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Ep101: State of Tax Equity
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Many developers report that the tide appears to be flowing out on tax equity. At the same time, the two largest tax equity investors say it is business as usual for them. We talked to Peter Cross, managing dire

California Ridge update: Developer fees
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On May 21 a US appeals court declined to overrule a lower court that barred developer fees paid to related parties from being included in the tax bases of two wind farms, California Ridge and Bishop Hill.

California Ridge: Developer fees struck down - again
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Developer fees in renewable energy projects took another blow on May 21 after a US appeals court declined to overrule a lower court that barred developer fees paid to a related party from being added to the tax

Ep100: Energetic Insurance: Removing the Risk in Solar Financings
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James Bowen, co-founder of Energetic Insurance, joins us to discuss his company’s story and the problems that its insurance policy solves. We get into who should consider using the product, the value propositio

Ep99: Enel X on EV Charging and the Renewable Grid
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Giovanni Bertolino, head of e-mobility at Enel X, joins us to discuss the rapidly evolving electric vehicle sector and the potential impact on the renewable grid. We discuss Enel X’s role in energy...

Ep98: Uncertain Times: The Roles of International Finance Institutions
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In times of economic and financial crisis, commercial lending and private sector investment into emerging markets – even for projects or opportunities with sound economics and credit fundamentals – often dry up

Ep97: Trump's Executive Order Banning Equipment
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Keith Martin, partner in Washington, joins us to discuss the recent executive order banning equipment provided by companies in foreign adversary countries. We get into what the ban covers, which power projects

US Treasury releases online tool for real estate investments
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The US Treasury has released an online tool to help purchasers and lessees of real estate determine whether the deal is subject to review by CFIUS.

Ep96: DNV GL on COVID-19 and the Renewables Industry
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Ken Elser, senior vice president for project finance and M&A at DNV GL, joins us to discuss how independent engineers are seeing COVID-19 affect renewable energy projects.

Possible transformer tariffs under review
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The US Department of Commerce announced plans on May 4 to launch an investigation that may lead to tariffs on imported electrical transformers and their components.

Trump bans certain power equipment
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President Trump issued an executive order on May 1 banning the “acquisition, importation, transfer, or installation” of transmission and electric generating equipment designed ...

Ep95: An Investor's View of the Market Today
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Ep94: The Current State of the R&W and Tax Insurance Markets
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Gary Blitz, co-CEO, and Matthew Heinz, managing director, of AON M&A and Transaction Solutions, join us to discuss the reps & warranty and tax insurance markets.

PLR Allows Utilities to Buy Power From Their Own Tax Equity Partnership
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Analysis of IRS Private Letter Ruling 201946007 (Nov. 15, 2019) that allowed a utility to purchase electricity from its own tax equity partnership

Ep93: Merchant Storage: A New Frontier
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Brian Warshay, principal consultant for distributed energy resources and energy storage at DNV GL, joins us to discuss merchant storage. We discuss the evolving energy storage value stack, how developers are ma

Environmental update
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The US Environmental Protection Agency announced in late March that it is easing its enforcement of various environmental standards during the coronavirus pandemic on a temporary basis.

Dieting and project finance
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John L. Schuster, with JLS Capital Strategies LLC, discusses the comparison.

US policy outlook for renewable energy
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Abby Hopper, CEO of the Solar Energy Industries Association, Tom Kiernan, CEO of the American Wind Energy Association, and Greg Wetstone, CEO of the American Council on Renewable Energy, talked at the annual...

US solar market snapshot
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Two solar chief financial officers, one solar company co-CEO and one managing director from a private equity fund that is investing heavily in solar talked at the annual Solar Energy Industries Association...

US Export-Import Bank resurfaces
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The US Export-Import Bank has an updated mandate and a new lease on life.

California update
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California residents are under a statewide stay-at-home order that is in effect until further notice.

Coronavirus: Power sector outlook
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This was expected to be a peak year in new capacity additions for wind and solar projects before the coronavirus. How has the outlook changed?

Force majeure and coronavirus
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Now that COVID-19 has hit the global economy like a meteor strike, it is time to dig in and understand what force majeure means for each player in an infrastructure project.

