The US’s largest renewable developer says it’s ‘unlikely’ GOP would gut clean energy tax credits

baua


Republicans have vowed to tear apart the Inflation Reduction Act, but the chief executive of NextEra Energy, the US’s largest renewable developer, says that’s “unlikely” if they win the election.

The US’s largest renewable developer on the IRA

The Biden administration’s landmark climate change law, the Inflation Reduction Act, has created a US clean energy manufacturing boom, thanks to the generous tax credits and other incentives. The Republican Party says it’s going to work to repeal it.

But NextEra Energy’s chief executive, John Ketchum, told analysts yesterday [via the Financial Times] that “in the 21 years I’ve been at the company, as we’ve changed administrations and as we’ve seen changes in Congress, we’ve never seen a change or repeal of tax credits – no matter what form they’ve taken… [it’s] really hard to overturn existing law … no matter what the political winds are.”

He also pointed out, “If you think about where the investments are being made around IRA and where a lot of the benefit of IRA is flowing, it’s flowing to Republican states, and it’s flowing to parts of those states that are really difficult to stimulate economically.”

Florida-based NextEra Energy is the fourth-largest US energy group after oil majors ExxonMobil, Chevron, and ConocoPhillips. It saw record renewables and battery storage orders in 2022 and 2023 that totaled 17,000 megawatts of capacity.

If it meets its 2026 targets, NextEra Energy will have a portfolio of 63 GW in operation – or as the FT points out, “more than all but nine countries in the world.”

Electrek’s Take

What Ketchum says carries weight, as his company is a renewable powerhouse – and it also owns Republican stronghold Florida’s largest electric utility.

And it would be self-defeating for states like Texas, South Carolina, and Tennessee to work to repeal a law that’s creating jobs and bringing money into their states. But time will tell.


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –ad*

FTC: We use income earning auto affiliate links. More.

Headlining today’s Green Deals is Lectric’s Father’s Day sale that is taking up to $355…

A new electric hot hatch is about to hit the market. The new BYD Seal…

Archer Aviation continues to make developmental headway in its quest to commercial eVTOL operations. Archer…