Increased taxes on utilities could hurt climate change fight, Exelon CEO says
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The new energy and climate legislation package under consideration by D.C. lawmakers would raise taxes on big utilities and potentially undermine the clean energy transition, Exelon (NASDAQ:EXC) CEO Chris Crane said on Wednesday.
The Inflation Reduction Act includes a corporate minimum tax that would impact Exelon's (EXC) cash tax by ~$300M/year starting in 2023, Crane said on the company's earnings conference call.
The bill extends tax incentives for renewables and clean energy technology but "also proposes a corporate minimum tax that could undermine the benefits of those incentives and slow the investment needed to make this transformation," Crane said.
The CEO warned that the higher tax "would ultimately limit our ability to invest in infrastructure needed to accommodate the clean energy our customers want."
Exelon (EXC) closed -3.3% in Wednesday's trading after reporting slightly lower than expected Q2 adjusted earnings while revenues fell 46% Y/Y to $4.24B.