Coronavirus: The tax equity, debt and M&A markets
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A panel discussed these and other questions during a call on March 25.

Worth noting
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Warren Buffett said in his annual letter to shareholders of Berkshire Hathaway in late February that the company paid 1 1/2% of all corporate income taxes collected by the US government in 2019.

Partnership tax audits
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Partnerships are more likely to be audited by the US tax authorities in the future, but the percentage of partnerships that are audited remains small.

Blacklisted tax havens
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The Cayman Islands are the latest tax haven to be added to a European blacklist.

Lawsuits against international development banks
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Lawsuits against international development banks in the US courts face daunting hurdles.

Charges against corporate officers
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Public company executives can face charges of securities fraud if they make misleading statements about construction delays and cost overruns.

New CFIUS filing fees
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CFIUS filings for US in-bound acquisitions will be more expensive in the future.

M&A and state taxes
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Asset sales can trigger taxes in multiple US states on the gain.

Coronavirus fallout
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Coronavirus disruptions may ultimately lead the US government to extend deadlines to start and finish construction of renewable energy projects to qualify for federal tax credits, but the effort is taking time.

Ep92: US EXIM is Back
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Luke Lindberg, senior vice president of external engagement for the Export-Import Bank of the United States (EXIM), joins us to discuss EXIM’s reauthorization after Chairman Reed’s confirmation last May.

Ep91: What the CARES Act Means for Companies
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Keith Martin, partner at Norton Rose Fulbright in Washington, joins us to unpack the $2.2 trillion economic relief bill that cleared Congress on Friday – the CARES Act – and what it means for companies in the p

Coronavirus: Economic relief measures for companies
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The massive relief bill – the CARES Act – that cleared Congress on March 27 has several provisions that may help companies in the project finance market.

Ep90: Taking Stock: Tax Equity, Debt and M&A
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Tax equity for renewable energy was expected to be a US$15 billion market this year, and interest rates on bank debt had dropped to 125 to 137.5 basis points over LIBOR – before the coronavirus hit. Is financin

Demystifying capital accounts in tax equity transactions webinar: Q&A and video
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Below is the Q&A based on the questions raised by the audience during our webinar Demystifying capital accounts in tax equity transactions. Here's the video recording of the webinar. I had the privilege of part

Ep89: Taking Stock: Business Outlook
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This was expected to be a peak year in new capacity additions for wind and solar projects – before coronavirus hit. How has the outlook changed? Is work continuing on projects that are already under constructio

Ep88: US Wind Energy Market Outlook
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Dan Shreve, head of global wind energy research at Wood Mackenzie, joins us to discuss the future of the wind market. We take a look back at 2019, the outlook for 2020, the risks to the supply chain due to coro

Ep87: Coronavirus and the Renewable Energy Industry
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Sue Wang, Ben Koenigsberg and Keith Martin join us to discuss the impacts of coronavirus on the renewable energy industry. We discuss how coronavirus is affecting daily life in Wuhan, the effect on loans...

Demystifying tax capital accounts in tax equity transactions
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The webinar will provide the rules around the capital accounts and dive into numbers to give you a working knowledge you can apply to your job.

Ep86: The LIBOR Transition
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Claire Edwards, knowledge counsel with Norton Rose Fulbright in London, joins us to discuss the upcoming move away from LIBOR, the London Interbank Offered Rate. We discuss the basics of LIBOR, its importanc

Carbon capture tax credit guidance issued by the IRS
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Ep85: The Advantages of a Surety Bond
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Karl Choltus, SVP, national surety practice leader at Beecher Carlson Insurance Services, LLC, joins us to discuss all things surety bonds. We discuss what a surety bond is, their traditional applications...

Ep84: 2019 Review of Renewables
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Sue Wang, senior counsel in our Washington office, joins us to discuss the banner year that renewables had in 2019. We get into the different changes in step-down dates for tax credits, what types of projects..

Soundbites from Infocast's Wind Power & Finance Summit
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David Burton shares soundbites from Infocast’s Wind Power Finance & Investment Summit held in San Diego.

