Senate Dems press for lame duck action on renewable power grants

Sens. Maria CantwellMaria Elaine CantwellSenate energy bill is misguided gift to Trump’s dirty fossil fuel agenda Help states solve their housing problems with the Affordable Housing Credit Improvement Act Time to pass the U.S. OUTDOOR Act to support American jobs and consumers MORE (D-Wash.), Dianne FeinsteinDianne Emiel FeinsteinDems call for action against Cassidy-Graham ObamaCare repeal Feinstein pushes back on Trump’s N. Korea policy Feinstein on reelection bid: ‘We will see’ MORE (D-Calif.) and 24 other Democrats are asking for a two-year extension of the program – which sunsets at year’s end – in “any tax package the Senate considers during the current lame-duck session.”

Sen. George LeMieux (R-Fla.) joined 26 Democrats on the letter.

The letter notes the grants have been  “widely credited with maintaining strong growth in the renewable energy sector in 2009 and 2010, despite the severe economic downturn” and helped create jobs.

“Prior to the economic meltdown, clean energy project developers relied on ‘tax equity partnerships’ with investors to take advantage of clean energy tax incentives.  In 2008, the economic meltdown froze the $8 billion tax equity market, jeopardizing billions of dollars in clean energy investment.  The TGP [Treasury Grant Program] proved an effective replacement for these partnerships, supporting around $18.2 billion in clean energy investment to build 8,600 megawatts of renewable energy generation through October 25, 2010,” states the letter to Senate Majority Leader Harry ReidHarry ReidThe Memo: Trump pulls off a stone-cold stunner The Memo: Ending DACA a risky move for Trump Manchin pressed from both sides in reelection fight MORE (D-Nev.), Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenate passes 0B defense bill Overnight Health Care: New GOP ObamaCare repeal bill gains momentum Overnight Finance: CBO to release limited analysis of ObamaCare repeal bill | DOJ investigates Equifax stock sales | House weighs tougher rules for banks dealing with North Korea MORE (R-Ky.) and the leaders of the Senate Finance Committee.

“With most utilities and developers still unable to utilize existing production and investment tax credits, and our nation’s economic recovery dependent on the creation of new jobs, we believe a two-year extension of the TGP is critical,” adds the letter, which is signed by senators including Ben Nelson (D-Neb.), Kent Conrad (D-N.D.), John KerryJohn Forbes KerryBringing the American election experience to Democratic Republic of the Congo Some Dems sizzle, others see their stock fall on road to 2020 The Hill's 12:30 Report MORE (D-Mass.), Debbie StabenowDeborah (Debbie) Ann StabenowMich. Senate candidate opts for House run instead Report: GOP donors can't get in touch with Kid Rock Kid Rock denies press credentials to Detroit paper MORE (D-Mich.) and others.

“We believe that any tax package should be designed to stimulate economic growth and job creation, and should include an extension of the Treasury Grant Program with an appropriate offset,” the letter states.