美国能源政策全景

Disclaimer This presentation is for informational purposes. The information contained in this presentation does not purport to becomplete. All of the information contained herein is subject to change without notice. Each recipient of this presentationshould conduct its own independent investigation and assessment of the contents of this presentation and make such CleanBridge Securities LLC and its affiliate CleanBridge Advisors (UK) Ltd. (together "CleanBridge") have based this documenton information obtained from sources it believes to be reliable, but which have not been independently verified. Except in thecase of fraudulent misrepresentation, CleanBridge makes no representation or warranty (express or implied) of any nature oraccept any responsibility or liability of any kind for the accuracy or sufficiency of any information, statement, assumption, or This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where suchdistribution or use would be contrary to law or regulation. The information herein does not constitute an offer to sell or The returns and valuations in this presentation are preliminary and tentative only. Nothing in this presentation is, or should be Editorial PUBLISHERCleanBridge Our latest CleanBridge Energy Current Report covers the rapidlychanging and evolving policy landscape of the US low-carbonmarkets, and continues our series of low-carbon-focused industryreports. This work reflects a valued research collaboration with EDITORIAL TEAM L. Warren Pimm, CFA Managing PartnerCleanBridgeJeffery Safford,Managing Director The US energy policy is at a decisive inflection point following theenactment of the One Big Beautiful Bill Act ("OB3 Act"). While theOB3 Act preserves the technology-neutral framework introducedunder the Inflation Reduction Act ("IRA"), it accelerates the phase-down of wind and solar tax credits. Incentives remain, but accessnow depends on execution speed, compliance rigor, and domestic Emma Bradshaw,Analyst RESEARCH TEAM Alchemy Business Intelligence In essence, the OB3 Act reframes clean energy developmentfrom a policy-driven race for scale into a discipline-driven contestof liquidity and compliance. For stakeholders prepared to align Thanks to Freepik and Pexels for Image We trust this primer provides valuable insights and look forward tosharing further updates on emerging energy transition trends in the Managing PartnerCleanBridge Contents Conclusion and Investor Outlook:Navigating a Narrower, moreDisciplined Market Appendix Introduction The United States (“US”) is undergoing a complexshift in its energy and industrial policy landscape,driven by a blend of interlocking and reinforcingpolicy objectives, macroeconomic impacts, andevolving energy dynamics. Recent legislativechanges underscore an increasing divergence ofviews on the pace and framework of low-carbonenergy investment, leading to a partial rollback ofincentives and a renewed focus on conventional Regulatory durability hasbecome a central factorfor long-term US energy Beyond these adjustments, the OB3 Act also addsstronger compliance obligations. These includetighter rules on materials sourcing (expandedforeign entity restrictions), stronger domestic-content verification, and more rigorous disclosure Enacted on July 4, 2025, the One Big Beautiful BillAct ("OB3 Act") is the central driver of the recentshift in US energy policy. Although the legislationaddresses a broad range of priorities, its revisionsto clean energy tax incentives introduced underthe Inflation Reduction Act (“IRA”) have drawnparticular attention. While the new technology-neutral tax credits, § 45Y (production tax credit, or“PTC”) and § 48E (investment tax credit, or “ITC”),continue to support a wide range of low-carbontechnologies such as geothermal, hydropower,nuclear, carbon capture, and energy storage, the Taken together, it is important for investors to notethat these changes do not eliminate clean energyincentives but reshape them, moving from broad,open-ended support toward more targeted, time-sensitive measures focused on reliability, domesticmanufacturing, and competitive technologies.Investors should also continue to read suchchanges alongside the impact of increased tariff Key LegislativeChanges and Impact Accelerated Phaseoutof Clean Energy Transition Relief for Projects that begin construction before mid-2026 are generally grandfathered under the IRAframework. However, this protection does notextend to projects subject to foreign entities ofconcern (“FEOC”) compliance, discussed furtherbelow. Projects that meet these requirements The OB3 Act preserves the IRA’s clean energyincentives but shortens the runway for wind andsolar. Full-value credits (the highest available creditrate before reduction begins) remain available forprojects that meet the updated construction start Continuity and Transferability andFinancing Stability IRS Notice 2