Reps. Susie Lee, Steven Horsford Introduce Legislation to Build a More Resilient 21st Century Electric Grid
Washington, D.C. - U.S. Reps. Susie Lee (Nev.-03) and Steven Horsford (Nev.-04) introduced the Electric Power Infrastructure Improvement Act, H.R. 7172, to provide a new investment tax credit that will help promote the construction of regionally significant transmission projects across the U.S.
“Southern Nevada is leading the way in innovation and development of solar energy,” Rep. Lee said. “The Electric Power Infrastructure Improvement Act will keep Nevada at the cutting edge of energy development, while bringing more jobs and growth to our communities, which we need now more than ever. Investing in clean energy, solar in particular, diversifies our economy, brings new jobs to the state, and reduces our carbon footprint. Any policy that helps southern Nevada that much is a policy I support, and I’m glad to team up with my fellow Nevada member of Congress, Steven Horsford, to get that done.”
“As a member of the House Ways and Means Committee, I have been a champion for creating tax incentives to promote a more robust 21st century energy infrastructure, which is critical to realizing Nevada’s true clean energy potential and creating jobs. Tax incentives are a proven way to encourage the expansion and updating of our country’s infrastructure that will deliver the power from these clean resources to market,” Rep. Horsford said. “This legislation will help drive the investments needed to alleviate the current strain on existing transmission lines, allow companies to expand transmission lines, and improve the resilience of the grid. With this bill, we can support new projects that connect modern renewable energy resources to the power demands of regional consumer markets.”
“Nevada needs greater transmission infrastructure to allow for the development of the state’s abundant solar resources and to facilitate the regional delivery of renewable energy,” said Doug Cannon, NV Energy President and Chief Executive Officer. “Congressman Horsford’s legislation will facilitate transmission development that will not only help reduce carbon emissions, it will also create jobs and economic benefits that are essential to Nevada’s long-term economic recovery. Additionally, the legislation can help NV Energy deliver these important benefits to our customers while keeping rates low.”
BACKGROUND: The legislation would provide an investment tax credit of 15 percent for overhead and 25 percent for underground or submarine transmission projects. Projects that would qualify for the investment credit are:
- Overhead, underground or offshore transmission lines, including ancillary facilities;
- At least 1000 MW and 345 kilovolts in capacity;
- Either alternating current (AC) or direct current (DC);
- Deliver power produced in either a rural area or offshore; and
- Are placed in service by December 31, 2029
This legislation has drawn support from both NV Energy and Berkshire Hathaway Energy.