WHAT THE COMMERCE FINDING MEANS FOR SOLAR: The Commerce Department just opened the door to an expansion of tariffs on major sources of solar imports from Asia, potentially damaging existing supply relationships and so raising the stakes of President Joe Biden’s campaign to accelerate the domestic manufacture of solar components.
Solar companies were saying just weeks after Commerce initiated its investigation that supplies were already being disrupted by the mere threat of tariffs and retroactive application. Solar project developers and their trade groups say they want to source more components from home but have stressed that it won’t happen overnight, requiring a continuation of substantial volumes of imports if Biden’s decarbonization goals are to be kept within reach.
Domestic manufacturing interests were pleased with Commerce’s findings and called on Biden to revoke his solar emergency declaration. BIDEN ACKNOWLEDGES ‘GLITCHES’ IN INFLATION REDUCTION ACT: Biden acknowledged “glitches” in Democrats’ Inflation Reduction Act and the billions it provides to subsidize U.S. electric vehicle manufacturing and other clean energy efforts, suggesting at a press conference with French President Emmanuel Macron that there are “tweaks we can make” to the legislation that will “fundamentally make it easier for European companies.
OPEC+ EXPECTED TO STICK TO CURRENT OIL OUTPUT TARGET: OPEC+ is expected to roll over its current oil policy when it meets for its December meeting on Sunday, meaning the group would not deepen production cuts past the 2 million barrels per day reduction it ordered in October. Output averaged around 28.79 million bpd—the lowest rate of production since 2020, and which comes as OPEC attempts to correct for a feared market oversupply.
It’s unclear whether the Baltic-to-India freight rates will hold around $15 million should prices for Russia’s Ural crude fall below the price cap, Bloomberg reports. From 2015 and 2021, venture capital deal flow in nuclear energy increased 325% by volume and 3,642% by dollar value, according to Pitchbook data compiled for CNBC.
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