And the Winner Is …
The Renewable Portfolio Standard! The House just voted on the RPS amendment and it passed 220-190 – not nearly as close as many had thought.
To reiterate, it requires electricity suppliers to have 15% renewable energy in their mix by 2020. See numerous references in the posts below to the RPS and to links for specifics. A great victory occurred today for renewable energy and the environment. Let’s really hope that it stays in when the Senate and House conference on their respective energy bills in September.
P.S. An hour later the House passed the full package, H.R. 3221, by a vote of 241-172.
P.P.S. A few hours later now, and the House has just passed the tax portion, H.R. 2776, the Renewable Energy and Energy Conservation Tax Act of 2007, by a vote of 221-189.
Here’s a summary of today’s events from Bloomberg News.
August 5th, 2007 at 12:43 pm
Of the two amendmants, I’d have to say the tax package is the more significant of the two. It’s my understanding that the wind tax credit would be extended for four years and the solar tax credit would lift the $2,000 ceiling on residential systems. Most important, the tax package eliminates some tax loopholes catering to the oil and gas industry. So the financial support given to renewable energy would not trigger any additional borrowing–good news to those too young to vote but not too young to inherit debt.
However, I’m afraid that the national Renewable Energy Standard will be substantially weakened in conference committee. Do not discount the political power that the Southern Company can mobilize at a moment’s notice. The standard as passed by the House exempts TVA, rural electric cooperatives and municipal utilities. Look for the Senate to weaken the legislation by adding a few more exemptions, moving the compliance date farther into the future or lower the percentage required.
The Senate has traditionally been a graveyard of enlightened energy policy. Go to the following URL for an explanation why.
http://www.theoildrum.com/node/2850
http://www.theoildrum.com/node/2833
August 5th, 2007 at 6:19 pm
Thanks, Michael, for that useful analysis. If you want to see more of Michael’s penetrating perspective, go to the item he shared with us early in July, Midwest Renewable Energy Fair, or to the website of the progressive organization he leads, RENEW Wisconsin.