Tesla’s share price took a dive Thursday morning as Republicans in Congress revealed they were planning to kill off a US federal tax credit for electric vehicles.
The proposed House tax bill calls for an immediate repeal of the $7,500-per-vehicle credit: something that would have an immediate knock-on impact for Tesla given that it only produces electric cars. Its share price fell more than seven percent to about $296 apiece from Wednesday’s $321.
The draft law emerged as the Elon-Musk-led automaker announced its worst-ever quarter, recording a $671m loss and admitting it had not met its production target for its new Model 3 car, producing just 220 of them against its 1,500 target. —The Register, 2 November 2017
A massive GOP tax-reform bill would end a $7,500 credit for the purchase of electric vehicles and overhaul other energy-related provisions within the tax code.It would repeal an inflation increase for renewable energy production tax credits, a move that would increase taxes for power sources like wind, solar, biomass, geothermal, hydropower and others. —The Hill, 2 November 2017
Behind the political battles over household bills lurks a far greater energy cost crisis. It risks damaging British industry and undermining attempts to boost productivity after Brexit. The issue is under discussion at the Treasury. Officials are clear that for the UK to attract inward investment the country needs to be competitive on energy costs, even while taking action to reduce carbon emissions. —Jillian Ambrose, The Daily Telegraph, 30 October 2017
The GWPF has recently published data and analysis calling into question claims of falling capital cost in the wind industry. Reports of rising costs for solar panels in India suggest that the widely discussed fall in costs in the photovoltaic sector may also prove to be either temporary or largely illusory. –John Constable, GWPF Energy, 1 November 2017
Autumn storm Herwart has caused chaos on the German energy market. Because of the strong wind, electricity prices collapsed into the negative. Consumers, however, won’t benefit from negative prices. For them, electricity is becoming even more expensive. The profiteers of this negative price paradox are Germany’s neighboring countries. “They like to take our surplus electricity off and at the same time shut down their own power plants,” says industry expert Struck. Especially in countries like Switzerland and Austria, this method works splendidly. Operators of so-called pumped storage reservoirs in the high mountains fill their reservoirs with Germany’s free electricity. This practice works perfectly as electricity from foreign power plants is later sold back to Germany at lucrative prices. Die Welt, 31 October 2017
Chancellor Angela Merkel said Friday that she’s still optimistic about the chances of disparate parties allying to form Germany’s next government after an initial round of talks produced little visible progress. Germany’s Sept. 24 election left Merkel trying to form an untried coalition of her conservative Union bloc, the pro-business Free Democrats and the traditionally left-leaning Greens. Over the past 10 days, negotiators struggled to find common ground on issues including immigration and refugees, climate protection and agriculture. While Merkel has kept a low profile, prominent figures from other parties have repeatedly sniped at each other. —Associated Press, 3 November 2017