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In a breakthrough toward US leadership in carbon reduction, the AES Corporation (NYSE:AES) and GE Energy Financial Services, a unit of General Electric (NYSE:GE), announced today that they intend to create a partnership to develop greenhouse gas emission reduction projects in the United States.The partnership would seek to create an annual production volume of 10 million tonnes (metric tons) of greenhouse gas offsets by 2010, primarily through the reduction of emissions of methane – a potent greenhouse gas with a warming potential 21 times greater than carbon dioxide. Projects to capture and destroy methane emissions would include agricultural waste, landfills, coal mines and wastewater treatment. In addition to methane-based projects, the partnership may also pursue development of offsets through energy efficiency projects and electricity generation from renewable sources. The partnership would sell offsets from these projects to commercial and industrial customers seeking to reduce the environmental impact of their operations or to provide climate-friendly products or services to their customers.
“AES is committed to helping address climate change as part of our broader alternative energy strategy,” said Paul Hanrahan, President and CEO of AES. “Our partnership with GE will enhance the ability of the United States to expand energy resources while mitigating the negative environmental impacts of growth. We are pleased to team with GE because the combination of our skills will allow us to lead the development of the US market for carbon offsets.”
The partnership would invest in projects using equipment from a variety of manufacturers, potentially including GE products certified by its ecomagination program. GE Energy Financial Services and AES are taking this step with an immediate focus on voluntary demand for greenhouse gas reductions but with an eye toward possible future mandatory emissions limits.
“This initiative will help GE Energy Financial Services double its already sizeable $1.5 billion portfolio of investments in renewable energy projects by the end of 2008, and will contribute to GE’s ecomagination program,” said Alex Urquhart, President and CEO of GE Energy Financial Services.
Through its ecomagination program, GE has committed to help its customers meet their environmental challenges while reducing its own greenhouse gas emissions. GE has pledged to more than double its investment in the development of cleaner energy technologies, from $700 million to $1.5 billion by 2010, reduce its greenhouse gas emissions one percent by 2012, reduce the intensity of its greenhouse gas emissions 30 percent by 2008, and improve the company’s energy efficiency 30 percent by the end of 2012.
Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services, added: “Our capital, sales channels and risk management – along with AES’s expertise in project development -- make for a powerful combination that will lead the US carbon market.”
Last April, AES announced formation of its alternative energy group, making a $1 billion commitment to investments in wind, LNG, and climate change sectors. Last December, AES adjusted its guidance on investment in this sector to potentially as much as $10 billion over the next 5-10 years. It has already announced a target to produce up to 40 million tonnes of greenhouse gas emission offsets per year by 2012, through development projects under the Clean Development Mechanism of the Kyoto Protocol in Asia, Africa, Europe and Latin America.
"Carbon offsets play an important role in the fight against global warming,” said William Luraschi, Executive Vice President, Business Development and leader of AES’s Alternative Energy business. "AES began investing in greenhouse gas reduction projects in the late 1980's. With our 25 years of experience in energy and a presence in virtually every region of the world, AES is well positioned to play a leading role in this sector."
The AES/GE partnership would establish strict standards for the creation, certification and registration of US greenhouse gas emissions credits. It plans to have internationally accredited and independent environmental organizations assure that each carbon offset meets the highest scientific and technical standards.
About AES
AES is one of the world's largest global power companies, with 2005 revenues of $11 billion. With operations in 26 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. Our 14 regulated utilities amassed 2005 annual sales of over 82,000 GWh and our 121 generation facilities have the capacity to generate approximately 44,000 megawatts. Our global workforce of 30,000 people is committed to operational excellence and meeting the world's growing power needs. To learn more about AES, please visit www.aes.com or contact AES media relations at media@aes.com.
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MANDATORY RENEWABLE ENERGY – THE ENERGY EVOLUTION –R9
In order to insure energy and economic independence as well as better economic growth without being blackmailed by foreign countries, our country, the United States of America’s Utilization of Energy sources must change.
