Biden's Climate Law Is Working, and Not Working


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Inflation Reduction Act Clean Energy drives EV adoption and renewable power, but grid interconnection, permitting, and supply chain bottlenecks slow wind, solar, and offshore projects, risking emissions targets despite domestic manufacturing growth and tax incentives.

 

Key Points

An IRA push to scale EVs and renewables, meeting EV goals but lagging wind and solar amid grid and permitting delays.

✅ EV sales up 50%, 9.2% of 2023 new cars; growth may moderate.

✅ 32.3 GW added, below 46-79 GW/year needed for climate targets.

✅ Grid, permitting, and supply chain delays bottleneck wind and solar.

 

A year and a half following President Biden's enactment of an ambitious climate change bill, the landscape of the United States' clean energy transition, shaped by 2021 electricity lessons, presents a mix of successes and challenges. A recent study by a consortium of research organizations highlights that while electric vehicle (EV) sales have surged, aligning with the law's projections, the expansion of renewable energy sources like wind and solar has encountered significant hurdles.

The legislation, known as the Inflation Reduction Act, aimed for a dual thrust in America's climate strategy: boosting EV adoption, alongside EPA emission limits, and significantly increasing the generation of electricity from renewable resources. The Act, passed in 2022, was anticipated to propel the United States toward reducing its greenhouse gas emissions by approximately 40 percent from 2005 levels by the end of this decade, backed by extensive financial incentives for clean energy advancements.

Electric vehicle sales have indeed seen a remarkable uptick, with a more than 50 percent increase over the past year, as EV sales surge into 2024 across the market, culminating in EVs comprising 9.2 percent of all new car sales in the United States in 2023. This growth trajectory met the upper range of analysts' predictions post-law enactment, signaling a strong start toward achieving the Act's emission reduction targets.

However, the EV market faces uncertainties regarding the sustainability of this rapid growth. The initial surge in sales was largely driven by early adopters, and the market now confronts challenges such as high prices and limited charging infrastructure, while EVs still trail gas cars in overall market share. Despite these concerns, projections suggest that even a slowdown to 30-40 percent growth in EV sales for 2024 would align with the law's emission goals.

The renewable energy sector's progress is less straightforward. Despite achieving a record addition of 32.3 gigawatts of clean electricity capacity in the past year, the pace falls short of the projected 46 to 79 gigawatts needed annually to meet the United States' climate objectives. While there is potential for about 60 gigawatts of projects in the pipeline for this year, not all are expected to materialize on schedule, indicating a lag in the deployment of new renewable energy sources.

Logistical challenges are a significant barrier to scaling up renewable energy, especially as EV-driven electricity demand rises in the coming years. Lengthy grid connection processes, permitting delays, and local opposition hinder wind and solar project developments. Moreover, ambitious plans for offshore wind farms are hampered by supply chain issues and regulatory constraints.

To achieve the Inflation Reduction Act's ambitious targets, the United States needs to add 70 to 126 gigawatts of renewable capacity annually from 2025 to 2030—a formidable task given the current logistical and regulatory bottlenecks. The analysis underscores the urgency of addressing these non-cost barriers to unlock the full potential of the law's clean energy and emissions reduction ambitions.

In addition to promoting clean energy generation and EV adoption, the Inflation Reduction Act has spurred domestic manufacturing of clean energy technologies. With $44 billion invested in U.S. clean-energy manufacturing last year, this aspect of the law has seen considerable success, and permanent clean energy tax credits are being debated to sustain momentum, demonstrating the Act's capacity to drive economic and industrial transformation.

The law's impact extends to emerging clean energy technologies, offering tax incentives for advanced nuclear reactors, renewable hydrogen production, and carbon capture and storage projects. While these initiatives hold promise for further emissions reductions, their development and deployment are still in the early stages, with tangible outcomes expected in the longer term.

While the Inflation Reduction Act has catalyzed significant strides in certain areas of the United States' clean energy transition, including an EV inflection point in adoption trends, it faces substantial hurdles in fully realizing its objectives. Overcoming logistical, regulatory, and market challenges will be crucial for the nation to stay on course toward its ambitious climate goals, underscoring the need for continued innovation, investment, and policy refinement in the journey toward a sustainable energy future.

