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Clinton Calls for 55 Mpg

Energy and climate change issues seem to be moving up the priority list for Democratic presidential candidates. After keeping the focus primarily on healthcare for the last six months, Democratic presidential front-runner Hillary Clinton turned attention to her energy and climate plan on Monday, proposing an ambitious fuel efficiency target of 55 miles per gallon by 2030 – a significant step above what Congress is currently considering. The efficiency standard is just one part of her plan, which aims to cut greenhouse gas emissions by a projected 80 percent from 1990 levels by 2050 – the many climate experts feel is needed to avert the most serious consequences of global warming. The plan also calls for the reduction of oil imports by two-thirds from 2030 projected levels. U.S. automakers have been resisting the efficiency target approved by the Senate (but not the House) of 35 mpg by 2020. Clinton’s plan would require vehicles to achieve 40 mpg by 2020. However, her plan includes a $20 billion bond program to help automakers finance factory overhauls to make vehicles that run on alternative fuels. Clinton also proposes increasing the national renewable fuel goal from the current target of 7.5 billion gallons per […]

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House Bill Addresses Obstacle to Renewables

Building massive windfarms and solar installations in the U.S. will be pointless without major investments in transmission lines to connect their clean energy to the grid. The inadequate condition of the nation’s transmission infrastructure has gotten relatively little media attention, but fortunately, in this regard, lawmakers appear to be in front of the curve. U.S. Reps. Jay Inslee (D-Wash.) and Earl Blumenauer (D-Ore.) have introduced legislation in the House that would make renewable electricity produced in rural areas available to urban energy users. In September, Majority Leader Harry Reid (D-Nev.) introduced a similar bill in the Senate. The House bill, called the Rural Clean Energy Superhighways Act, would improve electricity transmission from rural areas with significant renewable energy potential, while spreading the cost of construction, maintenance and operation of infrastructure throughout a region, to all beneficiaries. Currently, the lack of sufficient electric transmission capacity in remote, renewable energy rich areas represents a major barrier to developing solar, wind, geothermal and biomass resources needed to meet clean energy standards in the electricity mix. Twenty-five states currently have a so-called renewable electricity standard (RES), and in August, the U.S. House passed in its energy-independence package a federal RES for at least 15% […]

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Solar Industry Sends Wish List to Congress

Leaders from the solar industry recently sent a letter to House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid and other Congressional leaders working on the Energy Bill. The letter states that the U.S. photovoltaic (PV) industry is on track to grow 60% in 2007 and that solar will be on par with other energy sources by 2015 if it receives continuing support, such as the investment tax credits passed in the 2005 EPACT and several initiatives on the state level. It continues, “&key provisions for solar proposed in House and Senate versions of the energy bill pave the way for continued growth and deployment of solar energy and will stimulate continued cost reductions.” The letter then details the provisions most important to the industry: – Extend through 2016 the Section 48 business investment tax credit (included in both the House and Senate bills) – Extend through 2014 the Section 25 D residential investment tax credit (included in the Senate bill) – Remove the $2,000 cap from residential investment tax credits (included in the House bill) – Provide Alternative Minimum Tax relief for both commercial and residential users of solar (included in the House bill) – Eliminate public utility exemption […]

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Vestas Reports Strong Q3

Denmark-based, Vestas Wind Systems A/S (Copenhagen: VWS.CO), the world’s leading manufacturer of wind turbines, reports significant revenue and EBIT increases for the third quarter of 2007. Vestas generated Q307 revenue of EUR 1.150m versus EUR 842m for Q306, achieving an EBIT of EUR 102m, up from EUR 40m in 2006, thus lifting the EBIT margin from 4.8% to 8.9% over the past 12 months. The company’s profit after tax for Q3 was 66m EUR and 134m EUR for nine months, as compared to 18m EUR 3Q06 and 24m EUR for nine months ending September 2006. Vestas shipped 1,245 MW of turbines during the quarter as against 1,060 MW the year before, an increase of 17%. As of September 30, its order backlog amounted to EUR 4.1bn, against EUR 3.1bn in 2006. Europe contributed 52% to Q3 revenues, the Americas 37% and Asia/Pacific 11%. Vestas attributes its results to an overall higher level of activity, higher prices and the many efficiency-improving measures taken since May 2005. The company expects revenue to continue to increase in Q4 to approx EUR 4.5bn, and forecasts the EBIT margin at about 8%. Net working capital is expected to represent a maximum of 10% of annual […]

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