Published on May 8th, 2008
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Six Democratic Senators joined together on Wednesday to announce a comprehensive energy bill that would tax windfall profits and “force” investment in renewable energy.
Among other things, the Consumer-First Energy Act of 2008 would roll back tax breaks for oil companies and invest the money in renewable energy development and energy efficiency technology. It also would create a windfall profit tax on oil companies failing to invest in increased capacity and renewable energy resources.
According to one of the bill’s co-sponsors, Sen. Bernie Sanders (Ind.-VT):
“The bottom line is that at a time when this country faces a major crisis in terms of the price of oil, when many working families in our state and all over this country are hurting, I think we have brought forth a comprehensive piece of legislation, which begins to attack that problem with the result of lowering the price of oil.” Read the rest of this entry »
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Published on May 6th, 2008
Agency permanently extends comment period for alt. energy leases
In the fall of 2001, Jim Gordon of Energy Management Inc. (EMI) announced his intentions to build a 420 megawatt wind farm off the coast of Massachusetts - the nation’s first. Now, the long permitting process that was made even longer by powerful opposition groups, is nearing resolution…finally.
More than 40,000 individuals and organizations have submitted comments on an environmental review of the wind farm proposed for Nantucket Sound, according to an article in the Cape Cod Times.
“I’ve never seen anything like this before,” said Rodney Cluck, Cape Wind project manager for the U.S. Minerals Management Service, the lead federal agency to review Cape Wind Associates’ plan to build 130 wind turbines in Nantucket Sound, off the coast of Massachusetts. Originally, the comments were set to be released last Friday, but officials at the Minerals Management Service postponed the release to give agency staffers more time to organize the overwhelming public response to the proposed wind farm.
As a result of the scoping process’ popularity, the MMS announced that they would be preemptively extending the comment period for all of the remaining “Alternative Energy Leases” from 30 to 60 days. Read the rest of this entry »
Published on April 8th, 2008
Federal renewable energy tax credits, Congress’ favorite subject to debate but do little about, has once again been brought to the Senate floor. But because the amendment still has no funding mechanism suitable for pay-go rules, I would argue it stands little chance of passage. Pay-go compels new spending and tax law changes to not add to the federal deficit, or if they do, they must create some sort of offset somewhere else in the budget [read more about pay-go].
In a wonky twist that would alter the clean energy incentive structure in this country rather significantly, Senators Alexander (R-TN) and Kyl (R-AZ) offered an amendment (S. Amdt 4429) that would extend the production tax credit for two years (instead of one) for wind, geothermal, biomass, landfill gas, small hydro, and wave and tidal power. Read the rest of this entry »
