Historic Climate Legislation Passes Through Congress

Congress passes historic climate bill; MA Governor signs major climate bill into law; Virginia regulators OK massive $9.8 bn offshore wind project, w/stipulations; CA Energy Commission calls for 25,000 MW of offshore wind by 2045; Ford and DTE agree on PPA involving 650 MW of solar in Michigan; Ford to increase the cost of electric F-150 Lightning by between $6,000 and $8,500; CATL to build 100 GWh battery plant in Hungary; EV wireless charging company WiTricity nabs funding round of $63.

1) Senate and House pass landmark Inflation Reduction Act w/$369 billion for clean energy tech to fight climate change.

2) Massachusetts Governor Baker signs a major climate bill into law, boosting offshore wind, aiding solar, and permitting municipal caps on new gas hookups.

3) Virginia State Corporation Commission approves Dominion Energy plans for $9.8 bn, 2.6-GW, offshore wind project, 27 miles off Virginia Beach.

4) CA Energy Commission targets 3,000-5,000 MW by 2030 and 25,000 MW of offshore wind by 2045. These will be floating turbines, as the state has no continental shelf.

5) Ford and DTE ink new power purchase program under which DTE will develop 650 MW of new solar in Michigan for Ford, boosting the total amount of installed solar in MI by about 70%.

6) Ford cites material cost, and boosts electric F-150 Lightning costs by $6,000-8,500, depending upon options selected.

7) Contemporary Amperex Technology to build $7.4 billion, 100 GWh battery plant in Hungary to supply automakers including BMW, Mercedes-Benz, Stellantis, and VW Group.

8) EV wireless company WiTricity closes funding round of $63 million, led by Siemens. Funds will help WiTricity accelerate wireless charging products, including the development of a V2G solution for parked EVs.