Well, it was mostly business as usual this past week on Capitol Hill. The US Senate voted down a national energy bill which was said to be a comprehensive approach to reducing carbon emissions. The bill included requirements for utilities to produce 15% of their electricity from renewable sources by 2020 and provided $21B in tax incentives for the production of clean energy (production tax credit, or PTC) . Both the two-year extension of the PTC and the small wind credit fell one vote short of the 60 needed to avoid a filibuster. Those wind credits, the solar investment credit and most federal renewable energy tax credits are set to expire in 2008. The bill buckled under pressure from Republican minority leader, Senator Mitch McConnell, who threatened to filibuster the bill due to it’s repeal of $13B in oil company tax breaks.

After negotiation, a revised bill was passed in which a $13B tax increase on oil companies and the requirement for utilities nationwide to produce 15% of their electricity from renewable sources, was left out of the bill.