Avatar McDermott Will & Emery

Subscribe to McDermott Will & Emery's Posts

FERC Announces Tax Reform Actions and Eliminates Income Tax Allowance for Master Limited Partnerships


By and on Mar 23, 2018
Posted In FERC, Natural Gas, Power Markets, Project Development and Finance, Tax

FERC announced actions in response to the 2017 tax reform legislation and a revised income tax policy, which eliminates the income tax allowance for Master Limited Partnerships. Regulated entities should ensure that they comply with FERC’s orders regarding the treatment of income taxes and consider whether to file comments on the proposed rulemaking and notice...

Continue Reading



Highly Anticipated FERC Rule Removes Barriers to Electric Storage


By on Feb 20, 2018
Posted In FERC

On February 15, the Federal Energy Regulatory Commission (FERC) issued a much-anticipated order designed to remove barriers to electric storage resource participation in organized wholesale electricity markets. The order—dubbed Order No. 841—creates new rules that require each regional transmission operator (RTO) and independent system operator (ISO) to revise its tariff to establish a “participation model”...

Continue Reading



Trump Administration Imposes Tariffs on Foreign Solar


By on Jan 23, 2018
Posted In Environmental, Renewables, Tax

Yesterday, the US Trade Representative announced that President Trump approved recommendations to impose a safeguard tariff on imported solar cells and modules under Section 201 of the Trade Act of 1974. The tariff will be in effect for the next four years at the following rates: This tariff is the result of petitions filed in...

Continue Reading



FERC Rejects Department of Energy Proposal Benefitting Coal and Nuclear


By on Jan 9, 2018
Posted In FERC

On January 8, 2018, the Federal Energy Regulatory Commission (FERC) rejected the Department of Energy’s (DOE) Proposed Rule, which would have required organized wholesale electricity markets run by independent system operators (ISOs) or regional transmission organizations (RTOs) to establish tariff mechanisms for purchasing energy from eligible “reliability and resilience resources” and mandated a recovery of...

Continue Reading



The Senate’s New Base Erosion Tax: Highlights for Renewable Energy


By , , , and on Dec 8, 2017
Posted In Renewables, Tax, U.S. Congress

On December 2, 2017, the Senate approved its version of the Tax Cuts and Jobs Act. The Senate Bill includes the base erosion and anti-abuse tax, a new tax intended to apply to companies that significantly reduce their US tax liability by making cross-border payments to affiliates. Given its potential to disrupt the financing of...

Continue Reading



Initial Republican Tax Reform Proposal Includes Tax Cuts and Changes to Energy Credits


By , , , and on Nov 3, 2017
Posted In Featured, Power Markets, Project Development and Finance, Renewables, Tax, U.S. Congress

Changes to the energy credits proposed in the Tax Cuts and Jobs Act could impact the eligibility of renewable energy projects that had been relying on the guidance previously issued by the Internal Revenue Service. Continue Reading

Continue Reading



International Trade Commission Issues Recommendations for Tariffs on Imported Solar PV Equipment


By on Nov 3, 2017
Posted In Renewables, Tax

On October 31, 2017, the US International Trade Commission (ITC) released its recommendations to impose a tariff on imported solar equipment. The proposals it issued, however, would result in duties substantially lower than those sought by the petitioners. The ITC’s four commissioners issued several remedy recommendations, including, at the high end, a 35 percent tariff...

Continue Reading



Department of Energy Proposes Rule Benefiting Coal and Nuclear to FERC


By on Oct 3, 2017
Posted In FERC, Power Markets

On September 28, 2017, the US Department of Energy (DOE) submitted a proposed rule to the Federal Energy Regulatory Commission (FERC) that, if implemented, could reshape organized wholesale electricity markets. Citing electric grid reliability and resiliency issues like the 2014 Polar Vortex and recent hurricanes, DOE asked FERC to enact a new compensation system for...

Continue Reading



IRS Rules (Again) That Taxpayers Are Not Entitled to Claimed Refined Coal Credits


By , and on Jul 28, 2017
Posted In Renewables, Tax

In a highly-anticipated Technical Advice Memorandum (TAM) dated March 23, 2017 and released on July 21, 2017, the Internal Revenue Service (IRS) ruled that two taxpayers who had invested in a Limited Liability Company that owned and operated a refined coal facility (the LLC) were not entitled to refined coal production credits they had claimed...

Continue Reading



Massachusetts Sets Energy Storage Target


By on Jul 10, 2017
Posted In Project Development and Finance

On June 30, 2017, the Massachusetts Department of Energy Resources (DOER) announced that Massachusetts would adopt an aspirational 200 megawatt-hour (MWh) energy storage target to be achieved by January 1, 2020. The target is the second largest in the nation, although it is far lower than California’s 1.3 gigawatt storage mandate. Still, Massachusetts’ storage target...

Continue Reading



STAY CONNECTED

TOPICS

ARCHIVES