EUROPE’S RESPONSE: European Union leaders are planning to loosen state aid rules for firms that are investing in green energy projects throughout the bloc, as part of its broader effort to respond to the U.S. Inflation Reduction Act and its tax credit provisions it has argued are discriminatory and a violation of international trade law.
Bigger picture: EU leaders have raced to adopt their own incentives to boost clean energy spending and counter the IRA’s tax credits for U.S.-manufactured products, ranging from solar panels to electric vehicles. Though leaders say they expect some concessions from the U.S. on EV batteries and manufacturing, they do not expect any blanket changes to the law as it stands.
EU Internal Market Commissioner Thierry Breton encouraged the bloc to draft its own green technology subsidies last week. During a trip to Washington to meet with U.S. officials, he said Europe “already see[s] the impact” of the IRA and its “pull factor for European investment towards the U.S.” Welcome to Daily on Energy, written by Washington Examiner Energy and Environment Writers Jeremy Beaman and Breanne Deppisch . Email jbeaman@washingtonexaminer.com or bdeppisch@washingtonexaminer.com for tips, suggestions, calendar items, and anything else. If a friend sent this to you and you’d like to sign up, click here. If signing up doesn’t work, shoot us an email, and we’ll add you to our list.
“From an energy perspective, the disruptions to Russian energy supplies and the resulting global energy shortages seem likely to have a material and lasting impact on the energy system,” BP chief economist Spencer Dale said in the report. "The overall demand for medium-grade oil in Asia remains tepid, and China's consumption may not come back in the near term," one Singapore-based respondent told Reuters.
Beau Whiteman, senior policy advisor at EV startup Rivian, said the commercial model Mississippi lawmakers want to protect is outdated and stressed that EV makers have specialized products that require specialized services that a dealer can’t provide as well. “Our competitors are also adjusting their prices,” said Marin Gjaja, chief customer officer for Ford’s EV unit. “As we look and want to stay competitive in the marketplace, we’re having to respond.”
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