logo
‘Fight of our lives': Lobbying intense on climate law credits

‘Fight of our lives': Lobbying intense on climate law credits

E&E News5 hours ago

The morning after the Senate Finance Committee released a new megabill text that would roll back tax credits for renewable energy development, the solar industry's top lobby group hosted a rally in the shadow of the Capitol.
'Time to storm the Hill!' Abigail Ross Hopper, CEO of the Solar Energy Industries Association, said Tuesday.
Lobbyists and industry leaders have been in a mad dash to rescue some of the energy tax incentives in the Democrats' 2022 Inflation Reduction Act.
Advertisement
The House's 'One Big Beautiful Bill Act,' passed last month, would roll back many of the credits dramatically. And a Senate draft is not much better for sources like wind and solar.
SEIA's rally included workers and leaders for dozens of companies before marching to meet with lawmakers and aides. It was the group's eighth lobbying day this year.
'We are in a fight for our lives,' Hopper told the crowd, saying that 330,000 jobs are at stake.
Trade groups and other advocates have been releasing studies warning about the legislation's potential harms to projects and employment, particularly in red states.
The legislation's real effects remain a moving target because Republican leaders have promised to keep tweaking their tax, energy and border spending package.
'We are not at the end. We had that language come out of the Senate Finance [Committee] last night, but we are not finished,' she said. 'I would not ask you to travel here, take time away from your families, take time away from your businesses, if I thought that this was done. This is not done. You have the opportunity today … to tell these legislators what this means to you.'
Hopper told reporters that the Finance Committee draft represented 'some steps toward progress, but it is far from acceptable.'
'A real frenzy'
Companies and groups thought Republicans and President Donald Trump would ease from targeting climate law credits because of their economic impact. The House bill was a wake-up call, said Mike Carr, a lobbyist at Boundary Stone Partners who represents companies in solar, batteries and related fields.
'I think there was a general assumption that … they weren't going to pull the rug out from it,' Carr said. 'And the House bill really did pull the rug out from a lot of this.'
Since the House passed its bill, it's been all hands on deck, Carr said. 'There's been a real frenzy since then, trying to help people understand how much is on the line, how many jobs could potentially be lost in various sectors.'
Other major organizations fighting for the energy incentives include the American Clean Power Association and the American Council on Renewable Energy.
'While the Senate Finance Committee proposal eliminates poison pills from the House legislation, abrupt changes to the clean energy tax credits unnecessarily penalize companies that are making good faith investments under current law,' ACP CEO Jason Grumet said in a statement.
The Edison Electric Institute thanked the Finance Committee for its work but made it clear that it sees room for improvements.
'Financial certainty and access to cost-effective financing are critical tools for electric companies as they continue to make needed investments to meet rising customer demand and to expand generation capacity,' said Pat Vincent-Collawn, the group's interim CEO.
The group had taken a dimmer view of the House version, particularly around sourcing requirements, the short timeline for ending credits and tax credit transferability.
Big business groups like the American Petroleum Institute and the U.S. Chamber of Commerce have been mostly supportive of the congressional Republicans' efforts, but have also been pushing for longer timeframes for some tax credits, including for hydrogen and carbon capture.
Before the Senate bill was released, the Chamber wrote in a post that the group would 'continue to urge policymakers to preserve pro-growth tax policies that enhance U.S. energy competitiveness and security, including credits for clean hydrogen production and carbon oxide sequestration, as well as technology-neutral credits to help meet the country's rapidly growing demand for electricity generation.'
Republican group
Republicans launched a new group called Built for America this month to advocate for the energy incentives from a conservative viewpoint.
The $2 million campaign, led by former West Virginia Lt. Gov. Mitch Carmichael and former Trump campaign adviser Bryan Lanza, is putting advertisements in conservative platforms like Fox News and Truth Social, which is owned by the president.
'Trump country is booming. We're building, hiring and winning in America, because energy tax credits put America first,' one of the ads says.
Another group called Advanced Energy United launched a six-figure campaign of its own targeting a handful of Senate Republicans with digital ads. That group is backed by major technology firms like Microsoft, automakers like Ford and other firms like NRG.
'Repealing these tax credits would devastate local economies, raise energy costs, and hand the keys of energy leadership to China — and the Senate now has a choice to make,' Harry Godfrey, the group's managing director for federal priorities, said in a statement.
New lobbyists hired
A number of companies and associations have retained new lobbyists in recent months to fight for the credits they support, according to disclosures filed with Congress.
They include battery maker Energizer Holdings, chemical manufacturer Johnson Matthey, the Hydrogen Jobs Now Coalition, battery recycler Ecobat and the Clean Energy Buyers Association.
The far-right House Freedom Caucus pointed to news that Energizer had retained a slate of Democratic lobbyists from Washington Council Ernst & Young.
'This should tell Republicans everything you need to know: The Swamp isn't even hiring Republicans to lobby on preserving the #GreenNewScam IRA tax subsidies,' the caucus wrote on X.
Those pushing to terminate the tax credits have their advocates too. Pro-fossil fuel activist Alex Epstein has been involved, and Rep. Chip Roy (R-Texas) called him an 'enormous help' in rolling back the credits in the House bill.
Epstein was disappointed in the Senate Finance Committee draft. 'Sad update' he wrote on X, outlining his view of the changes.
'Nothing is set in stone yet, there's still time for Congress to do the right thing. Tell your Senator,' he added.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Jefferson hopes to renew two levies
Jefferson hopes to renew two levies

Yahoo

time17 minutes ago

  • Yahoo

Jefferson hopes to renew two levies

JEFFERSON — Village council voted to move forward with the renewal of two existing levies to help provide services to residents. The resolutions request the Ashtabula County Auditor certify the total current tax valuation and amount of revenue that would be generated for a 1.55-mill, five-year street light levy and a one-mill, five-year fire levy, to be placed on the November ballot. Council also approved a resolution to establish a K-9 fund to be used for all donations and revenues received for the upkeep and support of the dog. They also approved the hiring of Jeromey Cummins to a full-time detective/patrolman position. Jefferson Village Manager Steve Murphy said he was able to attend a local government conference early this month in Washington D.C. He said he was able to let state and federal officials know where the village is, and urge them to come visit. He said one of the topics of conversation was House Bill 335, which would eliminate property tax inside millage. Murphy said the proposal would cost the village $250,000-$300,000 a year.

