Wall Street Journal outlined Biden’s massive infrastructure plan which will support clean energy development and deployment, quoting AEE’s Nat Kreamer. Read excerpts below and the full story here (sub req).
President Biden's $2.3 trillion infrastructure plan would supercharge an already booming clean-power sector by expanding subsidies and addressing key bottlenecks impeding the shift to a greener grid.
The plan, unveiled Wednesday, calls for the creation of a new tax credit to support the construction of high-voltage transmission lines, a major roadblock for the build-out of renewable energy. It also proposes a 10-year extension of wind, solar and battery tax credits, which are currently set to be phased out in coming years…
The plan needs to be approved by Congress and is expected to be the focus of intense negotiations among Republicans and Democrats in coming months, with many details likely to change.
"We need to do this or we're never going to be able to hit decarbonization plans," said Nat Kreamer, chief executive of Advanced Energy Economy, a trade group of companies including Microsoft Corp. and Amazon.com Inc. that are involved in developing clean energy…
Mr. Biden's plan proposes a new tax credit to incentivize the build-out of enough transmission lines to carry 20 gigawatts of power, as well as a "Grid Deployment Authority" within the Energy Department to accelerate development…
Building more high-capacity transmission has long been understood to be a critical enabler of new renewable energy development…
Mr. Biden said he wanted to spend $100 billion on the transmission and renewable energy tax credits, as well as other energy-related projects. The proposal didn't break out the exact cost for each…
To date, grid-scale battery storage hasn't been eligible for the tax credit unless it is paired with a solar farm. The Biden administration has signaled support for expanding the program to include stand-alone batteries, which are seen as critical in helping to address the intermittency of wind and solar power production…
Read the full story here (sub req).