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Yahoo
7 minutes ago
- Yahoo
Trump administration to unveil tougher solar and wind subsidy rules
By Nichola Groom (Reuters) -The Trump administration is expected as soon as Monday to take another step toward curbing the growth of renewable energy in the United States by making it harder for companies to claim federal tax subsidies for wind and solar energy. The Treasury Department next week will reach a 45-day deadline, set by U.S. President Donald Trump in July, to revise rules governing who can qualify for clean energy tax credits that the Republicans' One Big Beautiful Bill Act is phasing out years earlier than planned. The rule under scrutiny centers around what it means for a project to be considered under construction, a definition that is critical to companies building facilities that require years of planning. The OBBBA requires projects to begin construction by July of next year or enter service by the end of 2027 to qualify for a 30% tax credit and bonuses that can push the subsidy even higher. Under previous law, the credits were available through 2032. In an executive order last month, three days after signing the OBBBA into law, Trump directed Treasury to restrict the use of safe harbors, rules that have allowed project owners for years to claim tax credits so long as they incur 5% of their costs or make meaningful physical progress before the credit expires. Washington policy advisory firm Capstone said it could see Treasury requiring developers to incur a higher percentage of costs, such as 10% or 15%. Under the physical work requirement, the agency could exclude off-site construction or require more contact with the government and proof of continuous work. The Treasury Department did not respond to a request for comment. Tightening the requirements would be the latest in a string of steps the administration has taken to stall development of wind and solar energy, which Trump says are unreliable, expensive, and dependent on Chinese supply chains. According to advisory firm Clean Energy Associates, the United States could lose about 60 gigawatts of planned solar capacity through 2030 if stricter "beginning of construction" rules are implemented. That would be enough electricity to power about 10 million homes. Project developers and financiers have leaned on the tax credit rules to guide their investment and construction decisions for the last decade. "The executive order and the uncertainty has actually had a more negative impact than the legislation itself," said Reagan Farr, CEO of solar project developer Silicon Ranch. In the six weeks since the executive order, some companies have stalled progress, while others have ramped up activity to start as many projects as possible, said Javad Asghari, a partner with the law firm Simpson Thacher who focuses on energy and infrastructure projects. Aaron Halimi, founder and president of San Francisco-based solar project developer Renewable Properties, described measures his company has taken to protect its access to subsidies he fears could be at risk. "We've taken many steps to safe harbor a large portion of our pipeline of projects we plan to deliver between now and end of 2029," Halimi said, including buying transformers and American-made panels, and increasing lines of credit for purchasing equipment. Solve the daily Crossword
New York Times
7 minutes ago
- New York Times
Why Trump's Pay-for-Play Chips Deal May Not Be the Last
Andrew here. The unusual arrangement between the White House, Nvidia and Advanced Micro Devices to collect 15 percent of the tech giants' revenue on certain chips sold to China continues to raise eyebrows. We dive deeper into that — and look at how such an arrangement might expand to other companies, too. We also share some of your insightful takes on the debate. And don't miss our rundown of who may be starring in what increasingly looks like a reality TV show that could be called 'The Apprentice — Fed Edition,' as we assess the possible candidates for the next Fed chair. More below. 'Rational industrial policy'? Since Inauguration Day, C.E.O.s have made the pilgrimage to the White House to shake hands with President Trump on big-money deals — proof, he says, that 'America is back.' But the business world and Washington are still reeling over one pact in particular: Trump's announcement this week granting the chipmakers Nvidia and Advanced Micro Devices permission to resume selling some powerful semiconductors to Chinese companies in exchange for giving the U.S. government an expected 15 percent cut. The apparent green light alarmed some China hawks and national security experts, who worry it could ultimately harm America's tech industry, and the country. Beyond that, DealBook and others have asked, is this just a one-off business arrangement unique to the giants of the chips industry, or Trump's new rules of global capitalism? Think of it as both, Scott Bessent said. 'I think we could see it in other industries over time,' the Treasury secretary told Bloomberg TV on Wednesday. 'I think right now, this is unique, but now that we have the model and the beta test, why not expand it?' Want all of The Times? Subscribe.
CNN
7 minutes ago
- CNN
Live updates: White House prepares for Trump-Putin meeting in Alaska tomorrow
Update: Date: 10 min ago Title: Putin: US making "energetic and sincere efforts" to end war in Ukraine Content: During a meeting with top Russian officials ahead of tomorrow's summit in Alaska with US President Donald Trump, Russian President Vladimir Putin said the United States is taking action to stop the war in Ukraine. Before he travels to Alaska, Putin chaired a meeting that included members of the negotiating team that will join him at the summit, including Foreign Minister Sergey Lavrov, to brief them on 'how the negotiation process on the Ukrainian crisis is going.' 'The current American administration … is making, in my opinion, quite energetic and sincere efforts to stop the hostilities, stop the crisis and reach agreements that are of interest to all parties involved in this conflict,' Putin said. Putin also said that peace will be strengthened between Russia and the US — as well as the wider world — if the two countries reach agreements in the field of strategic offensive arms control. Update: Date: 10 min ago Title: US and Russia teams will discuss Ukraine war and economic cooperation in Alaska summit, Kremlin says Content: A senior aide to Vladimir Putin has shared details of the plans for the Russian leader's meeting with President Donald Trump in Alaska tomorrow, saying the delegations would discuss the war in Ukraine and potential economic cooperation. Yury Ushakov, Putin's foreign policy aide, told reporters that the summit will be held at the Joint Base Elmendorf-Richardson military site in Anchorage, Alaska, at 11.30 a.m. local time (3:30 p.m. ET) on Friday. The presidents will first have a one-on-one conversation, with the help of interpreters, before continuing talks over a business lunch, according to Ushakov. He said the length of the talks 'will depend on the presidents.' Both the Russian and US delegations will be comprised of five members, with further groups of experts nearby, he said. Ushakov said the teams are expected to focus on the settlement of the war in Ukraine, as well as prospects of cooperation between Russia and the US in trade and economic issues. 'Following the talks, Vladimir Putin and Donald Trump will hold a joint press conference, in which they will sum up the results of the negotiations,' Ushakov said. The Russian delegation: As well as Ushakov, Russia's team comprises Foreign Minister Sergey Lavrov, Defense Minister Andrey Belousov, Finance Minister Anton Siluanov and Kirill Dmitriev, a senior negotiator and head of Russia's sovereign wealth fund. The aide also noted that the talks will be held near the burial site of Soviet pilots in Alaska. For subscribers: Read chief global affairs correspondent Matthew Chance's analysis of what Putin really wants from Trump. Update: Date: 10 min ago Title: Analysis: Trump has set deadlines for peace in Ukraine with zero results Content: President Donald Trump says Russia will face 'consequences' if Russian President Vladimir Putin does not agree to stop the war in Ukraine during the leaders' meeting in Alaska tomorrow. CNN's Kate Bolduan shows how Trump has made similar remarks in the past without producing any results. President Donald Trump says Russia will face "consequences" if Russian President Vladimir Putin does not agree to stop the war in Ukraine. CNN's Kate Bolduan shows how Trump has made similar remarks in the past without producing any results You can also watch the video here on YouTube.
