United States:
Is A New Electricity Grid In Our Future? President Biden Thinks So.
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The White House this morning released a fact sheet on “The American Jobs
Plan,” also known as President Biden’s
infrastructure plan. There’s a lot in here (as there
should be for a couple of trillion dollars!), so today I’ll
focus on energy infrastructure. Here are the
highlights:
- $100B to “build a more resilient electric transmission
system.” This includes “the creation of a targeted
investment tax credit that incentivizes the buildout of at least
200 gigawatts of high-voltage capacity power lines.” - Creation of a “Grid Deployment Authority” within DOE
to facilitate transmission line siting. - A “ten-year extension and phase down of an expanded
direct-pay investment tax credit and production tax credit for
clean energy generation and storage.” - Implementation of an “Energy Efficiency and Clean
Electricity Standard.” (If I knew what this really
meant, I would tell you, but the fact sheet contains no
details. Presumably it is a version of a federal renewable
portfolio standard.) - An unspecified amount of money for “15 decarbonized
hydrogen demonstration projects in distressed
communities.” - $10B for a “Civilian Climate Corps.”
There’s much more to come. Even aside from more
details on the energy infrastructure piece, there are important
other sections of the Plan, including those on transportation
infrastructure and drinking water infrastructure.
Stay tuned. We’ll see how much this administration can
get done before the next election cycle begins, but there’s no
doubt that President Biden has ambitious plans.
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