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The Treasury Department is signaling that it plans to offer more time for renewable power developers to qualify for tax credits as projects are disrupted by the coronavirus pandemic.

Why it matters: The industry is facing supply chain problems and other woes, leading to concern that a suite of projects will miss looming deadlines for incentives that are important for project finance.

What we don't know: Details. Treasury Secretary Steven Mnuchin, in a brief letter to Senate Finance Chairman Chuck Grassley, said the department "plans to modify the relevant rules in the near future."

  • Grassley is among a bipartisan group who recently pressed Mnuchin to extend what are known as "continuity safe harbor" provisions in existing guidelines.

What they're saying: The American Council on Renewable Energy, an industry trade group, said extending the deadlines would be "immensely" helpful.

  • "[T]he renewable sector has been hit hard these last couple of months by supply chain disruptions, shelter-in-place orders and other significant pandemic-related delays," the group said.

Go deeper:

Go deeper

Scoop: Biden weighs retired general Lloyd Austin for Pentagon chief

Lloyd Austin testifying before Congress in 2015. Photo: Chip Somodevilla/Getty Images

Joe Biden is considering retired four-star general Lloyd Austin as his nominee for Defense secretary, adding him to a shortlist that includes Jeh Johnson, Tammy Duckworth and Michele Flournoy, two sources with direct knowledge of the decision-making tell Axios.

Why it matters: A nominee for Pentagon chief was noticeably absent when the president-elect rolled out his national security team Tuesday. Flournoy had been widely seen as the likely pick, but Axios is told other factors — race, experience, Biden's comfort level — have come into play.

Updated 27 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. World: Thailand, Philippines sign deal with AstraZeneca for vaccine.
  4. Economy: Safety nets to disappear in December Black Friday shopping across the U.S., in photosAmazon hires 1,400 workers a day throughout pandemic.
  5. Education: National standardized tests delayed until 2022.
1 hour ago - Health

WHO: AstraZeneca vaccine must be evaluated on "more than a press release"

A medical syringe and vial with fake coronavirus vaccine in front of the World Health Organization (WHO) logo. Photo Illustration: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Top scientists at the World Health Organization on Friday called for more detailed information on a coronavirus vaccine developed by AstraZeneca and the University of Oxford.

Why it matters: Oxford and AstraZeneca have said the vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses. AstraZeneca has since acknowledged that the smaller dose received by some participants was the result of an error by a contractor, per the New York Times.