Texas Lawbook Quotes Akin Gump Lawyers on Energy and the Midterms

In its article “Energy Policy Remains on the Ballot,” Texas Lawbook quoted extensively from Akin Gump’s November 1 webinar “Energy Outlook for the Midterm Elections,” which featured firm public law and policy partners Arshi Siddiqui and Jamie Tucker and project finance partner Shariff Barakat discussing midterm election and energy policy prospects.

The article reports that the Akin Gump speakers noted that energy will be a front-line issue in 2023, with Democrats looking to emphasize future investment in renewable and green energy, while Republicans want to prioritize energy policy and changes to energy permitting laws.

Siddiqui, a former senior advisor and counsel to House Speaker Nancy Pelosi, said of the midterm elections, “Despite the fact that the headwinds are quite strong, we know midterm elections are very much about voter turnout and intensity. When you look at a lot of the races across the country, they’re within the margin of error.”

Tucker, who served as aide to former House Speaker Newt Gingrich, said that Republicans have identified energy as one of the pillars of the GOP platform, having introduced legislation that would approve the Keystone XL Pipeline and change permitting for LNG import and export facilities, among other provisions. He said that a GOP-controlled House could pass the bill, but it would take considerable negotiation to transform it into legislation that could gain sufficient support in the Senate.

Siddiqui noted that a divided government might be more amenable to bipartisan compromise, but that GOP victories on Election Day could move the White House to double down on the regulatory side, including provisions to recent legislation. Tucker said that a GOP-controlled Congress could hold hearings and bring in executives to testify, particularly on environmental, social and governance, or ESG, matters.

Barakat, whose practice focuses on domestic infrastructure and renewable energy projects, said of the Inflation Reduction Act (IRA) and its $300+ billion in incentives related to energy security and climate change and the impact on U.S. energy policy, “While it’s quite well-baked conceptually in most regards, there’s a lot of detail that needs to get done. There’s a lot of rule-making that’s going come out of Treasury and a few other agencies related to the IRA.”

He noted that the Treasury Department has already request comments on the renewable energy provisions tax credit transfer regime: “So a big part of advocacy right now is not necessarily limited to the Hill, but it’s at Treasury. There’s a real opportunity for people to be advocating there, and some winners and losers to be decided based on that process.”