Manchin-Schumer climate plan will help stabilize US energy sources, says Ossoff

(Bloomberg) – Sen. Jon Ossoff said the $369 billion energy and climate plan proposed by Sen. Joe Manchin and Senate Majority Leader Chuck Schumer in a sweeping tax and spending bill would help stabilize US energy sources while accelerating the transition from fossil fuels.

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“America needs a reliable supply of power sources that dominate today,” Ossoff, a Georgia Democrat, said Thursday on Bloomberg Television’s “Balance of Power with David Westin” program.

“But there is an urgent need to accelerate the transition to greater adoption of renewables and nuclear so as not to be held hostage by the oil states,” he added.

Ossoff said he was still reviewing the legislation released Wednesday night. The bill, which Democrats hope to pass next month using special budget rules, includes $60 billion in incentives to establish clean energy manufacturing in the United States. These include production tax credits to speed up the manufacture of solar panels, wind turbines, batteries and the processing of critical minerals. The plan also includes investment tax credits for building clean technology manufacturing plants that make electric vehicles, turbines and other products.

Ossoff, whose election early last year helped give Democrats a majority in the Senate, has been a supporter of solar manufacturing, especially in his home state, and said he was encouraged by what he’s seen in the bill so far, stressing that solar technology is a matter of strategic concern.

“We are heavily dependent on imported solar products and the supply chain that China has taken over,” Ossoff said.

The legislation would also allow for the expansion of oil and gas production.

The Manchin-Schumer deal helped renewable stocks gain on Thursday. Sunrun Inc., the largest residential solar installer in the United States, jumped 34%, the highest on record. TPI Composites Inc., which manufactures wind turbine blades, rose 38%.

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