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BALTIMORE, Maryland, US, August 16, 2006
(Refocus Weekly)
The U.S. Department of Energy will guarantee US$2
billion of loans in green energy technologies.
“With these loan guarantees, we hope to encourage creativity and
ingenuity that will help us strengthen our nation’s energy
security,” says energy secretary Samuel Bodman. “Projects eligible
to receive loan guarantees are vast and varied; we hope to spur
investment in new renewable energy projects like solar and wind, as
well as clean coal technologies and efforts that can convert
cellulosic biomass into ethanol.”
The loan guarantees will reduce the financial risks of advanced
energy projects that avoid, reduce or sequester the emissions of air
pollutants and greenhouse gas. The first round of applications will
be governed by an upcoming solicitation, which will guide DOE's
development of permanent regulations. Within weeks, DOE will propose
draft regulations to govern future rounds of loan guarantees.
The loan guarantee program was authorized in EPAct that president
George Bush signed into law last August. Projects must support
federal efforts to diversify energy sources while reducing reliance
on foreign sources of energy and encourage energy efficiency.
Bodman unveiled the program guidelines while joining Maryland
governor Robert Ehrlich at the opening of that state’s first
government-owned ethanol fueling facility. A series of events are
being staged to observe the first anniversary of the signing of
EPAct.
“The Energy Policy Act has set the country on a path forward to
increasing clean energy sources that will power our robust economy
for generations to come,” says Bodman. “By diversifying our energy
mix, we strengthen our nation’s energy security, reduce our reliance
on foreign oil, and provide employment for America’s farmers and
biorefiners.”
Making greater use of ethanol and other renewable fuels can help the
U.S. to achieve its goal, and he applauded Ehrlich for his
commitment to clean energy policies in Maryland. “He has been
leading the way by setting renewable energy standards, expanding the
state’s fleet of flex fuel vehicles and committing the state to
buying 10% of its electric power from renewable sources,” he noted.
“If the other 49 governors were working as hard as he is, my job as
energy secretary would be a lot easier.”
Earlier this month, Bodman announced $250 million for two centres to
accelerate basic research on cellulosic ethanol and other biofuels,
and then toured a manufacturer of wind turbines to highlight DOE’s
work to improve wind technology and reduce the cost of
wind-generated electricity. He also announced $2 billion in risk
insurance for six nuclear reactors and issued a study to outline
congestion points in the U.S. power transmission grid.
“One of EPAct’s central goals is to help us produce more clean
energy here at home and use that energy more efficiently,” says
Bodman. Projects eligible for the loan guarantees employ “new or
significantly improved energy technologies” and include clean coal
projects, “production facilities for fuel efficient vehicles, plants
that convert cellulosic biomass into ethanol, or other renewable
energy projects that employ innovative technologies.”
“We’re also working to bring reliable, cost-effective renewable
energy sources like ethanol and E85 to market all across the
country,” he adds. “We’re doing it by supporting integrated
bio-refinery demonstration projects, and by providing renewable
energy production tax credits and other incentives.”
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