 

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BC Hydro Introduces 'Vehicle-to-Grid' Pilot Initiative

BC Hydro Vehicle-to-Grid Pilot enables EVs to deliver V2G power, using bidirectional charging to provide grid services, clean energy resilience, and emergency power for microgrids, critical infrastructure, and storm response.

 

Key Points

BC Hydro's V2G pilot uses parked EVs as mobile batteries, supplying bidirectional power to the grid for resilience.

✅ Medium- and heavy-duty EV integration via 60 kW charger

✅ Supports critical infrastructure and storm response

✅ Cleaner, faster alternative to diesel generators

 

BC Hydro has unveiled an innovative pilot project designed to enable electric vehicles (EVs) to contribute electricity back to the power grid, with some owners able to sell electricity back to the grid through managed programs, effectively transforming these vehicles into mobile energy storage units that function as capacity on wheels for the electricity system.

The utility company recently announced the successful trial of the vehicle-to-grid program, allowing for the transfer of electricity from the batteries of medium- and heavy-duty EVs back to the electrical grid. This surplus electricity can be utilized in various ways, including supporting emergency response efforts by energizing critical infrastructure and to power buildings during natural disasters or major storms. It offers a cleaner, faster, and more flexible alternative to conventional methods like the use of diesel generators.

BC Hydro's President and CEO, Chris O'Riley, highlighted the significance of this initiative, stating, "The average car is parked 95 per cent of the time, and with the evolution of technology solutions like vehicle-to-grid, stationary vehicles hold the potential to become mobile batteries, powered by clean and affordable electricity."

The successful test was conducted using a Lion Electric school bus provided by Lynch Bus Lines, which was connected to a 60-kilowatt charger, illustrating BC Hydro's rollout of faster electric vehicle charging across the province. BC Hydro pointed out that the typical bus battery holds 66 kilowatts of electricity, sufficient to power 24 single-family homes with electric heating for two hours. Therefore, if 1,000 of these buses were converted to electric power, they could collectively supply electricity to 24,000 homes for two hours.

This groundbreaking project is a collaborative effort between BC Hydro, Powertech, and Coast to Coast Experience, with funding support from the provincial government amid study findings that B.C. may need to double its power output to meet transport electrification.

While this pilot marks the first of its kind in Canada, similar technology has already been successfully implemented in Europe and the United States, including California's efforts to leverage EVs for grid stability that offer promising potential for enhancing the energy landscape and sustainability in the region.

Separately, Nova Scotia Power plans to pilot electric vehicle to grid integration in Atlantic Canada, underscoring growing national interest in V2G approaches.

 

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The Spanish inventor creating electricity from plants

Bioo Soil-Generated Electricity turns biological batteries and photosynthesis into renewable energy, powering IoT sensors for smart farming and lighting, using microbe-powered soil electrochemistry to cut battery waste, reduce costs, and scale sustainable agritech infrastructure.

 

Key Points

Bioo Soil-Generated Electricity powers IoT sensors and lighting using soil microbes, delivering clean renewable energy.

✅ Microbe-driven soil batteries replace disposable chemical cells

✅ Powers IoT agritech sensors for moisture, pH, and temperature

✅ Cuts maintenance and costs while enabling sustainable farming

 

SCENES shines a spotlight on youth around the world that are breaking down barriers and creating change. The character-driven short films will inspire and amaze, as these young change-makers tell their remarkable stories.

Pablo Vidarte is a born inventor. At the age of eight, he was programming video games. By 16, he was challenging NASA and competing with the Spanish army to enhance the efficiency of external combustion engines. "I wanted to perfect a system that NASA did in 2002 oriented to powering cars. I was able to increase that efficiency by 60 per cent, which was pretty cool," Pablo explained. Aged 18, he created his first company specialising in artificial intelligence. A year later, he founded Bioo, a revolutionary startup that generates electricity from plants' photosynthesis.

"Imagine, being in the middle of a park or a street and being able to touch a plant and turn on the lights of that specific area," Pablo told Scenes. "Imagine storing the memories of humanity itself in nature. Imagine storing voice messages in a library that is an open field where you can go and touch the plants and communicate and interact with them. That's what we do at Bioo," he added.

The creation of Bioo, however, was not a walk in the park. Pablo relied on nanotechnology engineers and biologists volunteering their time to turn his idea of biological batteries, inspired by biological design, into a reality. It took a year for a prototype to be created and an investor to come on board. Today, Bioo is turning plants into biological switches, generating renewable energy from nature, and transforming the environment.

