Washington Energy Update - April/May 2013

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In This Issue:

- DOE Begins to Authorize Pending LNG Export Applications — Cautiously

- Senators Want to Extend Master Limited Partnerships to Renewables

- FERC Takes on Formula Rate Protocols

- Energy Highlights:

- On April 10, 2013, the President submitted his Fiscal Year 2014 Budget to Congress. The tax and spending blueprint would permanently extend the renewable electricity production tax credit (PTC) and make it refundable. In addition, the 1.5 cents (indexed annually for inflation) per kilowatt-hour production tax credit would be made available to solar electricity facilities. The refundable tax credit would be available for property on which construction begins after December 31, 2013. Unless extended by Congress, the PTC is set to expire at the end of 2013.

- On April 25, 2013, the Senate Finance Committee issued a tax reform options paper entitled “Infrastructure, Energy and Natural Resources.” The paper lists prominent tax reform options suggested by witnesses testifying at hearings on tax reform to date, bipartisan commissions, tax policy experts and members of Congress. It also includes a number of potential goals for energy tax policy reform. The paper makes it clear that if a reformed tax code should include tax expenditures for energy and conservation, they should: “provide businesses with greater certainty; consolidate and simplify such tax expenditures; make such tax expenditures fairer and more efficient; encourage energy independence through a comprehensive approach; and carefully consider whether and how to address any positive or negative externalities.” The text of the paper is posted at: www.finance.senate.gov.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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