Seneca Stock Declines Following Lower Q4 Earnings Despite Sales Gain
Seneca Stock Declines Following Lower Q4 Earnings Despite Sales Gain

Yahoo

time23 minutes ago

  • Yahoo

Seneca Stock Declines Following Lower Q4 Earnings Despite Sales Gain

Shares of Seneca Foods Corporation SENEA have lost 3.4% since the company reported its earnings for the quarter ended March 31, 2025. This compares to the S&P 500 Index's 0.7% decline over the same time frame. Over the past month, the stock lost 3.7% against the S&P 500's 0.9% rise. Seneca reported net sales of $345.8 million for the fourth quarter of fiscal 2025, up 12.3% from $307.9 million in the same quarter last year. However, net earnings were modest at $0.6 million, or $0.09 per share, against a net loss of $2.2 million or $0.32 per share, in the prior-year quarter. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Full-year net sales rose 8.2% to $1.58 billion from $1.46 billion, driven by higher volumes, favorable mix and pricing actions. Despite the revenue increase, annual net earnings declined 34.9% to $41.2 million from $63.3 million. Earnings per share dropped 31.1% from $8.56 to $5.90 on a diluted basis. Gross margin as a percentage of net sales also compressed notably, from 6.7% to 4.5% for the quarter and from 12.9% to 9.5% for the year. Seneca's adjusted net earnings for the year, which exclude LIFO-related charges, came in at $67.1 million compared with $80.2 million a year ago — a 16.3% decline. This suggests core profitability deterioration despite higher sales, reflecting cost pressures. EBITDA was $136.9 million, down 18.1% from $167.3 million, while FIFO-adjusted EBITDA dropped 9.6% to $171.4 million from $189.6 million, both indicating a weaker operational performance compared to fiscal 2024. Segment-wise, the vegetable division continued to dominate, comprising 91.1% of the food packaging revenues, with canned vegetables alone accounting for 83.2% of total net sales. Canned vegetable sales rose to $1.31 billion in fiscal 2025 from $1.20 billion in 2024, a 9.1% increase. Frozen vegetables rose to $124.7 million from $120.8 million (up 3.2%), fruit products reached $92.4 million from $87.4 million (up 5.7%) and snacks rose to $14.9 million from $13.4 million (up 11.9%). The 'Other' category, including can and seed sales and aircraft operations, posted growth of 1% to $32.5 million from $32.2 million. Seneca Foods Corp. price-consensus-eps-surprise-chart | Seneca Foods Corp. Quote President and CEO Paul Palmby commented on the solid top-line performance despite adverse weather, tariff fluctuations and input cost inflation. Palmby highlighted that strong operating cash flow enabled a $297 million reduction in net debt year over year, which is a significant achievement in a high-cost environment. Nevertheless, he cautioned that high-cost inventories from the 2024 pack continued to compress margins, especially in the fiscal fourth quarter. Several factors weighed on margins and profitability during the fiscal year. The company faced elevated input costs across raw materials, packaging, transportation and labor. Although some cost pressures began to ease in fiscal 2025, they remained above historical levels. Additionally, Seneca struggled to fully pass on these costs to customers in a timely manner, leading to margin erosion. The decline in margins was primarily attributed to higher input costs — including raw materials, labor and distribution — which outpaced the benefits from pricing adjustments. SENEA's use of the LIFO inventory valuation method resulted in a significant charge of $34.5 million for the fiscal year, up 54.3% from $22.3 million in the prior fiscal year, reducing reported profitability. These elevated LIFO charges reflected the cost pressure of high-priced inventory carried into fiscal 2025. In addition, segment-specific dynamics such as commodity volatility and changing consumer demand played roles. The vegetable segment, which comprises 91.1% of food-related sales, faced margin compression even amid volume growth. Despite implementing sales price increases, Seneca acknowledged that these adjustments often lag behind cost escalation, especially in a competitive market landscape. Seneca also cited a rainy growing season as a challenge, likely impacting yields and increasing procurement and processing complexities. The seasonal nature of its operations, particularly in the third quarter, exacerbated cost management issues as inventories and accounts payable peaked during harvest cycles. Seneca did not provide formal earnings or sales guidance for fiscal 2026 in either the earnings press release or the 10-K filing. However, the company did highlight its ongoing efforts to manage costs through short-term supply contracts and operational efficiency initiatives. Management also suggested that certain cost pressures, such as labor and raw materials, had begun to stabilize during fiscal 2025, potentially easing some margin constraints in the near term. Management also highlighted ongoing investment in technology and logistics to drive future margin recovery. There were no acquisitions, divestitures or significant restructuring initiatives disclosed by management for the quarter ended March 31, 2025. SENEA's capital allocation focused on debt reduction, and no dividends were paid. Stock repurchases continued on a modest scale, with 9,891 Class A shares repurchased during February 2025 from the company's employee savings plan at an average price of $79.53 per share. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Seneca Foods Corp. (SENEA) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store