"We realised that we were basically killing the planet, and then we invented things like solar panels and solutions like peer-to-peer energy that we're able to prevent things from getting worse, but the next step is to be able to reverse the whole equation to revive that planet that we're starting to lose," the 25-year-old explained.

Batteries creating electricity from soil
Bioo has designed biological batteries that generate electricity from the energy released when organic soil decomposes. Like traditional batteries, they have an anode and a cathode, but instead of using materials like lithium to power them, organic matter is used as fuel. When microorganisms break down the organic soil, electrons are released. These electrons are then transported from the anode to the cathode, and a current of electricity is created. The batteries come in the shape of a rectangular box and can be dug into any fertile soil. They produce up to 200Wh a year per square metre, and just as some tidal projects use underwater kites to harvest energy, these systems tap natural processes.

Bioo's batteries are limited to low-power applications, but they have grown in popularity and are set to transform the agriculture industry.

Cost savings for farmers
Farmers can monitor their crops using a large network of sensors. The sensors allow them to analyse growing conditions, such as soil moisture, PH levels and air temperature. Almost 90 per cent of the power used to run the sensors come from chemical batteries, which deplete, underscoring the renewable energy storage problem that new solutions target.

"The huge issue is that chemical batteries need to be replaced every single year. But the problem is that you literally need an army of people replacing batteries and recalibrating them," Pablo explains. "What we do, it's literally a solution that is hidden, and that's nourishing from the soil itself and has the same cost as using chemical batteries. So the investment is basically returned in the first year," Pablo added.

Bioo has partnered with Bayer, a leading agricultural producer, to trial their soil-powered sensors on 50 million hectares of agricultural land. If successful, the corporation could save €1.5 billion each year. Making it a game-changer for farmers around the world.

A BioTech World
In addition to agriculture, Bioo's batteries are now being installed in shopping centres, offices and hospitals to generate clean power for lighting, while other companies are using ocean and river power to diversify clean generation portfolios.

Pablo's goal is to create a more environmentally efficient world, so shares his technology with international tech companies as green hydrogen projects scale globally. "I wanted to do something that could really mean a change for our world. Our ambition right now is to create a biotech world, a world that is totally interconnected with nature," he said.

As Bioo continues to develop its technology, Pablo believes that soil-generated electricity will become a leader in the global energy market, aligning with progress toward cheap, abundant electricity becoming a reality worldwide.

 

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Solar Is Now 33% Cheaper Than Gas Power in US, Guggenheim Says

US Renewable Energy Cost Advantage signals cheaper utility-scale solar and onshore wind versus natural gas, with LCOE declines, tax credits, and climate policy cutting electricity costs for utilities and grids across the United States.

 

Key Points

Cheaper solar and wind than natural gas, driven by LCOE drops, tax credits, and policy, lowering US electricity costs.

✅ Utility-scale solar is about one-third cheaper than gas

✅ Onshore wind costs roughly 44 percent less than natural gas

✅ Policy and tax credits accelerate renewables and cut power prices

 

Natural gas’s dominance as power-plant fuel in the US is fading fast as the cost of electricity generated by US wind and solar projects tumbles and as wind and solar surpass coal in the generation mix, according to Guggenheim Securities.

Utility-scale solar is now about a third cheaper than gas-fired power, while onshore wind is about 44% less expensive, Guggenheim analysts led by Shahriar Pourreza said Monday in a note to clients, a dynamic consistent with falling wholesale power prices in several markets today. 

“Solar and wind now present a deflationary opportunity for electric supply costs,” the analysts said, which “supports the case for economic deployment of renewables across the US,” as the country moves toward 30% wind and solar and one-fourth of total generation in the near term.

Gas prices have surged amid a global supply crunch after Russia’s invasion of Ukraine, while tax-credit extensions and sweeping US climate legislation have brought down the cost of wind and solar, even as renewables surpassed coal in 2022 nationwide. Renewables-heavy utilities like NextEra Energy Inc. and Allete Inc. stand to benefit, and companies that can boost spending on wind and solar, as wind, solar and batteries dominate the 2023 pipeline, will also see faster growth, Guggenheim said.
 

