Biden Is Set to Meet With Utilities in New Push for Climate Spending -Breaking
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© Bloomberg. Joe Biden Photographer: Oliver Contreras/Bloomberg(Bloomberg) — President Joe Biden is set to meet Wednesday with the leaders of some of the nation’s largest electric utilities, as he continues to push for lawmakers to approve $550 billion in spending on energy and climate measures.
As Senate Democrats and White House try to reach an agreement on a revised version of the deadlocking Build Back Better Act, the session will be held. Of the $550 billion related to climate and energy, more than $300 billion would go toward new and expanded tax credits for wind and solar power, nuclear plants, and other items that have drawn utilities’ support.
It’s the latest effort by Biden to rally support for the bill from corporate leaders. Biden hosted executives representing a variety of industries last month. Microsoft Corp (NASDAQ :)., General Motors Co. and Ford Motor (NYSE:) Co. who praised the plan’s provisions for child and elder care.
The Wednesday meeting featured several chief executive officers including Tom Fanning. Southern Co (NYSE :)., Nick Akins American Electric Power (NASDAQ) Co Inc. Pedro Pizarro from Edison International (NYSE) Lynn Good Duke Energy (NYSE :), Dennis Arriola, Avangrid (NYSE 🙂 Inc. Patricia Vincent – Collawn of PNM Resources.
Ameren Corp (NYSE:). Warner Baxter is Executive Chairman (NYSE :). Exelon Corp (NASDAQ:). The White House stated that Calvin Butler, Senior Vice President, Chief Operating Officer, DTE Energy (NYSE) Co. Chairman Gerry Anderson and Edison Electric Institute President Tom Kuhn were also likely to be there.
The attendees and their organizations “know that the best way to ensure future economic growth is to make long-term investments that will combat the climate crisis, increase the competitiveness of our industries and protect our electrical grid from extreme weather events — all while lowering costs for American families across the country,” the White House said in a statement.
Biden will be joined by Jennifer Granholm (Energy Secretary), Brian Deese (National Economic Council Director), Gina McCarthy, National Climate Advisor, and Ali Zaidi, Deputy National Climate Advocate.
Two Democratic senators from West Virginia, Joe Manchin, and Arizona’s Kyrsten Sinema, both Democrats, blocked the effort to pass Build back Better Bill in December. They were pivotal votes in the divided chamber. Since then, the president has singled out the bill’s climate measures as one area where he thought agreement could be reached.
“EEI and our member companies are strongly advocating that Congress pass legislation that incorporates forward-thinking actions to address climate change, including a robust clean energy tax package,” Kuhn of the Edison Electric Institute, the utility industry’s main trade group, said ahead of the meeting.
Kuhn indicated that they also plan to present a proposal for new transmission lines or other infrastructure.
(Updates throughout.)
©2022 Bloomberg L.P.
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