Friday, October 24, 2008
1. Constellation Energy $ 21 billion
2. Exelon $ 19 billion
3. Dominion Resources $ 16 billion
4. Southern Company $ 15 billion
5. FPL Group $ 15 billion
6. AES Corporation $ 13.5 billion
7. American Electric Power $ 13.3 billion
8. PG&E $ 13.2 billion
9. Consolidated Edison $ 13.1 billion
10. Edison International $ 13.1 billion
11. Public Service Enterprise Group $ 12.8 billion
12. FirstEnergy $ 12.8 billion
13. Duke Enegy $ 12.7 billion
14. Entergy Corporation $ 11.4 billion
15. Sempra $ 11.4 billion
16. Reliant $ 11.2 billion
17. Williams Companies $ 10.5 billion
18. Integys Energy $ 10.2 billion
19. Xcel Energy Inc $ 10 billion
20. Centerpoint Energy $ 9.6 billion
CHARTS: [Total Revenue Rankings, Capital Expenditures, Income from Continuing Operations]
Thursday, October 23, 2008
Wednesday, October 22, 2008
Allows the Secretary to waive provisions of the Federal Acquisition Regulation where compelling circumstances make compliance contrary to the public interest. Such waivers must be reported to Congress within 7 days. If provisions related to minority contracting are waived, the Secretary must develop alternate procedures to ensure the inclusion of minority contractors
National Black Chamber of Commerce President Harry Alford does not seem to have much faith in these 'alternate procedures.' In fact, Harry is furious about the waiver of minority contracting. And so are we. Harry knows that just as 'minorities' did not create the financial crisis, 'minorities' also, more often than not, get left out of contracting opportunities. We doubt Harry will be holding his breath for Henry to prove him wrong on this experience. (National Black Chamber of Commerce)
Monday, October 20, 2008
AAEA President Norris McDonald partnered with NAESCO in 1985 to draft legislation and lobby for the passage of the Federal Shared Energy Savings Act of 1986. The legislation was signed into law by President Ronald Reagan in April 1986.
Saturday, October 18, 2008
Friday, October 17, 2008
Thursday, October 16, 2008
Not that we feel entitled to be included in every report about nuclear power, but we do feel that we should be included sometimes, anytime in a report about nuclear power. After all, AAEA was not ONLY the first environmental group in the United States to publicly support nuclear power, but is still the ONLY environmental group in the U.S. that actively and publicly supports the technology. Our president was the first environmentalist to publicly support nuclear power in the United States starting in 2001. CNBC somehow missed us in their one hour report on Oct 14, 2008. This continues an unusual pattern of AAEA being overlooked for getting out front on this issue well before any other environmentalist or environmental group. One would think it would at least merit mention in a one hour cable news show special.
CNBC took out a full page ad for the show in The Wall Street Journal. It featured a picture of Melissa Francis as the reporter for this episode. How did you miss us Melissa? Maybe our visits to so many nuclear plants and facilities all over the world have rendered us invisible. The ad says, "Powering America's Future" with a subtitle of "The Nuclear Option." The description says "Nuclear energy is arguably cleaner, cheaper and more efficient than oil. Still, it's faced decades of resistance in America. Join CNBC for a provocative look at the facts and fears behind this controversial source of energy. We'll show you why some are even arguing for a nuclear power plant in their own backyard." The WSJ ad had a typical picture of a cooling tower instead of a containment dome, which is really the most important part of a nuclear plant.
Saturday, October 11, 2008
Thursday, October 09, 2008
Other mortgage banks might howl foul but if we want to keep housing starts up, and the accompanying carpentry, electrician and plumbing jobs, then we probably have no choice. Already much new housing construction is being cancelled and this will clearly ripple throughout the economy if nothing is done very soon. Moreover, middle class and low-income families will suffer most from not only foreclosure, but also a tight employment market. Not only can they lose their homes, they can also lose their jobs.
The African American community is particularly at risk and the Congressional Black Caucus had better be paying attention. Plus, the collapse of the subprime mortgage market has probably completely eliminated the dream of so-called home ownership for many in low-income and middle class Black communities. House Majority Leader Steny Hoyer and
newly elected Congresswoman Donna Edwards, who voted for the bailout, represent Washington, D.C. suburbs with very high mortgage foreclosure rates. Edwards represents the richest majority Black county in the country that has a very high mortgage default rate. Although most of these are not necessarily low-income subprime mortgagees, they probably did bite off of a bit more than they can chew. Speaker Pelosi's proposal to bring members back after the elections to pass a stimulus package that would put some money in voters' pockets is probably a good idea in the short term. But without a structural fix in the secondary mortgage markets, we are setting ourselves up for another fall. Break up Fannie and Freddie early in the 111th Congress.