 

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3 ways to tap billions in new money to go green - starting this month

Inflation Reduction Act Energy Credits help households electrify with tax credits and rebates for heat pumps, EVs, rooftop solar, battery storage, and efficiency upgrades, cutting utility bills, reducing carbon emissions, and accelerating home electrification nationwide.

 

Key Points

Federal incentives offering tax credits and rebates for heat pumps, EVs, solar, and efficiency to cut emissions.

✅ 30% rooftop solar and storage credit; $2,000 annual cap for heat pumps

✅ Up to $7,500 EV tax credit; price, income, and assembly rules apply

✅ Low-income rebates and discounts available via states starting mid-2023

 

Earlier this year, Congress passed the biggest climate bill in history — cloaked under the name the “Inflation Reduction Act,” a historic climate deal by any measure.

Starting in the new year, the bill will offer households thousands of dollars to transition over from fossil-fuel burning heaters, stoves and cars to cleaner versions as renewable electricity accelerates. On Jan. 1, middle-income households will be able to access over a half-dozen tax credits for electric stoves, cars, rooftop solar and more. And starting sometime in mid-2023, lower-income households will be able to get upfront discounts on some of those same appliances — without having to wait to file their taxes to get the cash back. This handy online tool shows what you might be eligible for, depending on your Zip code and income.

But which credits should Americans focus on — and which are best for the climate? Here’s a guide to the top climate-friendly benefits of the Inflation Reduction Act, and how to access them.


Heat pumps — the best choice for decarbonizing at home

Tax credit available on Jan. 1: 30 percent of the cost, up to $2,000

Income limit: None

Ah, heat pumps — one of the most popular technologies of the transition to clean energy and to net-zero electricity systems. “Heat pump” is a bit of a misnomer for these machines, which are more like super-efficient combo air conditioning and heating systems. These appliances run on electricity and move heat, instead of creating it, and so can be three to five times more efficient than traditional gas or electrical resistance heaters.

“For a lot of people, a heat pump is going to be their biggest personal impact,” said Sage Briscoe, the federal senior policy manager at Rewiring America, a clean-energy think tank. (Heat pumps have become so iconic that Rewiring America even has a heat pump mascot.)

Heat pumps can have enormous cost and carbon savings. According to one analysis using data from the National Renewable Energy Laboratory, switching to a heat pump can save homeowners anywhere from $100 to $1,200 per year on heating bills and prevent anywhere from 1 to 8 metric tons of carbon dioxide emissions per year. For comparison, going vegan for an entire year saves about 1 metric ton of CO2 emissions.

But many consumers encounter obstacles when switching over to heat pumps. In some areas, it can be difficult to find a contractor trained and willing to install them; some homeowners report that contractors share misinformation about heat pumps, including that they don’t work in cold climates. (Modern heat pumps do work in cold climates, and can heat a home even when outdoor temperatures are down to minus-31 degrees Fahrenheit.) Briscoe recommends that homeowners look for skilled contractors who know about heat pumps and do advance research to figure out which models might work best for their home.


Electric vehicles — top choice for cutting car emissions

Tax credit available on Jan. 1: Up to $7,500 depending on the make and model of the car

Income limit: <$150,000 for single filers; <$300,000 for joint filers

If you are like the millions of Americans who don’t live in a community with ample public transit, the best way to decarbonize your transport, as New Zealand's electricity transition shows, is switching to an electric car. But electric cars can be prohibitively expensive for many Americans.

Starting Jan. 1, a new EV tax credit will offer consumers up to $7,500 off the purchase of an electric vehicle. For the first few months, Americans will get somewhere between $3,751 and $7,500 off their purchase of an EV, depending on the size of the battery in the car.

There are limitations, per the new law. The vehicles will also have to be assembled in North America, where Canada's electricity progress is notable, and cars that cost more than $55,000 aren’t eligible, nor are vans or trucks that cost more than $80,000. This week, the Internal Revenue Service provided a list of vehicles that are expected to meet the criteria starting Jan. 1.

Beginning about March, however, that $7,500 credit will be split into two parts: Consumers can get a $3,750 credit if the vehicle has a battery containing at least 40 percent critical minerals from the United States (or a country that the United States has a free-trade agreement with) and another $3,750 credit if at least 50 percent of the battery’s components were assembled and manufactured in North America. Those rules haven’t been finalized yet, so the tax credit starting on Jan. 1 is a stopgap measure until the White House has ironed out the final version.

