America’s largest renewable energy developer signaled Friday it plans to defend the Inflation Reduction Act, even as it unveiled plans to build new gas plants and restart a nuclear power station.
The announcements from NextEra Energy illustrate the dramatic shift in U.S. power markets brought on by rising electricity demand and President Donald Trump’s return to the White House. NextEra said it has entered into an agreement with GE Vernova to develop new natural gas facilities and announced it filed a licensing change with the Nuclear Regulatory Commission in hopes of restarting its Duane Arnold nuclear power plant in Iowa.
NextEra executives also reiterated their commitment to renewables and previewed their argument for defending tax incentives for low-carbon electricity in the Inflation Reduction Act, the massive funding law that was central to former President Joe Biden’s climate agenda. Trump and congressional Republicans have said they will attempt to repeal the sweeping law, which contains tax credits for clean energy development.
Wind and solar projects can be developed in 12 months and 18 months, respectively, NextEra CEO John Ketchum told analysts Friday. Gas plants take longer because it takes time to find suitable locations, connect them to pipelines and secure the turbines. He targeted 2030 for new gas development and farther in the future for nuclear plants.
