.jpg)
13 hours ago
1
Article content
(Bloomberg) — NextEra Energy Inc. says it’s started construction on a spate of new clean energy projects, work it expects will qualify the firm for tax credits that are being phased out under President Donald Trump’s new tax-and-spending bill.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The $3.4 trillion budget bill, signed this month, extended tax credits for solar and wind developments only if they begin construction within 12 months. NextEra Chief Executive Officer John Ketchum said on Wednesday that “very important exception” will allow the company to qualify for credits for a significant number of its projects.
Article content
Article content
Article content
“We believe that we’ve begun construction on a sufficient number of projects to cover our development expectations through 2029,” he said on an earnings call with analysts. Shares were down as much as 6% on Wednesday in New York.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The passage of Trump’s signature legislative agenda has sparked a race among clean energy developers to start projects so they can qualify for tax credits. NextEra, one of the world’s biggest suppliers of wind and solar power, said its unregulated development unit now has a backlog of nearly 30 gigawatts, the equivalent of roughly 30 nuclear reactors.
Article content
NextEra’s plans to protect tax credits is pinned to current guidance. But earlier this month, Trump, a staunch critic of renewable energy, issued an executive order directing the US Treasury Department to more strictly define when a project has started construction, including restricting the use of efforts to lock in tax credits unless a substantial portion has been built.
Article content
—With assistance from Mark Chediak.
Article content
Advertisement 1
English (US)