Senate panel drops “green bank” for clean energy

WASHINGTON, D.C. - A Senate committee adopted language that would create a special bank within the Energy Department to dole out government loans and loan guarantees for clean energy projects using advanced technology.

The Clean Energy Deployment Administration would be part of comprehensive energy legislation that the Senate Energy and Natural Resources Committee hopes to approve later this month.

The new agency would provide various forms of credit to support environmentally friendly technologies that diversify the nation's energy supply and reduce carbon dioxide emissions.

Supporters of the green bank say it would clear the backlog of applications pending at the Energy Department from companies seeking financing for clean energy projects.

Funding for the green bank would come by transferring the billions of dollars for such projects already included in the economic stimulus package that the Energy Department now oversees.

About $10 billion more would then be appropriated by Congress to the agency.

At the hearing on the green bank, the committee rejected a proposal to limit the amount of financial support a particular energy technology could receive to 20 percent of the funding available from the bank.

The legislative clock is ticking down for the committee to finish the energy bill by May 22, when lawmakers leave for their Memorial Day holiday recess.

The committee will hold more hearings to consider a contentious proposal that would require U.S. utilities to generate a portion of their electricity supplies from renewable energy sources such as wind and solar.

Committee Chairman Jeff Bingaman said if the committee could not reach an agreement on a renewable electricity standard, he expected other lawmakers would try to attach the plan to the legislation on the Senate floor when the full chamber takes up the bill.

The committee also plans to debate proposals to give the federal government the authority to approve over state objections transmission line projects that would carry electricity supplies generated by renewable energy sources and, separately, to require the Energy Department to create emergency fuel stockpiles that would hold 30 million barrels of gasoline and diesel fuel.

Related News

nb power

Electricity subsidies to pulp and paper mills to continue, despite NB Power's rising debt

FREDERICTON - An effort to fix NB Power's struggling finances that is supposed to involve a look at "all options" will not include a review of the policy that requires the utility to subsidize electricity prices for six New Brunswick pulp and paper mills, according to the Department of Natural Resources and Energy Development.

The program is meant "to enable New Brunswick's pulp and paper companies have access to competitive priced electricity,"  said the department's communications officer Nick Brown in an email Monday 

"Keeping our large industries competitive with other Canadian jurisdictions is important," he wrote, knocking down the idea the subsidy…

READ MORE
sask powerlines

The crisis in numbers: How COVID-19 has reshaped Saskatchewan

READ MORE

europe oil companies go electric

Europe’s Big Oil Companies Are Turning Electric

READ MORE

beetle electric vehicle

Crowds plug into electric vehicle event in Regina

READ MORE

graph

Florida PSC approves Gulf Power’s purchase of renewable energy produced at municipal solid waste plant

READ MORE