Energy Production Companies Receive Direct Cash in Place of Tax Credits-

The United States government is doing its part to incite venture capital investments in clean and renewable energy by offering cash awards to energy production companies in place of earned tax credits. In a recent announcement, U.S. Treasury Secretary Tim Geithner and U.S. Energy Secretary Dr. Steven Chu awarded $502 million in the first round of funding in an effort to help produce upfront capital – allowing companies to create jobs and begin construction that may have been put on hold. Twelve projects were awarded grants. Penascal wind farm in Sarita, Texas received the largest grant, over $114 million. The 12 winning projects would be able to produce 840 megawatts of electricity, representing a 3 percent increase in total U.S. renewable energy generation capacity. “These grants will help America’s business launch clean energy projects, putting Americans back to work in good construction and manufacturing jobs. The initiative will help double our renewable energy capacity over the next few years and make sure America leads the world in creating the clean energy economy of the future,” said Secretary of Energy Chu. Treasury Secretary Geithner said, “This renewable energy program will spur the manufacture and development of clean energy in urban and rural America, allowing us to protect our environment, create good jobs and revitalize our nation’s economy.” The agenda, introduced under Section 1602 of the Recovery Act, is anticipated to generate more than $3 billion in fiscal support for clean energy projects by supplying direct payments in place of tax credits. Over the life of the program, these direct payments will sustain around 5,000 renewable energy production facilities of all forms throughout the nation. More than 2,000 Americans will have access to jobs in the renewable energy industry as a result of this first round of funding – both in construction and manufacturing – and will bring the nation one step closer toward the goal of a clean energy economy.

Intergovernmental Budget Request to Offer Clean Energy Funds Nationwide-

On February 1st, President Obama announced a $28.4 billion budget request for the Department of Energy (DOE) to utilize in 2011, which includes $2.36 billion toward the new DOE Office of Energy Efficiency and Renewable Energy (EERE). Maintaining America’s shift toward clean energy and conservation, the proposed plan targets untenable energy use, renewable energy sources, and clean energy research. The budget consists of significant increases for several EERE projects; with a 53 percent increase for wind energy, 43 percent for the Weatherization and Intergovernmental program, 32 percent for the Federal Energy Management Program, 25 percent for geothermal energy, and a 22 percent boost for solar energy. An additional $57.5 million will also be applied for facility and infrastructure development at DOE’s National Renewable Energy Laboratory, and $50 million will go towards a new program called ‘Regaining our Energy Science and Engineering Edge’ (Re-Energyse) which will educate and guide students, as well as workers, to pursue careers in science, engineering, and entrepreneurship related to renewable energy; professions which are seriously lacking in America. Moreover, Obama’s initiative necessitates a 43 percent increase in funding for program management; virtually doubling the total amount exhausted for program support. Budget resources will grant the DOE $500 million to support approximately $3-5 billion in loan guarantees for energy efficiency and renewable energy projects, along with $10 million to support the continued management of the Advanced Technology Vehicles Manufacturing Loan Program. $35 million of the proposed funds will also work to develop clean energy transmission and reliability, $39.3 million will be applied toward Smart Grid research and improvement, and $40 million will be used to develop energy storage on the electrical grid. The Advanced Research Project Agency (ARPA-E) is also included in the budget proposal with $300 million to aid in transformational energy research; while Energy Frontier Research Centers are anticipated to receive a whopping $140 million for two new facilities, and $107 million for Energy Innovation Hubs. Both the U.S. Departments of Agriculture and Interior are planning to increase renewable energy funding and energy efficiency program fulfillment in their budget requests for 2011 which span from wildlife protection to biofuel production, and are available in-depth by visiting Energy.gov.

President Obama Highlights Initiatives & Goals for 2010-


Last night, President Barack Obama gave his first official State of the Union Address to a joint session of Congress and went into heavy detail on the topics of federal deficit and national job loss. The President proposed policy changes that would eliminate programs which are unaffordable or do not work; repeal the ‘don’t-ask-don’t tell’ policy which currently bans homosexual persons from being allowed to serve in the military; reform immigration laws; improve earmark allocations; provide major reorganization in the health care industry; nearly double the child tax credit for the middle class; expand tax credits for the middle class workforce who starts a retirement fund; refinance to make mortgages more affordable; increase Pell Grants for students; as well as renew the Elementary and Secondary Education Act.

