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Federal Financial Interventions and Subsidies in Energy in Fiscal Years 2016–2022
Author: | U.S.
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“During FY 2016–22, most federal subsidies were for renewable energy producers (primarily biofuels, wind, and solar), low-income households, and energy-efficiency improvements. During FY 2016–22, nearly half (46%) of federal energy subsidies were associated with renewable energy, and 35% were associated with energy end uses. Federal support for renewable energy of all types more than doubled, from $7.4 billion in FY 2016 to $15.6 billion in FY 2022 (Table A4). …
“During FY 2016–22, provisions in the tax code were the largest source of federal financial support. In FY 2016, the Internal Revenue Code (IRC)—with its 31 wide-ranging, energy-specific tax provisions—provided greater financial support to energy than direct expenditures, including R&D expenditures (Table A2 and Table A3). Total tax expenditures were 70% of the total federal financial support (Table 1). Since FY 2016, tax expenditures have continued to grow, rising to over 75% of total federal support in recent years. In FY 2021, this support dipped slightly to 65%.”
In FY 2022, wind received $3,592 million, or 95¢ per million btu ($3.24/MWh) that it generated. Coal received $873 million, 7¢ per million btu (24¢/MWh), and natural gas received $2,304 million, 19¢ per million btu (65¢/MWh). Nuclear received $390 million (5¢/million btu, 17¢/MWh), hydro $41 million (2¢/million btu, 7¢/MWh), and solar $7,522 million ($4.15/million btu, $14.16/MWh).
Also see: 2007, 2010, 2013, 2016
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