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  1. Congress Seeking Broader Look at Solar Firms, Tax Credits

    Republican leaders of key financial panels in the House and Senate are seeking an expanded review of renewable energy tax credits being received by companies in both the utility-scale and rooftop solar business. In letters that were sent out this month, certain energy companies that receive renewable energy credits for solar power are asked to turn over certain additional information by Wednesday, Oct. 12 The Senate Finance Committee 's inquiry, which began in March, has found that the Treasury Department and Internal Revenue Service (IRS) lack adequate controls over the administration of green energy incentives, including the Treasury Department's Section 1603 cash grant program and related investment tax credits, according to a background paper provided by the panel. The House Ways and Means Committee is also involved in the effort. This inquiry has led to an expanded look into the largest recipients of these dollars, including utility and residential solar energy firms and related investment entities (financing funds in residential solar, yieldcos in utility solar). The inquiry has also raised questions about the use of tax loss insurance to protect tax equity investors against the risks of “over-claims” of energy incentives. Finance Committee Chairman Orrin Hatch (R-Utah) and House Ways & Means Committee Chairman Kevin Brady (R-Texas) teamed up to further investigate the companies involved in receiving funding through the program. With a focus on solar utility and residential firms, the chairmen on Sept.14th sent letters to seven different companies that received 1603 grants.  Policy teams examined 10-K financial filings, ongoing Treasury Inspector General (TIG) investigations and the corporate practice of firms that received Section 1603 grant monies. The companies receiving letters represent a sample of the largest residential solar companies under TIG investigation and a variety of utility companies that received funds under the program. Solar utilities identified in the document include  NextEra Energy  (NYSE:NEE),  NRG Energy  (NYSE:NRG), SunEdison  and Abengoa, SA. Residential solar companies mentioned in the review include SolarCity, Sunrun and Sungevity. Letters sent to the companies ask them to detail their use of solar energy incentives, third-party financing, and methods of determining cost basis for solar energy properties. The letters also request related financial information. For example, companies are asked to explain the relationship between each corporate parent and any related “yieldco.” The companies are asked which, if any, subsidiaries have filed for bankruptcy protection in the past three years. SunEdison is one company that's been involved in a reorganization.   This article was republished with permission from  Generation Hub .  

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    Mon, 19 Sep 2016

  2. Berkshire Hathaway makes offer on transmission firm Oncor

    A company owned by one of the world’s richest men could buy the largest electric transmission and distribution system in Texas 

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    Fri, 15 Jul 2016

  3. Jury says Vegas man bilked investors with Nigerian oil scam

    Anton Paul Drago passed himself off as an heir to a Shell Oil fortune, a disabled former U.S. Marine, and an engineer and oil industry expert with 30 years of experience and a plan to ship Nigerian oil to a refinery he envisioned in the Bahamas.

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    Mon, 21 Mar 2016

  4. Utah, Nevada companies cited in solar energy tax scheme case

    Calling it an "abusive tax scheme," officials said it's connected to at least 70 related cases across the country that have been filed to Tax Court

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    Tue, 24 Nov 2015

  1. House Ways and Means GOP members express concern over IRS MLP proposal

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    Mon, 28 Sep 2015

  2. IRS clarifies beginning of construction to qualify for PTC

    The Internal Revenue Service has issued a notice helping clarify what is the beginning of construction in order for a renewable energy project to qualify for production tax credits or investment tax credits.

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    Tue, 26 Aug 2014

  3. Energy group says IRS ruling could promote community solar power

    A renewable energy group is hailing a ruling by the Internal Revenue Service that they say could promote group solar power projects. 

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    Wed, 2 Sep 2015

  4. Courts less deferential to regulatory agencies, GMU forum told

    US Supreme Court decisions in the recently completed term suggest that judicial deference to federal regulatory agencies is starting to recede, speakers said at a July 8 forum sponsored by George Mason University’s School of Law. The trend potentially could affect how the oil and gas and other ...

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    Wed, 8 Jul 2015

  5. Senate votes to recommend closing Keystone XL tax loophole

    The US Senate voted to recommend that the House originate legislation that would make heavy crude oil moving through the proposed Keystone XL pipeline subject to the excise tax on other transported crudes that goes into the federal Oil Spill Liability Trust Fund.

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    Fri, 23 Jan 2015

  6. Masters of the midstream – MLPs exit the toll road

    The specialized corporate structures called Master Limited Partnerships have become part of the landscape for midstream energy companies. They have helped provide efficient access to investment capital to build out infrastructure that is now delivering new shale basin natural gas and oil production ...

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    Mon, 29 Oct 2012

  7. Only one U.S. wind farm brought online in third quarter

    Only one wind power project came online in the U .S. during the third quarter of 2013, according to a report from SNL Financial.

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    Thu, 17 Oct 2013

  8. Chesapeake plans to spin off Chesapeake Oilfield Services

    Chesapeake Oilfield Operating LLC has filed a Registration Statement on Form 10 with the US Securities and Exchange Commission that contains the potential terms and conditions of a spin-off of COO to Chesapeake Energy Corp. shareholders. COO currently conducts the operations of Chesapeake’s ...

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    Tue, 18 Mar 2014

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