A View from The Hill on Energy Legislation...© 2020 BLANK ROME LLP. ALL RIGHTS RESERVED. PLEASE...

A View from The Hill on Energy Legislation

with Special Guest Brian Hughes, Majority Staff Director for Chairman Lisa Murkowski, of the Senate

Energy and Natural Resources Committee

June 30, 2020

Before We Begin…

All participant lines have been set to mute for quality purposes.Please submit questions to questions@blankrome.com

Our presentation will begin at 12:00pm EasternThank you.

Disclaimer: The purpose of this update is to identify select developments that may be of interest to readers. The information contained herein is abridged and summarized from various sources, the accuracy and completeness of which cannot be assured. This update is not and should not be construed as legal advice or opinion, and is not a substitute for the advice of counsel.

Margaret HillPartnerEnergy

Blank Rome LLP

Introduction

Agenda

• Remarks by Brian Hughes• House Approach to Clean Energy• Recent Developments in Offshore Wind• Geopolitical and Washington Update• 2020 Election Overview

Brian HughesMajority Staff Director for Chairman Lisa

Murkowski, of the Senate Energy and Natural Resources Committee

PLACEHOLDER FOR BRIAN HUGHES

Joan M. BondareffOf Counsel

Blank Rome Government Relations and Blank Rome LLP

House Approach to Clean Energy

• House is ready to pass H.R. 2, the Moving Forward Act, by July 4 recess.

• Moving Forward Act is a $1.5T mega-infrastructure bill covering highways, education, health care, housing, broadband and energy.

• Key clean energy elements:• $70B to transform the electric grid to accommodate more

renewable energy;• Encourages “greening the fleet” with tax credits for electric

vehicles;• Builds on current tax incentives for green energy technologies;• Adds new incentives for reducing carbon pollution; and• Provides incentives to develop wind and solar on public lands and

building a workforce for offshore wind.

• Paying for H.R. 2 is unresolved –W&M Cte. Chairman Neal has identified “Build America Bonds” as one possibility.

• Private bonds are another option. • How to marry H.R. 2 with the Senate Energy bill? Will the

Republican Senate accept a $1.5T infrastructure bill without a clear payfor?

Recent Developments in Offshore Wind

• Treasury extended the safe harbor for wind projects to receive ITC and PTC credits by one year in a letter to Sen. Grassley on May 7, 2020.

• Congress is considering an extension of the tax credits –not yet completed.

• Wind associations looking for grants-in-lieu of credits and another extension of the PTC.

• Installation of the first turbines in federal waters just took place off Virginia in the Dominion Coastal Virginia Offshore Wind (CVOW) project, with the 220-turbine project set to begin construction in 2024.

• BOEM issued its draft SEIS for Vineyard Wind on June 12, 2020, comments due July 27, 2020. Five virtual hearings scheduled. (85 FR 35952, June 12, 2020.)

• Conflicts with commercial fishing interests have to be resolved.

Spencer AbrahamSenior Advisor

Blank Rome Government Relations LLC

Joe McMonigleSenior Advisor

Blank Rome Government Relations LLC

Geopolitical & Washington Update

GEOPOLITICAL• Oil prices recover $40 range with demand signs• OPEC-Plus extends biggest cuts for July• 7.7 mbd for August thru December 2020 • EIA/IEA forecasts normal demand by year-end• More OPEC Cuts

WASHINGTON• White House pivots to economic growth • Trade Issues• Campaign soon will dominate agenda• Stark differences on energy issues• Energy “dominance” vs. climate emergency

GEOPOLITICAL

C.J. ZaneManaging Principal

Blank Rome Government Relations and Blank Rome LLP

2020 Election Overview

Election Environment

• Volatile and Divisive

• Battleground States

• COVID-19 Impact

Electoral College Map

Senate Seats in Play - 2020

Likely to Switch Parties• Alabama• Colorado• Arizona

Highly Competitive/Toss-Up Races• Maine• North Carolina

Competitive/Lean Republican Races• Georgia• Iowa• Kansas• Montana

Joe McMonigleSenior Advisor

Washington, D.C.202.772.5922

jmcmonigle@blankrome.com

Spencer AbrahamSenior Advisor

sabraham@blankrome.com

C.J. ZaneManaging Principal

zane-cj@blankrome.com

Margaret HillPartner

Philadelphia, PA215.569.5331

mhill@blankrome.com

Presenters

Joan M. BondareffOf Counsel

bondareff@blankrome.com

Brian HughesManaging Principal

Majority Staff Director for Chairman Lisa Murkowski,of the Senate Energy and

Natural Resources Committee

A View from The Hill on Energy Legislation...© 2020 BLANK ROME LLP. ALL RIGHTS RESERVED. PLEASE...

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