Latest news with #2022InflationReductionAct
Politico
3 days ago
- Business
- Politico
‘Fight of our lives': Lobbying intense on climate law credits
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. 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.' 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.' 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. 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.
Yahoo
10-06-2025
- Business
- Yahoo
Granholm: Democrats must ‘do a better job' selling clean energy
Democrats failed to properly sell clean energy jobs to voters on the campaign trail last year, former Energy Secretary Jennifer Granholm said Tuesday. 'Democrats have to do a better job of speaking to all channels and being fearless about going to places that may not be allies,' she said at POLITICO's annual Energy Summit in Washington. Granholm, who served as Energy secretary under former President Joe Biden, said she regrets that Democrats didn't prioritize new energy jobs in campaign messaging. The Biden administration made investments in wind, solar and electric vehicles a priority, but President Donald Trump returned to the White House while promoting fossil fuels. 'In the social media ecosystem, Joe Rogan has 38 million listeners,' said Granholm, who also was Michigan's governor for eight years. 'We have to go to places where people are listening.' Granholm called on Republicans to walk back some of the biggest restrictions on clean energy projects in high-profile budget reconciliation legislation that now awaits Senate action after passing the House last month. She urged Republicans to loosen rules against foreign company involvement in projects and to extend a 60-day requirement to begin construction to get tax credits for many clean energy projects. She also called on Republicans to keep transferability, a provision in law that allows companies to sell clean energy credits. Meanwhile, Granholm weighed in on a public fight between Trump and Elon Musk, the CEO of electric vehicle producer Tesla and the former face of the so-called Department of Government Efficiency. She said Musk has been a positive force for clean energy, labeling his electric vehicle company Tesla 'amazing.' 'The later part of his journey has been more challenging,' she said. Musk has recently criticized Republicans for killing a $7,500 EV consumer tax credit in the budget bill. Granholm said his criticism could 'further cement' Republican plans to remove the credit. 'The projections are that taking away those credits will reduce the EV sales by 40 percent,' she said. She added that China sees 'our pullback' on clean energy as 'their opportunity.' When she led DOE, Granholm oversaw a dramatic transformation. New funding and authorities provided to DOE in the 2021 bipartisan infrastructure law and 2022 Inflation Reduction Act supercharged the department from an early seed funder for next-generation energy technologies to a full-scale commercialization enterprise. Under Biden, the department announced billions of dollars of funding for carbon capture, hydrogen, direct air capture, industrial decarbonization and other technologies. DOE's Loan Programs Office also closed more than $60 billion in loans, much of them for the electric vehicle sector. But since the inauguration of Trump in January, DOE has signaled it will rein in much of that spending. In late May, the department axed nearly $4 billion in grants for carbon capture, cement decarbonization and other projects. Meanwhile, new Energy Secretary Chris Wright, a former CEO of a fracking services company, recently forced a coal plant to stay open in Michigan, citing insufficient power and the risk of disruption. 'It is deeply concerning how many billions of dollars were rushed out the door without proper due diligence in the final days of the Biden administration,' Wright testified to Congress on Tuesday. 'DOE is undertaking a thorough review of financial assistance that identifies waste of taxpayer dollars, protects America's national security and advances President Trump's commitment to unleash American energy dominance.' Granholm found new gigs in the private sector shortly after Trump's return to the Oval Office. Granholm joined the boards at electric utility holding company Edison International and its Southern California Edison subsidiary. And she joined the advisory firm DGA Group as a senior counselor. There, she advises multinational corporations and investors and will not register to lobby, according to the firm.
Politico
10-06-2025
- Business
- Politico
Granholm: Democrats must ‘do a better job' selling clean energy
Democrats failed to properly sell clean energy jobs to voters on the campaign trail last year, former Energy Secretary Jennifer Granholm said Tuesday. 'Democrats have to do a better job of speaking to all channels and being fearless about going to places that may not be allies,' she said at POLITICO's annual Energy Summit in Washington. Granholm, who served as Energy secretary under former President Joe Biden, said she regrets that Democrats didn't prioritize new energy jobs in campaign messaging. The Biden administration made investments in wind, solar and electric vehicles a priority, but President Donald Trump returned to the White House while promoting fossil fuels. 'In the social media ecosystem, Joe Rogan has 38 million listeners,' said Granholm, who also was Michigan's governor for eight years. 'We have to go to places where people are listening.' Granholm called on Republicans to walk back some of the biggest restrictions on clean energy projects in high-profile budget reconciliation legislation that now awaits Senate action after passing the House last month. She urged Republicans to loosen rules against foreign company involvement in projects and to extend a 60-day requirement to begin construction to get tax credits for many clean energy projects. She also called on Republicans to keep transferability, a provision in law that allows companies to sell clean energy credits. Meanwhile, Granholm weighed in on a public fight between Trump and Elon Musk, the CEO of electric vehicle producer Tesla and the former face of the so-called Department of Government Efficiency. She said Musk has been a positive force for clean energy, labeling his electric vehicle company Tesla 'amazing.' 'The later part of his journey has been more challenging,' she said. Musk has recently criticized Republicans for killing a $7,500 EV consumer tax credit in the budget bill. Granholm said his criticism could 'further cement' Republican plans to remove the credit. 'The projections are that taking away those credits will reduce the EV sales by 40 percent,' she said. She added that China sees 'our pullback' on clean energy as 'their opportunity.' When she led DOE, Granholm oversaw a dramatic transformation. New funding and authorities provided to DOE in the 2021 bipartisan infrastructure law and 2022 Inflation Reduction Act supercharged the department from an early seed funder for next-generation energy technologies to a full-scale commercialization enterprise. Under Biden, the department announced billions of dollars of funding for carbon capture, hydrogen, direct air capture, industrial decarbonization and other technologies. DOE's Loan Programs Office also closed more than $60 billion in loans, much of them for the electric vehicle sector. But since the inauguration of Trump in January, DOE has signaled it will rein in much of that spending. In late May, the department axed nearly $4 billion in grants for carbon capture, cement decarbonization and other projects. Meanwhile, new Energy Secretary Chris Wright, a former CEO of a fracking services company, recently forced a coal plant to stay open in Michigan, citing insufficient power and the risk of disruption. 'It is deeply concerning how many billions of dollars were rushed out the door without proper due diligence in the final days of the Biden administration,' Wright testified to Congress on Tuesday. 'DOE is undertaking a thorough review of financial assistance that identifies waste of taxpayer dollars, protects America's national security and advances President Trump's commitment to unleash American energy dominance.' Granholm found new gigs in the private sector shortly after Trump's return to the Oval Office. Granholm joined the boards at electric utility holding company Edison International and its Southern California Edison subsidiary. And she joined the advisory firm DGA Group as a senior counselor. There, she advises multinational corporations and investors and will not register to lobby, according to the firm.
