Qualifying Advanced Energy Project Program: IRS Announces Second Phase
DWT tax partner Pamela Charles reports: The IRS has announced the second phase of the qualifying advanced energy project program to distribute the Section 48C tax credits that are available for reallocation now that the first phase of the program has been completed (see IRS Notice 2013-12). To be considered for an allocation of credits in the … Continue reading
PTC Update: IRS Plans to Release Guidance on Applying the “Begun Construction” Test
DWT tax partner Pamela Charles reports: According to Tax Notes Today, the IRS discussed its plans to release guidance on applying the “begun construction” test for the production tax credit (“PTC”) at the American Bar Association Section of Taxation meeting in Orlando, Florida last week. As reported in our January 2, 2013 blog post, this was one … Continue reading
More Information About the Extension of the Production Tax Credit
DWT tax partner, Pamela Charles explains: The American Taxpayer Relief Act of 2012, which was passed by Congress to avoid the “fiscal cliff,” extends certain federal income tax benefits for renewable energy projects, including: Extending the production tax credit (PTC) for wind projects by one year and changing from a “placed in service” to a … Continue reading
Production Tax Credit Extended For Another Year
More information about this later, but Congress has extended the Production Tax Credit (“PTC”) for wind as part of its agreement to avoid the fiscal cliff. The new sunset date for the PTC for wind is through December 31, 2013. Interestingly, reports indicate that Congress also appears to have modified what facilities are eligible … Continue reading
PG&E Issues Its 2012 Renewables Portfolio Standard Request for Offers
At long last, PG&E finally issued its 2012 Renewables Portfolio Standard (RPS) Request For Offers (RFO). PG&E is seeking offers to procure approximately 1,000 GWh per year of renewable energy from long-term Power Purchase Agreements and Renewable Energy Credit Purchase Agreements (so they will accept offers of products that would qualify for any of the … Continue reading
California GHG Emissions Auction Part of the Cap and Trade Program Challenged by the Chamber
California’s largest business lobby filed a lawsuit yesterday seeking to invalidate California’s first greenhouse gas (GHG) emissions allowance auction (part of the California cap and trade program) scheduled for today. The California Chamber of Commerce asserts that AB 32, California’s global warming law, did not authorize the state to raise funds by allocating GHG emissions … Continue reading
Auction Today, Results Monday (part of the California Cap and Trade Program)
Get your auction here! Today is the day. The California Air Resources Board (CARB) is holding an auction of greenhouse gas allowances for use in the California cap and trade program today, November 14, 2012, from 10:00 a.m. until 1:00 p.m (PST). It is CARB’s first auction and all eyes are on California to see … Continue reading
California Public Utilities Commission to Consider New Proposals to Improve Renewables Portfolio Standard Procurement Process
On Oct. 5, 2012, Commissioner Mark Ferron of the California Public Utilities Commission (“Commission”) issued a 39-page ruling including a number of proposals to improve California’s Renewables Portfolio Standard (“RPS”) procurement process. Specifically, he proposed an: [E]ffort to streamline the RPS contract review process, increase the transparency of the Commission’s review of RPS procurement, establish … Continue reading
Renewables Portfolio Standard Rulemaking to Continue
Having dispensed with many of the preliminary issues regarding the new and improved 33% by 2020 Renewables Portfolio Standard, Commissioner Ferron issued a new scoping ruling on Wednesday providing a preliminary list of issues for the remainder of the proceeding. The scoping ruling extends the proceeding for another two years, however no specific procedural guideline … Continue reading
Pre-AB 32 Contracts: Are generators entitled to some relief for their greenhouse gas costs?
Generators that may have executed bilateral contracts with a California utility prior to the passage of Assembly Bill 32 (AB 32) in California such that their contract does not have specific terms and conditions assigning greenhouse gas cost responsibility should be aware that the matter of whether the generator is entitled to some sort of … Continue reading
