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China Passes Renewable Energy Law

China has passed its first ever renewable energy law, setting the stage for the country to transform renewable energy markets. The Renewable Energy Promotion Law, which takes effect next year, requires power grid operators to purchase resources from registered renewable energy producers. It also encourages oil distribution companies to sell biological liquid fuel, and offers financial incentives, such as a national fund to foster renewable energy development, and tax preferences for renewable energy projects. At the Bonn conference on renewable energy last June, China pledged to increase its installed renewable energy generating capacity to about 60 gigawatts by 2010, about 10 percent of total power capacity (from less than 1% today). China relies on coal for about 75 percent of its energy and coal-fired plants account for most of its pollution. China is now the world’s second biggest producer of carbon dioxide accounting for a seventh of the global total. Only the United States is worse, according to the International Energy Agency. Last year, the market for wind energy in China grew by 35% even without the new law. China has huge potential for solar, wave, tidal and biomass power and there is huge commercial interest in developing renewables there. […]

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Poll: Public Would Significantly Alter Administration Budget

A new poll finds that the American public would significantly alter the Bush administration’s recently proposed federal budget. Presented a breakdown of the major areas of the proposed discretionary budget and given the opportunity to redistribute it, respondents made major changes. The most dramatic changes were deep cuts in defense spending, a significant reallocation toward deficit reduction, and increases in spending on education, job training, reducing reliance on oil, and veterans. These changes were favored by both Republicans and Democrats, though the changes were generally greater for Democrats. Sixty-one percent of respondents redirected some funds to reducing the budget deficit, with the mean respondent reallocating $36 billion (Democrats $39.4 billion, Republicans $29.6 billion), though they were not told anything about the size of the deficit. Defense spending received the deepest cut, being cut on average 31%?equivalent to $133.8 billion?with 65% of respondents cutting. The second largest area to be cut was the supplemental for Iraq and Afghanistan, which suffered an average cut of $29.6 billion or 35%, with two out of three respondents cutting. Also cut were transportation (cut $12.6 billion or 18%), federal administration of justice ($8.7 billion or 21%), and space research and science ($1.2 billion or 5%). […]

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Governor Signs Energy Efficiency Bill

Acting Governor Codey signed a bill yesterday that will significantly reduce electricity use across the state. The legislation (A516/S332) sets minimum energy efficiency standards for common products used throughout the state. “The Bush Administration has failed to provide this country with energy policies that improve our quality of life. Assembly Bill A516 is a positive first step for the state of New Jersey to offer its residents energy efficient products that lower electric bills, reduce demand on the electrical grid, and lessen New Jersey’s reliance on power plants that pollute the atmosphere,” said Assemblywoman Watson-Coleman, the prime sponsor of the legislation. Natural gas prices have risen about 25% just in the last year. New Jersey’s heavy dependence on natural gas for electricity as well as heat will continue to result in higher utility bills unless the state takes steps to conserve energy. By 2020, the standards will save consumers over $742 million on their utility bills. As a result of the new energy efficiency standards, electricity use will decrease by about 1% across the state, which will also help to prevent overloading the electricity grid and increase reliability. A516/S332 includes energy efficiency standards for the following products: Torchiere lamps, unit […]

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Western Wind Energy Executes a 120 MW Power Purchase Agreement

Western Wind Energy (WND.V) has closed a power purchase agreement with the Southern California Edison Company (“Edison”) for the procurement by Edison, from the Company, of up to 120 megawatts of wind powered electrical generation. The agreement is for a period of 20 years. Due to confidentiality provisions in the agreement, the price per kilowatt hour and capacity factor are to remain confidential however, for the purpose of public disclosure, the gross yearly revenues to the Company for this contract, including tax credits, will be between US $24.2 – $28.6 million per year and will have an aggregate value over 20 years, of between US $480 – $560 million. The location of the wind energy facilities will be Tehachapi Pass Wind Park. Tehachapi Pass is the site to over 4,600 wind turbine generators delivering over 1.4 trillion watt hours of energy from 670 megawatts of name-plate capacity. Jeff Ciachurski, President of Western Wind states “This is a major victory for the rate-payers of California. Not only does wind power provide environmental stewardship in the form of eliminating CO(2) emissions and other harmful substances, it also provides long-term price stability and independence from foreign fuel sources. We congratulate Southern California Edison […]

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