New legislative initiatives and goals were also proposed, such as placing fees on the country’s largest banks to follow up on the Trouble Assets Relief Program (TARP); offering $30 billion from recovered TARP funds to community banks to extend credit to small businesses; building clean energy facilities to spur the nation into affordable, renewable energy generation; providing rebates to Americans who make their homes more energy-efficient; encouraging new jobs by cutting tax breaks for companies that send jobs overseas, as well as giving incentives to companies that create jobs in the U.S.; building nuclear power plants for domestic energy production; exploring off-shore for oil and gas to eliminate the country’s need for foreign oil; investing in advanced biofuels and clean coal technologies; adding a comprehensive energy and climate bill to make clean energy economically lucrative; launching a National Export Initiative which would double exports in 5 years; giving access to a retirement account for every worker; revitalizing community colleges to encourage sustainable education in America; ending taxpayer subsidies for student bank loans; supplying a $10,000 tax credit for families that enroll a student in for years of college; allowing all student loan debt to be pardoned after 20 years, or after 10 years if they choose a career in public service; cutting costs at colleges and universities; immobilization in government spending for 3 years on discretionary programs (excluding Medicare, Medicaid, Social Security and national security), starting in 2011; extending middle-class tax cuts; restoring the pay-as-you-go law; implementing a bipartisan fiscal commission to provide solutions; and some of the most important which aid to cease dishonesty in legislation, with the proposed policies requiring lobbyists to disclose every contact they make; placing limits on contributions that lobbyists give to candidates; as well as cracking down on violations of equal pay laws. His wife and First Lady, Michelle Obama, also added an inventive program which will help to tackle childhood obesity. The speech appeared very dubious indeed to many, seeing that there is still much further to go in the battle for a sustainable future; however, if President Obama is able to push these policies through with bipartisan support, America may be on the right track after all. Video below is the full State of the Union 2010 video speech, courtesy of CBS News.

U.S. to Partner with United Arab Emirates for Nuclear Energy Plant, Pending Congressional Approval-


The White House recently confirmed that President Obama has granted an agreement which will financially assist a nuclear energy program in the United Arab Emirates. However, the agreement still requires Congressional reviewing in order to receive full clearance for funding. President George W. Bush set up the initial arrangement in the last term of his administration and left it for Obama to push through Congress. Obama’s administration sees the proposition as a way to deter the production of nuclear weapons throughout countries in the Middle East; concerned that, without the vigilance of America, any nuclear program set in place by their corrupt governments would actually disguise nuclear weapon construction schemes. The agreement has been put on hold for weeks as a scandal broke out over an illicit video stolen from the UAE which showed a member of the royal family brutally assaulting an Afghan businessman with a cattle prod, cigarette lighter and wooden planks over a reported business dispute. The tape, which is about five years old, was shown at the House Human Rights Commission last week. According to the UAE government, the royal sheikh was brought into custody this month awaiting the outcome of an extensive criminal investigation.

Under the proposed settlement, the United Arab Emirates agrees not to supplement uranium to operate its nuclear plants or recycle spent nuclear fuel; as those are critical steps in assembling weapon grade ammunition. In exchange for this deal, the UAE can purchase fuel and other resources needed for its nuclear energy facilities from U.S. companies. The United Arab Emirates also gave consent to thorough international examination of nuclear energy plants to prove that they are not involved in any illegal activities. Numerous additional countries in the Middle East are reportedly trying to employ nuclear energy plants throughout the area, which U.S. officials believe can be a beneficial business arrangement for all involved. In a memorandum announced today by the White House, Obama said he has concluded the union will “promote, and will not constitute an unreasonable risk to, the common defense and security.” However, countless lawmakers and non-proliferation specialists are concerned that the treaty doesn’t contain enough stringent precautionary measures and, while they don’t think the UAE will construct a nuclear weapon, they are concerned about the safety of other nations in the area. Regardless of opinionated public officials, the contract will go through Congress for a 90 day approval period and will be put into action after that point – dependent upon sanction from both chambers.