[SMM News: One Big Beautiful Bill Takes a Major Turn, ESS Market Cheers] The US Senate released a revised draft of the "One Big Beautiful Bill Act" (OBBBA) on June 16, 2025, local time. In the ESS sector, the draft extends the full Investment Tax Credit (ITC) validity period for battery ESS projects to 2033. The ITC subsidy for large-scale ESS will begin to phase out in 2034, with subsidies decreasing by 25% and 50% in 2034-2035, respectively, compared to the original 30% subsidy base. Starting from 2036, the subsidy will be 0 (the same as the initial ITC subsidy phase-out, meaning the new bill makes no adjustments to the large-scale ESS ITC). It should be noted that after this revision, the bill still needs to be voted on by the Senate and the House of Representatives before being signed by the President. Follow-up tracking of the negotiations between the Senate and the House on the bill's content is still required.