Cost of capital: 2020 Outlook
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A group of industry veterans talked in late January about what to expect in the year ahead for tax equity, bank and term loan B debt and project bonds in a widely heard conference call.

Lending to hedged wind and solar projects
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Quasi-merchant projects that sell into the spot electricity market and use hedges to put a floor under the electricity price are becoming more common, particularly in ERCOT where power purchase agreements...

Reading the market
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A group of investors and the CEO of one of the most successful independent power companies had a wide-ranging discussion about the state of the market and where they see opportunities.

Renewables and PJM capacity auctions
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The Federal Energy Regulatory Commission is likely to hold a rehearing of its controversial decision in late December to require renewable energy and nuclear generators bidding into PJM capacity auctions...

DFC replaces OPIC
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The Overseas Private Investment Corporation changed in January into the United States Development Finance Corporation.

Power contracts and utility bankruptcies
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A US appeals court made it easier in December for long-term power purchase agreements that independent generators sign with utilities to be set aside in utility bankruptcies.

Environmental update
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BlackRock, the world’s largest asset manager with $6.8 trillion in assets under management, declared in January that “climate risk is investment risk” and announced that sustainability...

Coronavirus: Effect on US wind and solar projects
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Coronavirus has led some equipment suppliers who rely on Chinese factories to send force majeure notices that deliveries will be delayed.

Unpredictable tariffs
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Unpredictable tariffs remain a threat to project economics.

Tax extenders and renewables
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The US reversed course and increased tax credits for new wind projects that start construction in 2020 compared to 2019.

Tax equity lawsuits: DC Solar
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Eight tax equity investors in the DC Solar deals filed suit in December against the law firms that wrote opinions as well as the accounting firms, appraisers and brokers involved in them.

H-S-R thresholds
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H-S-R thresholds for notifying the US government of planned acquisitions have been updated.

Offshore vessels and US taxes
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Offshore vessels generate income that will be taxed in the United States if the vessels help with oil and gas or recovery of other natural resources on the US outer continental shelf.

FCPA prosecutions of foreign agents
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The Foreign Corrupt Practices Act can be used to prosecute a foreigner who pays a bribe to win a contract outside the United States if the US government can show he is acting as an agent for a US company.

REITs and tax credits
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Income from selling tax credits counted as good income for real estate investment trusts.

Complicated foreign tax credits
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The United States allows US companies that pay income taxes to other countries on foreign earnings to credit the taxes paid against any US taxes that must be paid on the same income.

Colombia: Opportunities and challenges
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Colombia is expected launch a third renewable energy auction in 2020.

Renewable project sales: Established tactics and emerging trends
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Negotiations around sales of renewable energy projects follow predictable patterns.

Expanded reviews of US in-bound investments
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The US government will vet more foreign investments in US companies and assets starting February 13.

Trump budget and renewable energy
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The Trump budget delivered to Congress on February 10 would scale back tax incentives for renewable energy.

Tax contest rights
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Tax contest rights could be eviscerated if the US government wins a motion it filed in late January in the Alta Wind case.

Distributed Generation Solar 101
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This presentation was given on January 29 at Northeastern University and was intended to provide the students with an overview of the distributed generation solar market in the United States.

Ep83: Cost of Capital: 2020 Outlook
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It is the start of a new year. Many forecasters expect modest global growth this year, helped by favorable monetary policies by central banks, but with risk on the downside due to trade and geopolitical...

Ep82: PPAs, Bankruptcy and Utilities, Oh My!
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Howard Seife, global head of financial restructuring and insolvency at Norton Rose Fulbright, joins us to discuss how power purchase agreements are affected by utility bankruptcies in the wake of the latest...

Ep81: Distributed Solar Market Update
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Woody Rubin, president at AES Distributed Energy, joins us to discuss the distributed solar market. We talk about the market in general, the current abundance of capital, the balance between community...

Ep80: kWh Analytics' Solar Lendscape: 2020 Update
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Richard Matsui, co-founder and CEO of kWh Analytics, is back to give us an update on their popular resource, the Solar Lendscape. We discuss how many banks are currently active in solar, what that means...

Utility tax equity structures
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A tax equity partnership between a regulated utility and a tax equity investor received a partial blessing from the IRS.

