On July 1, 2021, the US Internal Revenue Service (the “IRS”) released Revenue Ruling 2021-13 (the “Ruling”), which provides additional guidance on the definition of “carbon capture equipment” for purposes of the carbon capture tax credit under Section 45Q of the Internal Revenue Code of 1986, as amended (the “Code”). The Ruling also clarifies that
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US FERC Announces New Joint Federal-State Task Force on Electric Transmission
On June 17, 2021, the United States Federal Energy Regulatory Commission (FERC) issued an order establishing a new Joint Federal-State Task Force on Electric Transmission, calling for nominations for state commission representation on it, setting forth preliminary details of it and identifying topics for it to consider. The Legal Update at the link below provides
North Carolina, a Little Late to East Coast Offshore Wind Race, Goes 8 GW-by-2040 Large
On June 9, 2021, North Carolina Governor Roy Cooper issued Executive Order 218, which targets 2.8 GW of offshore wind by 2030 and 8 GW by 2040 and anticipates the creation of 600,000 related jobs and an annual contribution to North Carolina’s economy of $70 billion. The Legal Update at the link below provides details
Mexico – District Judge Suspends Amendment of Hydrocarbons Law that Repealed PEMEX’s Asymmetric Regulation
A district judge has temporarily suspended with general effects the amendment to the Hydrocarbons Law eliminating PEMEX’s asymmetric regulation. Please see Legal Update at link below for all details.
https://www.mayerbrown.com/en/perspectives-events/publications/2021/06/mexico-district-judge-suspends-amendment-of-hydrocarbons-law-that-repealed-pemexs-asymmetric-regulation?utm_source=vuture&utm_medium=email&utm_campaign={vx:campaign%20name}
Critical Pipeline Cybersecurity Directive Released
In the wake of the May 2021 ransomware attack on a major US oil pipeline, the Department of Homeland Security’s Transportation Security Administration (TSA) has released a security directive (the “TSA Directive”) to better “identify, protect against, and respond to threats to critical companies in the pipeline sector.” The TSA Directive was released on May
CCUS: A Summary of BEIS’ Cluster Sequencing for Carbon Capture Usage and Storage Deployment: Phase-1
This month the UK Government issued an updated timetable and submissions guidance for cluster sequencing for Carbon Capture Usage and Storage (CCUS) deployment. With this paper came a number of updates across its CCUS programme including:
- the CCS Infrastructure Fund (CIF);
- the Industrial CCUS Business Models;
- Power CCUS Business Models;
- T&S Business Models; and
- CCUS Supply
PART II. Key Policy Directives for China’s Energy Transition: Implementation of the National 14th Five Year Plan
After China’s annual Two Sessions in March, policy directives by departmental ministries and provincial governments on energy transition have come into shape. The first quarter of 2021 saw the country experiencing a steady upsurge in renewable energy capacity with a total installed capacity of renewable energy amounting to 948 million kilowatts from 794 million kilowatts
Carbon Capture Use and Sequestration Event on May 25, 2021
Please join lawyers, Greg Matlock, Phil Lau and Norman Nadorff from Mayer Brown’s Oil & Gas group for a special webinar hosted by the Brazil-Texas Chamber of Commerce on carbon capture use and sequestration. This comprehensive, interactive event will discuss the CCUS market, how to qualify for the Section 45Q tax credit, how to finance
Mexico – Amendment to Hydrocarbons Law Regarding Asymmetric Regulation is Published
The amendment to the Hydrocarbons Law regarding asymmetric regulation has been published in the Federal Official Gazette, becoming effective as of May 20, 2021. Additional details at the link below.
https://www.mayerbrown.com/en/perspectives-events/publications/2021/05/mexico-amendment-to-hydrocarbons-law-regarding-asymmetric-regulation-is-published?utm_source=vuture&utm_medium=email&utm_campaign={vx:campaign%20name}
Mexico – Amendment to Hydrocarbons Law Is Partially Suspended
Two district judges have temporarily suspended certain provisions of the amendment to the Hydrocarbons Law. Please see full story at link below.