DC-to-DC Power Wrap: Trump In China, PJM Theatrics, ETH Solar, & E15 House Vote

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DC-to-DC Power Wrap: Trump In China, PJM Theatrics, ETH Solar, & E15 House Vote

TD Cowen

Global Research May 15, 2026

Trump 2.0/O&G - Gas Tax Holiday - President Trump voiced support for a federal gas tax

holiday this week - our prior note (HERE). We are cautious and view implementation as unlikely.

Congressional (Senate) approval is the largest hurdle. We also note challenges surrounding

backfilling lost Highway Trust Fund revenues and ensuring consumers receive benefits. A

potential reconciliation 3.0 package is the best pathway for a gas tax holiday.

What We're Reading

Power

■President Trump signed into law legislation authorizing FERC to extend the construction

start period for hydropower projects licensed prior to March 2020 by up to six-years (HERE).

■House E&C Committee held hearing on transmission permitting (HERE). Reps argued that

NEPA, CWA, and ESA processes are too onerous, while largely avoiding calls for wider FERC

transmission siting requirements (a Dem priority).

■Rep. Magaziner (D-RI) and 54 other House Dems wrote to DOD Sec. Hegseth (R) calling on

him to end the 'de facto moratorium' on new wind energy development (HERE).

■DOI Sec. Burgum (R) stated that he plans to appeal a recent ruling which paused a series of

DOI memos/orders impeding solar permitting (HERE) - prior note (HERE).

■DOE issued 8 SMR cost sharing awards totaling $94M in value, selected project developers

include Constellation and NPPD (HERE).

■DOE announced that the US successfully transferred 1.7 tonnes of HALEU from Japan, the

largest shipment of uranium in the history of the NNSA (HERE).

■DOT launched an RFI seeking to develop SMRs for commercial shipping (HERE).

■EPA issued CAA guidance (HERE) and draft rule (HERE) designed to speed permitting for