Solar and wind tariffs
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The uncertainty around tariffs makes trying to do business like negotiating deals on a trampoline with an overweight 73-year old bouncing up and down.

CFIUS data
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The latest CFIUS report to Congress in November shows a dramatic increase in the number of inbound US acquisitions that are being reported to the US government since Trump took office.

Deficit restoration obligations
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Deficit restoration obligations and negative “tax basis capital accounts” are getting more attention from the IRS.

LIBOR transition
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The LIBOR transition became a little easier in October.

Guidance v. tweets
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Two new Trump executive orders may make it harder to get guidance from federal agencies in the future about what US law requires.

Investment tax credits
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An investment tax credit can be claimed on an increase in tax basis in an existing project, the IRS said.

Carbon allowances, state tax credits and REITs
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REITs can treat income related to some state tax credits and carbon allowances as good income, the IRS said.

Cryptocurrency tax treatment
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Cryptocurrencies continue to receive high-level attention from the IRS.

M&A finder’s fees
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A finder’s fee is not deductible if paid by a target company on behalf of the company that acquired it, the US Tax Court said.

Useful data points
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US installed wind capacity stood at 100,125 megawatts at the end of the third quarter 2019, according to the American Wind Energy Association.

Financing EV charging infrastructure
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Bloomberg New Energy Finance predicts that 57% of passenger vehicle sales, and more than 30% of the global passenger vehicle fleet, will be electric by 2040.

US offshore wind: Current financing conditions
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A panel talked about the current market for financing offshore wind projects in the United States.

Emerging themes in build-own-transfer agreements
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Build-own-transfer agreements are playing a bigger role in the renewable energy sector as utilities decide they would rather own projects than enter into long-term contracts to buy the electricity.

Solar finance outlook
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A panel of two sponsors, two lenders and one tax equity investor rolled quickly through a wide range of topics of current interest at the Solar Power International 2019 convention this fall in Salt Lake City.

Joint arrangements to develop renewable energy projects
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There is no cookie-cutter joint venture or joint development arrangement.

Tracking accounts in hedges
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Tracking accounts are used in many fixed-volume hedges to mitigate electricity basis risk.

Revised Equator Principles may make projects more costly to finance
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The Equator Principles are perhaps the most widely used private international financing standards seeking to influence environmental and social “sustainability” in big project development.

Environmental update
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The United Nations said in a report in late November that there is a significant gap between the world’s current combined pledges to cut greenhouse gas emissions...

Mexican CEL ruling roils market
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More than 20 requests for injunctions have been filed by generators, industry associations and other interested parties in Mexico to challenge a government ruling...

Capital gains on contract sale
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Sale of a service contract produced capital gain rather than ordinary income ...

Ep79: PTC Extension Legislation Update
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Keith Martin, with Norton Rose Fulbright, joins us from Washington to discuss the likelihood that Congress will pass a tax extenders bill at year end and what tax changes of interest to the renewable energy ind

Ep78: Financing Renewable Energy: Present & Future
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Live from the Wharton Energy Conference, Manish Kumar, managing director at The AES Corporation, Jackson Lehr, operating partner, infrastructure at Energy Impact Partners, Martin Torres, managing director at Bl

Ep77: Solar + Storage: A Look at the Market
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Fleming Ray, senior project manager, due diligence at DNV GL, joins us to discuss all things solar plus storage. We get into the federal and state policies surrounding the market, the outlook for the next five

Ep76: FERC's Proposed Changes to PURPA
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Bob Shapiro, partner in Norton Rose Fulbright’s Washington office, discusses FERC’s proposed changes to PURPA. We go over what PURPA is and why it was created, its relevance today, the most significant chang

Ep75: The Business of Hydro with Hydro-Québec
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Serge Abergel, director of media relations at Hydro-Québec, joins us to discuss how being state-owned affects the company's business decisions...

Prepaid power contracts
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Prepaid power contracts may have gotten a new lease on life in proposed regulations the IRS issued in September.

Other data points
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A study in September said that 90% of the 68,000 megawatts of new gas-fired power plants currently proposed in the US will be uneconomic compared to new solar and wind projects equipped with storage by 2035.