Final Rules for Prevailing Wage & Registered Apprenticeships at Clean Energy Projects
The Department of the Treasury and Internal Revenue Service (IRS) recently announced final rules implementing the prevailing wage and registered apprenticeship increased credit provisions of the Inflation Reduction Act. Clean energy projects that meet the requirements of these final rules will receive a fivefold increase in clean energy tax credits for the deployment of wind, solar, nuclear, hydrogen, and other clean energy technologies, as well as for projects receiving allocations under the Section 48C Advanced Energy Projects credit.
A factsheet from the White House highlights how these final rules will provide a significant incentive for good-paying, high-quality clean energy jobs and build on existing efforts.
Accompanying this announcement:
DOE Supply Chain Cybersecurity Principles
The Energy Department (DOE) has released a new set of Supply Chain Cybersecurity Principles that the agency says “characterize the foundational actions and approaches needed to deliver strong cybersecurity throughout the vast global supply chains that build energy automation and industrial control systems (ICS).” The principles focus on impact-driven risk management, framework-informed defenses, cybersecurity fundamentals, secure development and implementation, transparency and trust building, implementation guidance, lifecycle support and management, proactive vulnerability management, proactive incident response, and business and operational resilience.
Alongside the release of the principles, the White House released a statement from the National Security Advisor, Jake Sullivan, on the global effort to strengthen the cybersecurity of energy supply chains, stating “Energy systems around the world face continuous cyber attacks and are vulnerable to disruption. As new digital clean energy technologies are integrated, we must ensure they are cyber secure to prevent destruction or disruption in services.”
Upcoming Funding Opportunities for Small Modular Reactor Technologies
DOE recently issued a Notice of Intent (NOI) to fund up to $900 million to support the initial US deployments of Generation III+ (Gen III+) Small Modular Reactor (SMR) technologies. DOE anticipates releasing a funding solicitation in late summer/fall of 2024.
The funding will be offered in two tiers:
An informational webinar is scheduled for 11:00 AM ET on Tuesday, July 9. Registration is required.
DOE also plans to hold an in-person Industry Day in August to facilitate partnerships among eligible applicant teams. Due to space constraints, Industry Day attendance will be prioritized for utilities, reactor vendors, constructors, end-users/off-takers, and members of the supply chain.
Methane Emissions Reduction Funding Opportunity
DOE and the Environmental Protection Agency (EPA) have opened the application process for
$850 million in Inflation Reduction Act (IRA) funding for projects that will help monitor, measure, quantify, and reduce methane emissions from the oil and gas sectors. The funding opportunity is intended to help small operators reduce methane emissions from oil and natural gas operations, accelerate the repair of methane leaks from low-producing wells, improve communities’ access to empirical data and participate in monitoring, and enhance the detection and measurement of methane emissions from oil and gas operations.
The funding opportunity has two areas of interest:
Applications are due August 26, 2024. Selection notifications are anticipated in December 2024.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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