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Clean Energy Seen Fueling Growth and Profit at GE

By Daisuke Wakabayashi BOSTON, Oct 11 (Reuters) – Profits and sales at General Electric's (GE.N: Quote, Profile, Research) energy division have fallen for seven straight quarters, but high oil prices and tougher regulatory standards might be the catalysts needed for an earnings rebound. GE has been touting the benefits of renewable energies for years, but technological improvements and lower prices are making the cost advantage argument for solar, wind and other alternative energies more convincing. The company reported third-quarter earnings last Friday and said its energy division profits fell 35 percent and revenues declined 5 percent. GE is banking on clean energy demand to drive a 10 percent to 15 percent revenue rise in 2005. "This is a real business generating real profits," said John Rice, head of GE's energy business, which accounted for 14 percent of the company's sales in 2003. The business has suffered from a downturn in the wholesale U.S. electricity market and the collapse of Enron Corp. The Stella Group Ltd, a Washington D.C.-based strategic marketing firm that advises on alternative energy, forecasts that renewable energies could account for 20 percent to 25 percent of electricity supply by 2025 from 6 percent in 2003. "As the […]

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Los Angeles Rejects Hoover Dam from City RPS

by Bernadette Del Chiaro The Los Angeles City Council passed today language restricting electricity generated by Hoover Dam from inclusion in thecity's recently adopted 20% by 2017 Renewables Portfolio Standard (RPS) thereby joining the rest of the state in adopting the nation's strongest clean energy goal. The vote requires the Los Angeles Department of Water and Power (DWP) to increase investments, by up to 1,000 additional MW, from technologies such as solar, wind, and geothermal power over the next thirteen years, while limiting eligible hydroelectric facilities to small-sized plants. Today's vote comes two years after the California Legislature passed a law requiring all investor-owned utilities to meet a 20% by 2017 clean energy goal while requiring all publicly-owned utilities to adopt their own policies. Because Los Angeles is the largest publicly-owned utility in the country generating as much if not more power than 19 states, a coalition of environmental groups has been advocating that Los Angeles join the state in developing the region's renewable energy resources. According to Environment California, over the past two years, more than 20,000 Los Angeles residents have voiced their support for a strong clean energy standard in Los Angeles. "Today's vote ultimately means more renewable […]

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