Medscape
10-06-2025
- Business
- Medscape
Part D Cancer Drug Launch Prices Soar Past Inflation
Launch prices for Medicare Part D anticancer drugs have risen sharply since 2012, with a mean increase of $1694 per year. In 2025, the observed prices were 15%-200% higher than expected if the increases were due to inflation alone, but the gap between observed and inflation-adjusted prices narrowed over the study period. METHODOLOGY: The Inflation Reduction Act of 2022 introduced price negotiation for Medicare-covered drugs and required manufacturers to pay rebates to Medicare for price increases above inflation. But it did not address the launch prices of new drugs. Anticancer drugs, a protected drug class with mandatory Medicare Part D coverage, may now be especially prone to higher launch prices, in part because the Inflation Reduction Act limits out-of-pocket spending and price increases after market entry. Researchers identified 86 branded, self-administered, molecularly targeted anticancer therapies approved by the FDA between January 2010 and December 2024. Data on drug prices were obtained from the Medicare Prescription Drug Plan Formulary and adjusted for inflation. The researchers looked at launch prices by year and compared drug prices in 2025 with those expected if launch prices had increased due to inflation alone since the drug's market entry. TAKEAWAY: The mean monthly launch price increased from $10,954 for drugs first observed in the Medicare formulary in 2012-2014 to $27,891 for drugs first observed in 2023-2025. After adjusting for inflation, the mean launch price increased by $1694 per year ( P < .001). < .001). In 2025, actual drug prices were 14.8%-200.9% higher than expected if they had only kept pace with inflation. Although the gap between observed and inflation-adjusted prices narrowed over time, price increases continued to outpace inflation in 2023 and 2024, despite the Inflation Reduction Act rebate requirement, which will result in rebates to Medicare starting in fall 2025. IN PRACTICE: 'Launch prices for self-administered targeted anticancer therapies have grown precipitously, although no evidence was found of disproportionate increases in recent years. Instead, continued launch price growth for anticancer therapies was observed, consistent with prior research,' the study authors wrote. 'This suggests that companies were already engaging in price maximization for anticancer therapies and continued to do so after the implementation of the [Inflation Reduction Act].' SOURCE: This study, led by Stacie B. Dusetzina, PhD, Vanderbilt University School of Medicine in Nashville, Tennessee, was published online in JAMA . LIMITATIONS: This study used example indications to determine monthly doses and pricing. Additionally, variations in available price measures were noted over the study period. DISCLOSURES: This study was funded by Arnold Ventures. Several authors reported receiving grants or personal fees and having other ties with various sources.
The Star
09-06-2025
- Business
- The Star
US solar energy growth to slow as Washington priorities shift
WASHINGTON: New US solar energy installations are expected to fall over the next five years as the industry grapples with a shift in federal policy that favours fossil fuels, tariffs and other challenges, according to a report by a top solar trade group. New solar capacity will be more than 10% lower in 2030 than in 2025, according to a forecast by the Solar Energy Industries Association (SEIA) and energy research firm Wood Mackenzie. The outlook includes the expected effects of new federal tariffs on a range of imported materials that are important to solar projects, including steel and aluminum. But it does not include potential cuts to clean energy tax credits being considered in a Republican budget bill in Congress, another major threat to the industry if passed into law. Tax credits for clean energy projects and factories contained in former US President Joe Biden's 2022 Inflation Reduction Act (IRA) have buttressed industry growth in the last three years. But the bill that passed the House last month could upend what has been a boom in the sector, SEIA warned. Solar accounted for 69% of new electricity generation during the latest quarter. The industry installed 10.8 gigawatts of capacity in the first quarter of this year, a decline of 7% from a year ago but still near historical highs, the report said. At the same time, eight new or expanded solar factories opened during the quarter in states including Texas and Ohio. 'Those are all positive signs, generally,' SEIA president Abigail Ross Hopper said. 'And Congress is threatening all of this development.' Trump campaigned on a promise to repeal the IRA tax credits, calling them expensive and unnecessary. His administration has sought to bolster domestic production of fossil fuels as part of its energy dominance agenda, which excludes renewables like solar and wind. The US solar industry is on track to install 48.6GW this year, but that will decline to 43.5GW in 2030, the report said. Demand from corporate buyers for utility-scale projects is fuelling industry momentum, the report said. — Reuters
