John Marciano Quoted by Bloomberg on Prospects for Wind and Solar Demand
Akin Gump global project finance partner John Marciano has been quoted in the Bloomberg story “Wind and Solar’s Future Hangs on Taxes, Not Clean Power Plan.” The article reports that President Trump’s decision to end the Clean Power Plan will not have as large an impact on renewable energy as some people might think.
Wind and solar energy, the article notes, have been the fastest growing sources of electricity in the United States since 2014, largely because it has become cheaper to build renewable plants than keep coal plants open. One contributing factor has been tax credits that Congress extended in 2015, but they begin phasing out this year for wind and in 2020 for solar.
Marciano said developers are planning projects knowing that the subsidies will begin to diminish. “If it is cut short prematurely,” he predicted, “you will see a big decline in development.”