DOE press release:
In a long awaited announcement, U.S. Department of Energy (DOE) Secretary Samuel W. Bodman today unveiled DOE program guidelines for $2 billion in loan guarantees to help spur investment in projects that employ new energy technologies.
“With these loan guarantees we hope to encourage creativity and ingenuity that will help us strengthen our nation’s energy security,” Secretary Bodman said. “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.”
In addition over the next several weeks, DOE will propose draft regulations for public comment that will govern future solicitations. The Department views this first round solicitation as a learning opportunity that will assist in building expertise before permanent regulations are developed.
Loan guarantees will enable the Department to share some of the financial risks of projects that employ new or significantly improved energy technologies that avoid, reduce, or sequester air pollutants and greenhouse gases. Projects supported by loan guarantees will help fulfill President Bush’s goals to diversifying the United States’ energy sources, while reducing the nation’s reliance on foreign sources of energy and encourage energy efficiency. The loan guarantee program was authorized in Title XVII of the Energy Policy Act of 2005 (EPAct) that President Bush signed into law on August 8, 2005.
I have been waiting for this announcement since the EPAct was signed. Several important projects have been waiting for these loan guarantees so that they could get financing before they could go ahead. There still will be some sort of waiting period while applications for the guarantees are processed. The government process seems to crawl along so slow. The Gilberton Coal Project (coal liquefaction) and the cellulosic ethanol demonstration plants are the ones that I am interested in.
Resource: Secretary Bodman announces $2 Billion Federal Loan Guarantee Program as Part of First Anniversary Celebration of Energy Policy Act, DOE press release, August 7, 2006
It's about time they quit playing penny ante and started shelling out some real $$. Energy independence (assuming no nuke war) and the environment are the two most important issues facing the U.S. and the world in the twenty first century. Glad they mentioned cellulosic ethanol, we waste so much stuff in this country it makes me all melanoma, er, melancholy.
Posted by: petropest | August 08, 2006 at 12:57 PM
The U.S. Department of Energy (DOE) today announced a solicitation for up to $8.0 billion in federal loan guarantees for projects that employ advanced technologies that avoid, reduce or sequester emissions of air pollutants or greenhouse gases in the area of coal-based power generation, industrial gasification, and advanced coal gasification facilities. This marks the third round of solicitations for DOE’s Loan Guarantee Program, which encourages the commercial use of new or significantly improved energy technologies and is an important step in paving the way for clean energy projects.
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