Posts Tagged ‘green energy’

Constellation Energy appoints environmental policy czar

Tuesday, November 24th, 2009

Constellation Energy, a major power company based in Baltimore and headed by Mayo Shattuck, announced the appointment of James Connaughton to serve as executive vice president of corporate affairs, public, and environmental policy.

Connaughton will oversee Constellation Energy’s environmental and energy policy matters. As the person in charge of environmental policy, Connaughton will spearhead a comprehensive public and enivornmental policy to expand its low-emitting merchant fleet, renewable energy portfolio and energy efficiency services, and continue Constellation Energy’s research in emission-free nuclear energy.

“Jim has an extraordinary track record as a visionary environmental and energy policy leader,” said Mayo Shattuck, president and CEO of Constellation Energy. “He brings a well-earned reputation as a bipartisan problem-solver, who can manage the complexities of critical business, economic and policy matters from the strategy phase through implementation. To be an energy leader, our company must be an environmental leader. They are one in the same, and that’s the commitment we make to all of our stakeholders.”

Mayo Shattuck continued to stress the importance of clean and renewable energy. “The issues driving every element of our business strategy, from new nuclear and climate change to renewable energy and energy efficiency, are shaped and influenced by a myriad of policy considerations at every level of government, and by the needs and interests of our customers, shareholders and the communities we serve,” said Shattuck. “Ultimately, our business legacy will be our environmental legacy.”

Connaughton served as chairman of the White House Council on Environmental Quality from 2001-2009. In this role, he served on President Bush’s senior staff as senior environment, energy and natural resources advisor and as director of the White House Office of Environmental Policy. Connaughton worked to develop and implement climate change, air pollution and energy security policies. His work led to a series of new mandatory programs, incentives, technology initiatives and public-private partnerships that led to bipartisan energy legislation in 2005 and 2007, as well as nearly $90 billion for clean energy technology research and incentives for low-carbon technologies such as plug-in hybrid vehicles, renewable fuels, nuclear, solar, wind, and carbon capture and storage from coal power generation.

Constellation Energy is a leading supplier of energy products and services to wholesale and retail electric and natural gas customers. It owns a diversified fleet of generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE). Mayo Shattuck has been the CEO of Constellation Energy since 2001.

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Private Equity Firm Blackstone Group Bullish on Wind Energy

Thursday, April 9th, 2009

In July of last year, private equity firm The Blackstone Group announced a partnership with German wind energy corporation Windland Energieerzeugungs GmbH. The Blackstone Group and Windland are teaming up to finish a €1 billion project called Meerwind, which will be one of the North Sea’s largest wind farms, will be located 80 kilometers off the German coast.
The wind farm will be massive. The completed project will have 80 wind turbines, and be capable of producing 400 megawatts of power. The sheer size of the Meerwind Project has been made possible by the German government’s deep commitment to renewable energy. The German government has expressed a goal of reducing greenhouse gas emissions by 40% by 2020. When finished, Meerwind will put out 1.6 billion kilowatts of power each year, or enough to power up half a million households.

The Blackstone Group is excited about Meerwind’s prospects. Blackstone Group Senior Managing Director David Foley said, “We are pleased to join with our partner … to complete the development and begin construction of this well designed project.” Mr. Foley added that this is the Blackstone Group’s second major foray into renewable energy investments, referring to “… the $870 million Bujagali hydroelectric power station project by Blackstone’s 80% owned portfolio company, Sithe Global. We continue to seek out opportunities to invest in large scale energy infrastructure assets.”

Mr. Foley emphasized that the Blackstone Group will continue to seek out green energy opportunities. “We continue to seek out opportunities to invest in large scale energy infrastructure assets,” Mr. Foley said, “applying Blackstone’s capital, relationships and industry expertise to generate favorable returns for our limited partners while benefiting the environment and stimulating the local economy.”

Windland founder Joachim Falkenhagen is also very pleased with his company’s partnership with Sithe Global Power Closes Financing of Goreway Station in Brampton, Ontario.

A profile of Steve Schwarzman and his Blackstone Group Management Team.

Blackstone CEO Steve Schwarzman says economic crisis has destroyed 45% of world’s wealth.

Steve Schwarzman was recently profiled by CNN/Money.

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Green Energy Will Enjoy Extensive Tax Breaks

Tuesday, April 7th, 2009

According to a recent article in the Wall Street Journal, there is one part of The American Recovery and Reinvestment Act of 2009 that many people have overlooked: tax breaks for renewable energy. Most people are aware of President Obama’s drive for green energy, and the $37 billion earmarked for green energy has been well publicized. What is less known is that the stimulus package offers more to green companies than just mere funding. For the very first time, green energy companies can either accept straight funding from the Energy Department, or select from a menu of tax incentives.

Energy companies can choose between a one-time tax break on their investments, or take a 10-year tax break on their electricity production. In the past, only wind energy companies enjoyed this tax break. These tax breaks came about because green companies were direct victims of the economic meltdown. For example, the now defunct Lehman Brothers were a major investor in clean energy. After the economic crash of 2008, credit became extremely tight for green companies.

Researchers at the Lawrence Berkeley National Laboratory and the National Renewable Energy Laboratory have published a report to see which is the best alternative for green energy companies. The researchers concluded that overall, the cash upfront and the one-year investment tax break are the best choices. This path will encourage investors to sink money into green energy projects. But the ten-year tax break actually works out to be more money for wind and geothermal energy concerns.

But according to Jeff Davis, the tax transaction specialist with the Washington DC law firm Mayer Brown, these tax breaks actually represents a missed opportunity. “What came out ultimately fell a little short,” Jeff Davis said. He feels that the government and green companies simply did not go far enough to promote green energy. “The stimulus was a great first step, but the government and industry need to do a whole lot more to get us where we need to be.”

Article Source: Green Package II: Building Better Clean-Energy Subsidies.

Additional Information:
Green Energy Scores Big in Stimulus Package.

Database of Tax Incentives for Renewables and Efficiency

Mayer Brown’s profile on FindLaw InFirmation.

Mayer Brown wins Sager Award.

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