"Energy drives our entire economy." We must protect it. "Let's face it, without energy the whole economy and economic society we have set up would come to a halt. So you want to have control over such an important resource that you need for your society and your economy." The American way of life is not negotiable.
Our continued dependence on fossil fuels could and will lead to catastrophic consequences.
The federal, state and local government should implement a mandatory renewable energy installation program for residential and commercial property on new construction and remodeling projects with the use of energy efficient material, mechanical systems, appliances, lighting, etc. The source of energy must by renewable energy such as Solar-Photovoltaic, Geothermal, Wind, Biofuels, etc. including utilizing water from lakes, rivers and oceans to circulate in cooling towers to produce air conditioning and the utilization of proper landscaping to reduce energy consumption.
The implementation of mandatory renewable energy could be done on a gradual scale over the next 10 years. At the end of the 10 year period all construction and energy use in the structures throughout the United States must be 100% powered by renewable energy. (This can be done by amending building code)
In addition, the governments must impose laws, rules and regulations whereby the utility companies must comply with a fair “NET METERING” (the buying of excess generation from the consumer), including the promotion of research and production of “renewable energy technology” with various long term incentives and grants. The various foundations in existence should be used to contribute to this cause.
A mandatory time table should also be established for the automobile industry to gradually produce an automobile powered by renewable energy. The American automobile industry is surely capable of accomplishing this task.
This is a way to expedite our energy independence and economic growth. (This will also create a substantial amount of new jobs). It will take maximum effort and a relentless pursuit of the private, commercial and industrial government sectors commitment to renewable energy – energy generation (wind, solar, hydro, biofuels, geothermal, energy storage (fuel cells, advance batteries), energy infrastructure (management, transmission) and energy efficiency (lighting, sensors, automation, conservation) in order to achieve our energy independence.
"To succeed, you have to believe in something with such a passion that it becomes a reality."
Jay Draiman, Energy Consultant
Northridge, CA. 91325
1-16-2007
P.S. I have a very deep belief in America's capabilities. Within the next 10 years we can accomplish our energy independence, if we as a nation truly set our goals to accomplish this.
I happen to believe that we can do it. In another crisis--the one in 1942--President Franklin D. Roosevelt said this country would build 60,000 [50,000] military aircraft. By 1943, production in that program had reached 125,000 aircraft annually. They did it then. We can do it now.
The American people resilience and determination to retain the way of life is unconquerable and we as a nation will succeed in this endeavor of Energy Independence.
Solar energy is the source of all energy on the earth (excepting volcanic geothermal). Wind, wave and fossil fuels all get their energy from the sun. Fossil fuels are only a battery which will eventually run out. The sooner we can exploit all forms of Solar energy (cost effectively or not against dubiously cheap FFs) the better off we will all be. If the battery runs out first, the survivors will all be living like in the 18th century again.
Every new home built should come with a solar package. A 1.5 kW per bedroom is a good rule of thumb. The formula 1.5 X's 5 hrs per day X's 30 days will produce about 225 kWh per bedroom monthly. This peak production period will offset 17 to 24 cents per kWh with a potential of $160 per month or about $60,000 over the 30-year mortgage period for a three-bedroom home. It is economically feasible at the current energy price and the interest portion of the loan is deductible. Why not?
Title 24 has been mandated forcing developers to build energy efficient homes. Their bull-headedness put them in that position and now they see that Title 24 works with little added cost. Solar should also be mandated and if the developer designs a home that solar is impossible to do then they should pay an equivalent mitigation fee allowing others to put solar on in place of their negligence.
Installing renewable energy system on your home or business increases the value of the property and provides a marketing advantage.
Nations of the world should unite and join together in a cohesive effort to develop and implement MANDATORY RENEWABLE ENERGY for the sake of humankind and future generations.
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