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Manchin-Schumer Climate Plan Will Help Stabilize US Energy Sources, Says Ossoff

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(Bloomberg) -- Senator Jon Ossoff said the $369 billion energy and climate plan proposed by Senator Joe Manchin and Senate Majority Leader Chuck Schumer in a broad tax and spending bill would help stabilize US energy sources while speeding the transition from fossil fuels.

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“America needs a reliable supply of the energy sources that are dominant today,” Ossoff, a Georgia Democrat, said Thursday on Bloomberg Television’s “Balance of Power with David Westin.”

“But it is urgent that we accelerate the transition toward greater adoption of renewables and nuclear so we are not held hostage by petro states,” he added.

Ossoff said he is still reviewing the legislation released Wednesday night. The bill, which Democrats hope to pass next month using special budget rules, includes $60 billion of incentives to establish clean energy manufacturing in the US. These include production tax credits to accelerate manufacturing of solar panels, wind turbines, batteries, and critical minerals processing. The plan also includes investment tax credits to build clean technology manufacturing plants that make electric vehicles, turbines and other products.

Ossoff, whose election early last year helped give the Democrats a majority in the Senate, has been a supporter of solar manufacturing, particularly in his home state and said he is encouraged by what he’s seen in the bill so far, pointing out that solar technology is a matter of strategic interest.

“We are heavily reliant upon imported solar products and the supply chain that China’s taken control over,” Ossoff said.

The legislation also would allow expansion of oil and gas production.

The Manchin-Schumer deal helped renewable stocks to gains Thursday. Sunrun Inc., the largest US residential-solar installer, jumped as much as 34%, the most on record. TPI Composites Inc., which makes wind-turbine blades, rose as much as 38%.

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