May 8, 2020 - Energy & Environment

Treasury Department plans breathing room for renewable energy industry

Ben Geman, author of Generate

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.

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Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.