Biden Releases Nearly $600M to Modernize and Advance Water Power Across America
According to the U.S. Department of Energy, as part of President Biden’s Investing in America agenda, the U.S. Department of Energy (DOE) today announced nearly $600 million to modernize hydroelectric power and advance marine energy throughout America. DOE is now accepting applications for the Maintaining and Enhancing Hydroelectricity Incentives, which will provide up to $554 million in incentive payments, funded by the Bipartisan Infrastructure Law, to maintain and enhance hydroelectric facilities. This funding will help ensure generators continue to provide clean, affordable electricity, while integrating additional renewable energy resources and reduce environmental impacts. DOE also announced an additional $45 million funding opportunity, also funded by the Bipartisan Infrastructure Law, to support a pilot demonstration site and community-led tidal and/or current energy project in the United States. Collectively, these announcements represent DOE’s largest-ever investments in both hydropower and marine energy and will play a key role in achieving President Biden’s goal of 100% clean electricity by 2035 and a net-zero-emissions economy by 2050.