Wednesday, October 08, 2008
A $740 million expansion of the Cove Point LNG facility was reauthorized on October 7, less than three months after a federal court sent the issue back to the Federal Energy Regulatory Commission. The U.S. Court of Appeals for the District of Columbia circuit remanded the issue to the FERC after gas provider Washington Gas complained that Cove Point liquefied natural gas had contributed to a series of gas leaks in Prince George's County in 2003, 2004 and 2005. A gas leak in 2005 resulted in the explosion of a District Heights house. No one was injured, but a subsequent Washington Gas study found the imported gas was drying out rubber pipe seals, leading to leaks. FERC concluded that the Washington Gas arguments against the facility's gas were "based on a flawed analysis." FERC concluded that "other factors, namely the application of hot tar to the coupling seals as a means of corrosion control, the increase in operating pressures on (the) system, and colder temperatures were primarily responsible for the leaks." AAEA agrees with this conclusion.
Dominion began construction on two additional LNG storage facilities and a 47-mile pipeline in Southern Maryland in 2006 and expects to finish the expansion by the end of 2008 or the start of 2009. Cove Point will now have the capability to provide natural gas to several million more homes in Southern Maryland, New York and Pennsylvania. (WTOP News, 10/8/08)
Tuesday, October 07, 2008
Baltimore County Executive James T. Smith Jr. submitted the petition to the Supreme Court on Aug. 15 after an earlier decision by the 4th U.S. Circuit Court of Appeals that the county’s modification of zoning regulations was a violation of the Natural Gas Act. Baltimore County updated its Coastal Zone Management plan in 2007, changing it so that LNG plants could not be sited near coastal areas. That zoning change was upheld by U.S. District Court for the District of Maryland Judge Richard D. Bennett. AES, in turn, appealed that decision to the 4th U.S. Circuit Court of Appeals. That court sided with the energy company and said the Federal Energy Regulatory Commission had exclusive authority over the placement of LNG terminals. FERC’s five-member panel is expected to vote on the project in November, but its staff has given the project provisional approval.
Friday, October 03, 2008
Purchase of up to $700 billion in troubled Mortgage Backed Securities
$100 billion at president's discretion
They put the Senate version of the renewables tax package, which includes wind, solar and plug-in electric cars, in the bill (H.R. 7060). The renewables package totals about $18 billion in tax extensions, including $1.9 billion in tax credits on solar equipment purchases by solar energy producers and $5.8 billion for wind, geothermal and biomass producers. A 30 percent credit for homeowner project costs replaces the former $2,000 credit. Energy efficient appliances qualify for the credit too. Plug-in electric cars get tax credits of $2,500 to $7,500. Electric vehicle recharging stations get a one year extension on $30,000 in tax credits or up to 30% of their costs. There are $900 million in extensions for refineries using tar sands or coal-to-liquids technology. Efforts to take away tax benefits from oil and gas companies to use them as offsets for renewables repeatedly failed before being included in this legislation.
The decision was the result of a process run by the BPU's Office of Clean Energy. The Garden State Energy proposal was chosen from among five submitted to New Jersey regulators for evaluation. GSOE will also receive a $4 million grant from the state of New Jersey, 10 percent of which will be received upfront to offset a portion of the costs of the studies. The remainder will be received upon commercial operations. The completion of the project is dependent on receipt of all required permits, ongoing analysis of environmental impacts, wind quality studies, energy markets, financing and other conditions. The decision to proceed, as well as final location, design and construction schedules, could be affected by these factors.
. a $105 million solar loan program (run by PSE&G).
. the formation of a joint venture, Energy Storage and Power, which is promoting compressed
air energy storage.
. The launching of Solar Solutions, which seeks to build and own larger scale solar installations
in the Northeast.
. Operation of biomass facility in New Hampshire.
Deepwater Wind was established to develop utility-scale offshore wind projects in the northeastern part of the United States. The company's major investors are D.E. Shaw & Co., a global investment and technology firm with deep experience in the energy sector and First Wind, a major developer of onshore wind projects in the United States.
Thursday, October 02, 2008
[Text of H.R. 1424]