Today, I led a coalition letter in support of the continued funding of tax credits and the Loan Program Office to uphold the continued development of baseload technologies. Click here to download a PDF of the letter.
Majority Leader Thune, Minority Leader Schumer, Chairman Crapo, and Ranking Member Wyden,
The United States is on the cusp of the largest expansion of electricity demand in a generation, propelled by artificial-intelligence workloads, advanced manufacturing, and a modernizing industrial base. Meeting that challenge will require a diverse, reliable energy portfolio. Through investments in new baseload resources and upgrades to our legacy energy infrastructure, we can tap into thousands of megawatts of generation capacity. Nuclear energy, geothermal, hydropower, and energy storage stand ready to deliver that reliable power. To succeed, they need a stable federal policy foundation that keeps private capital flowing while respecting Congress’s commitment to fiscal responsibility.
The Sections 45U, 45Y, and 48E tax credits are the cornerstone of that foundation. Baseload technologies rely on these credits to secure financing, plan multi-decade investments, and build the infrastructure needed for a reliable and resilient grid. Altering the availability, phase-out schedule, or transferability of these credits would jeopardize the firm capacity now in active development and undercut America's broader goals of energy security and productive investment.
Equally important is the unobligated credit-subsidy for the Department of Energy’s Loan Programs Office. Every dollar of that seed capital mobilizes an order of magnitude more in private financing for large-scale infrastructure. Eliminating it would strand a pipeline of projects that would anchor domestic supply chains, stabilize the grid, and drive down long-term electricity costs.
Policymakers at both the state and federal level recognize how important these tools are for baseload technologies and the American people, including Secretary of Energy Chris Wright, Indiana Governor Mike Braun, and South Carolina Governor Henry McMaster.
We appreciate the attention leaders in the House have paid to these issues and understand that fiscal or budgetary reforms will be required to offset FY2025 reconciliation legislation. We believe it is possible to advance genuine deficit reduction without sacrificing the reliable, innovative power that American households, businesses, and national security require. Therefore, as the Senate considers this bill, we ask that you preserve these key tax credits and credit subsidies. We thank you for your leadership and stand ready to provide further information at your convenience.
Respectfully,
National Hydropower Association
Geothermal Rising
Nuclear Innovation Alliance
Fervo Energy
Form Energy
Oklo
TerraPower
XGS Energy
Eavor
Current Hydro
Zanskar
FirstLight
American Conservative Coalition Action
Institute for Progress
New American Industrial Alliance
Rye Development
Hydrostor
Charles Oppenheimer
Executive Director
The Oppenheimer Project
Thomas Hochman
Director of Infrastructure Policy
Foundation for American Innovation
Ray Rothrock
Founder
FiftySix Investments
