What Does That Mean For Your Projects?

On November 20, 2024, Massachusetts Governor Maura Healey signed “An Act Promoting a Clean Energy Grid, Advancing Equity, and Protecting Ratepayers,” into law as Chapter 239 of the Acts of 2024. Among other things, the new...more

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