Joe Britton, the executive director of the EV industry group Zeta, said that means there will likely be a wider group of vehicles eligible for the full tax credit in January and February than there will be later in 2023. Because of this, he recommended that potential EV owners act fast in 2023.

“I would be buying a car in the first quarter,” he said.


Rooftop solar — the best choice for generating clean energy

Tax credit available now: 30 percent of the cost of installation, no cap

Income limit: None

For those who want to generate their own clean energy, there is always rooftop solar panels. This tax credit has actually been available since the Inflation Reduction Act was signed into law in August 2022. It offers a tax credit equal to 30 percent of the cost of installing rooftop solar, with no cap. According to Rewiring America, the average 6 kilowatt solar installation costs about $19,000, making the average solar tax credit about $5,700. (The Inflation Reduction Act also includes a 30 percent tax credit for homeowners that need to upgrade their electricity panel for rooftop solar, and a 30 percent tax credit for installing battery storage to support the shift toward carbon-free electricity solutions.)

Solar panels can save homeowners tens of thousands of dollars in utility bills as extreme heat boosts electricity bills and, when combined with battery storage, can also provide a power backup in the case of a blackout or other disaster. For someone trying to move their entire home away from fossil fuels, solar panels become even more enticing: Switch everything over to electricity, and then make the electricity super cheap with the help from the sun.

For people who don’t own their own homes, there are other options as well. Renters can subscribe to a community solar project to lower their electricity bills and get indirect benefits from the tax credits.


Tips, tricks and words of caution
There are many other credits also coming out in 2023: for EV chargers (up to $1,000), a boon for expanding carbon-free electricity across the grid, heat pump water heaters (up to $2,000), and even cash for sealing up the doors and windows of your home (up to $1,200).

The most important thing to know, Briscoe said, is whether you qualify for the upfront discounts for low- and moderate-income Americans — which won’t be available until later in 2023 — or the tax credits, which will be available Jan. 1. (Try this tool.) If going the tax credit route, it’s better to spread the upgrades out across multiple years, since there is an annual limit on how many of the credits you can claim in a given year. And, she warned, it is not always going to be easy: It can be hard to find the right installers and the right information for how to make use of all the available government resources.

 

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Record numbers of solar panels were shipped in the United States during 2021

U.S. Solar Panel Shipments 2021 surged to 28.8 million kW of PV modules, tracking utility-scale and small-scale capacity additions, driven by imports from Asia, resilient demand, supply chain constraints, and declining prices.

 

Key Points

Record 28.8M kW PV modules shipped in 2021; 80% imports; growth in utility- and small-scale capacity with lower prices.

✅ 28.8M kW shipped, up from 21.8M kW in 2020 (record capacity)

✅ 80% of PV module shipments were imports, mainly from Asia

✅ Utility-scale +13.2 GW; small-scale +5.4 GW; residential led

 

U.S. shipments of solar photovoltaic (PV) modules (solar panels) rose to a record electricity-generating capacity of 28.8 million peak kilowatts (kW) in 2021, from 21.8 million peak kW in 2020, based on data from our Annual Photovoltaic Module Shipments Report. Continued demand for U.S. solar capacity drove this increase in solar panel shipments in 2021, as solar's share of U.S. electricity continued to rise.

U.S. solar panel shipments include imports, exports, and domestically produced and shipped panels. In 2021, about 80% of U.S. solar panel module shipments were imports, primarily from Asia, even as a proposed tenfold increase in solar aims to reshape the U.S. electricity system.

U.S. solar panel shipments closely track domestic solar capacity additions; differences between the two usually result from the lag time between shipment and installation, and long-term projections for solar's generation share provide additional context. We categorize solar capacity additions as either utility-scale (facilities with one megawatt of capacity or more) or small-scale (largely residential solar installations).

The United States added 13.2 gigawatts (GW) of utility-scale solar capacity in 2021, an annual record and 25% more than the 10.6 GW added in 2020, according to our Annual Electric Generator Report. Additions of utility-scale solar capacity reached a record high, reflecting strong growth in solar and storage despite project delays, supply chain constraints, and volatile pricing.

