U.S. gives loan guarantee for largest solar plant
The loan guarantee will support the construction of the 290-megawatt Agua Caliente Solar generating facility in Yuma County, Arizona that will use thin solar panels.
The facility will help the Obama administration meets its goal to double the amount of U.S. electricity generated from renewable energy sources like solar and wind power.
"Solar projects like this are helping the U.S. to compete globally for the clean energy jobs of today and the future," said U.S. Energy Secretary Steven Chu.
"Together, we will create hundreds of jobs and reduce the nation's fossil fuel dependence and carbon intensity," said Tom Doyle, president of NRG Solar.
Pacific Gas & Electric Company will purchase power generated at the solar plant and deliver it to its customers in California. The plant is expected to be built by 2014.
Related News
Competition in Electricity Has Been Good for Consumers and Good for the Environment
WASHINGTON - By Bernard L. Weinstein
Electricity used to be boring. Public utilities that provided power to homes and businesses were regulated monopolies and, by law, guaranteed a fixed rate-of-return on their generation, transmission, and distribution assets. Prices per kilowatt-hour were set by utility commissions after lengthy testimony from power companies, wanting higher rates, and consumer groups, wanting lower rates.
About 25 years ago, the electricity landscape started to change as economists and others argued that competition could lead to lower prices and stronger grid reliability. Opponents of competition argued that consumers weren’t knowledgeable enough about power markets to make intelligent choices…
