U.S. offshore wind energy planning and development is front and center and accelerating at light speed. The Biden Administration announced a commitment to create 30 gigawatts of electricity via U.S. offshore wind by 2030. Congress provided a boost to offshore wind development late last year with a 30 percent investment tax credit to projects that
MD and MA Award 3.2 GW of New Offshore Wind Capacity
On Friday, December 17, 2021, Massachusetts and Maryland selected a total of four offshore wind projects in their latest solicitation rounds to bring an additional 3.2 GW of new offshore wind capacity to the states.
Maryland
The Maryland Public Service Commission (Commission) awarded offshore renewable energy credits to two developers planning to expand offshore wind
2021 Interior Department: Area Offshore Central California Officially Designated for Offshore Wind Energy Development
On November 12, 2021, in furtherance of the Biden administration’s goal of deploying 30 gigawatts (GW) of offshore wind energy by 2030, the US Department of the Interior announced its designation of the Morro Bay Wind Energy Area (WEA) offshore central California. The WEA is about 240,898 acres (376 square miles) and roughly 20 miles
Interior Department: Three Milestones for Offshore Wind Energy Development in the Atlantic and Gulf of Mexico
On October 28, 2021, in furtherance of the Biden-Harris administration’s goal of deploying 30 gigawatts (GW) of offshore wind energy by 2030, the US Department of the Interior announced three major offshore wind development proposals.
First, the Bureau of Ocean Energy Management (BOEM) announced a proposed lease sale for offshore wind development for approximately 128,000
Testing times for the “Supplier of Last Resort” regime as UK gas prices continue to rise
Kwasi Kwarteng, UK Business and Energy Secretary is reported to have said on 20 September that “My task is to ensure that any energy supplier failures cause the least amount of disruption to consumers”.
Wholesale day-ahead gas prices in the UK are reported to have jumped some 9% on 20 September alone. The rise is as a result of a number of factors including increased demand in Asia, lower supplies of gas from Russia and increase in demand as countries emerge from lockdown restrictions and economies start to pick up once more.
Such rapid and significant price increases typically disproportionately impact smaller suppliers and indeed it is widely anticipated that a number of the smaller suppliers will fall into insolvency over the coming weeks and months. The specific process is unique to the energy industry.
President Biden Issues National Security Memorandum on Critical Infrastructure Cybersecurity
On July 28, 2021, President Biden signed a national security memorandum that seeks to “significantly improve” the cybersecurity of critical infrastructure systems. The “National Security Memorandum on Improving Cybersecurity for Critical Infrastructure Control Systems” (the “Memorandum”) reflects the administration’s conclusion that “[t]he cybersecurity threats posed to the systems that control and operate the critical infrastructure
Mayer Brown’s Working Capital Newsletter
We are excited to share with you our second edition of Working Capital, Mayer Brown’s Projects & Infrastructure newsletter. In this edition, we feature
- Mayer Brown’s newly elected chair, Jon Van Gorp and his commitment to our clients;
- Interviews with Houston laterals, Greg Matlock and Phil Lau, regarding carbon capture use and sequestration as
Critical Pipeline Cybersecurity Directive Released
In the wake of the May 2021 ransomware attack on a major US oil pipeline, the Department of Homeland Security’s Transportation Security Administration (TSA) has released a security directive (the “TSA Directive”) to better “identify, protect against, and respond to threats to critical companies in the pipeline sector.” The TSA Directive was released on May
Texas Bills Would Burden Renewable Generation
The Texas House of Representatives and Senate are considering three similar, but not identical, legislative drafts that could impose substantial grid charges directly on renewable generation businesses. The Legal Update at the link below provides further detail.
Energy Tax Implications of New Infrastructure and Tax Plans
On March 31, 2021, the Biden administration released the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure, create additional jobs and increase the United States’ global competitiveness. Alongside the Infrastructure Plan, the Biden administration released a Made in America Tax Plan (the “Tax Plan”),