Small-scale solar capacity installations in the United States increased by 5.4 GW in 2021, up 23% from 2020 (4.4 GW), as solar PV and wind power continued to grow amid favorable government plans. Most of the small-scale solar capacity added in 2021 was installed on homes. Residential installations totaled more than 3.9 GW in 2021, compared with 2.9 GW in 2020.

The cost of solar panels has declined significantly since 2010. The average value (a proxy for price) of panel shipments has decreased from $1.96 per peak kW in 2010 to $0.34 per peak kW in 2021, as solar became the third-largest renewable source and markets scaled. Despite supply chain constraints and higher material costs in 2021, the average value of solar panels decreased 11% from 2020.

In 2021, the top five destination states for U.S. solar panel shipments were:

California (5.09 million peak kW)
Texas (4.31 million peak kW)
Florida (1.80 million peak kW)
Georgia (1.15 million peak kW)
Illinois (1.12 million peak kW)
These five states accounted for 46% of all U.S. shipments, and 2023 utility-scale project pipelines point to continued growth.

 

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General Motors to add 3,000 jobs focused on electric vehicles

General Motors EV Hiring expands software development, engineering, and IT roles for electric vehicles, Ultium batteries, and autonomous tech, offering remote jobs, boosting diversity and inclusion, and accelerating zero-emission mobility and customer experience initiatives.

 

Key Points

GM plan to hire 3,000 software, engineering, and IT staff to speed EV programs, remote work, and customer experience.

✅ 3,000 hires in software, engineering, IT

✅ Focus on EVs, Ultium batteries, autonomous tech

✅ Remote roles, diversity, inclusion priorities

 

General electrical safety involves practices and procedures designed to prevent electric shock, arc flash, and other hazards associated with electrical systems. Whether at home, in the workplace, or industrial environments, following established safety guidelines helps protect people, property, and equipment from electrical accidents. General Motors plans to hire 3,000 new employees largely focused on software development as the company accelerates its plans for electric vehicles, the automaker announced Monday.

GM said the jobs will be focused on engineering, design and information technology “to increase diversity and inclusion and contribute to GM’s EV and customer experience priorities.” The hiring is expected through the first quarter of 2021, as the company addresses EV adoption challenges in key markets. Many of the positions will be remote as GM begins to offer “more remote opportunities than ever before,” the company said.

“As we evolve and grow our software expertise and services, it’s important that we continue to recruit and add diverse talent,” GM President Mark Reuss said in a release. “This will clearly show that we’re committed to further developing the software we need to lead in EVs, enhance the customer experience and become a software expertise-driven workforce.”

General Motors CEO on third-quarter earnings, rise in demand for trucks and more
The hiring blitz comes as the automaker expects to increase focus on electric vehicles, including offering at least 20 new electric vehicles globally by 2023, while competitors like Ford accelerate EV investment as well. GM earlier this year said it planned to invest $20 billion in electric and autonomous vehicles by 2025, including a tentative Ontario EV plant commitment.

Ken Morris, GM vice president of autonomous and electric vehicles programs, told reporters on a call Monday that the automaker has pulled forward at least two upcoming electric vehicles following the GMC Hummer EV, which is the first vehicle on GM’s next-generation electric vehicle platform with its proprietary Ultium battery cells.

“We’re moving as fast as we can in terms of developing vehicles virtually, more so than we ever have by far,” Morris said. “We are doing things virtually, more effective than we ever have.”

Shares of the automaker reached a new 52-week high of $39.72 ahead of the Monday announcement. The stock was up 5% during midday trading Monday following market optimism about a Covid-19 vaccine and President-elect Joe Biden outlining priorities that would support electric vehicles nationwide.

The race between Tesla, GM, Rivian and others to dominate electric pickup trucks
“We’re looking forward to working with the Biden administration and support policies that will foster greater adoption of EVs across all 50 states and encourage investments in R&D and manufacturing,” Morris said. “At the end of the day, climate change is a global concern and the best way to remove automobile emissions from the environmental equation is all-electric, zero-emissions future.”

At the same time, gas-electric hybrids continue to gain momentum in the U.S., shaping consumer transition paths.

The additional jobs are separate from a previous announcement by GM to hire 1,100 new employees as part of a $2.3 billion joint venture with LG Chem to produce Ultium cells in northeast Ohio.

GM employed about 164,000 people globally in 2019, down from 215,000 in 2015 as the company has restructured and cut operations in recent years.

 

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