Michigan plugs in to plug-ins
MICHIGAN - Michigan utility DTE Energy said U.S. federal stimulus money targeting the plug-in electrical vehicle sector is an incredible opportunity for the state.
The economic collapse of 2008 wreaked havoc on the automotive-dependent economy in Michigan, contributing to an unemployment rate of 14.7 percent in August.
U.S. President Barack Obama signed the American Recovery and Reinvestment Act of 2009 in February, pumping billions of government funds into the economy to stimulate growth.
Knut Simonsen, senior vice president of DTE Energy Resources, said national leaders and business investors would discuss Michigan opportunities at The Business of Plugging In conference in Detroit.
"With Michigan at a crucial crossroad in preparing for the future, plug-in electric vehicles present an incredible opportunity to address climate change, create jobs and capitalize on the new electric automotive industry," he said.
Jon Lauckner, vice president for General Motors Co. Global Program Management, said alternative fuel sources for the automotive sector could only help with a collaborative effort.
"We can only be successful if we know and listen to each other's issues and challenges and find solutions together," he said.
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TOKYO - Two of Japan's biggest power companies will buy around 40% of a German-owned developer of offshore wind farms in the U.K., seeking to learn from Britain's lead in this sector and bring the know-how back home.
Tokyo-based Electric Power Development, better known as J-Power, will join Osaka regional utility Kansai Electric Power in investing in a unit of Germany's Innogy.
The deal, estimated to be worth around $900 million, will give J-Power a 25% stake and Kansai Electric a roughly 16% share. It will mark the first investment in an offshore wind project by Japanese power companies.
Innogy plans to start…
