How Congress' coronavirus stimulus would affect the energy industry
Photo: Joe Raedle/Newsmakers
Senate Republicans' version of the "phase 3" coronavirus stimulus, which stalled in a procedural vote last night, would provide $3 billion for the White House plan to buy 77 million barrels of oil for the Strategic Petroleum Reserve.
What we're watching: Whether Capitol Hill negotiations on this or subsequent bills will address the renewable power sectors' push — backed by some Democrats — to modify and extend availability of tax incentives.
Why it matters: Solar and wind industry groups are starting to provide early projections of the economic fallout as the frozen economy hits development and coronavirus forces workers home.
Solar: The Solar Energy Industries Association, in a memo that accompanied this letter to Congress, cites analysts' estimates of "losses between 16% and 30% of volume this year and some sectors could see as much as 50% reduction."
- That could mean jobs losses in the 38,000–120,000 range, a huge chunk of the sectors' roughly 250,000 workforce.
Wind: The American Wind Energy Association says roughly 25 gigawatts worth of planned project are at risk, representing $35 billion worth of investment.
- 35,000 jobs are at risk, the group said.