"Congress has made an unprecedented commitment to financial transparency and good governance in a sector that not only affects American wallets, but also some of the most vulnerable communities around the world," said Raymond C. Offenheiser, president of Oxfam America. "Secrecy of oil, gas and mining company payments to governments fosters government corruption and violent conflict in resource-rich countries that are home to more than half of the world's poorest people. Instability in these regions poses a long-term threat to national security, foreign policy, and economic interests in the United States."
The language included in the financial services reform measure was based on the Energy Security through Transparency Act (S. 1700), a bipartisan Senate bill championed by Senators Lugar (R-IN) and Cardin (D-MD). The new law creates a low-cost, uniform transparency method for oil, gas, and mining companies registered with the US Securities and Exchange Commission (SEC) and covers more than 90 percent of internationally operating oil companies and many of the top international mining companies. Companies will be required to publicly disclose payments for the extraction of oil, gas, and minerals on a country-by-country and project basis as part of financial statements that are already required by the SEC. This not only includes American companies but also many foreign companies, such as Shell and BP, as well as companies from emerging markets such as China, India, Brazil, and Russia.
"This provision is a critical part of the increased transparency and corporate responsibility that we are striving to achieve in the financial industry. Given the catastrophic events in the Gulf of Mexico, oil companies, in particular, should well understand that secrecy fosters instability, corruption and greater risk," said Senator Cardin. "We now have the tools to help people in resource-rich countries hold their leaders accountable for the money made from their oil, gas and minerals."
"Too often, oil money intended for a nation's poor ends up lining the pockets of the rich or is squandered on showcase projects instead of productive investments," said Senator Lugar when he spoke in favor of the measure when it was offered as an amendment to the Senate financial reform bill in late May. (The Cardin-Lugar amendment was co-sponsored by Senators Durbin (D-IL), Schumer (D-NY), Feingold (D-WI), Merkley (D-OR), and Johnson (D-SD).) He added: "This 'resource curse' affects us as well as producing countries. It exacerbates global poverty which can be a seedbed for terrorism, it empowers autocrats and dictators, and it can crimp world petroleum supplies by breeding instability."
"We applaud Senators Cardin and Lugar for spearheading this effort in the Senate that will both level the playing field for oil, gas, and mining companies and help citizens hold their governments accountable for using revenues for economic development and poverty reduction. We also thank Senator Leahy for offering the measure during the House-Senate conference process and House Financial Services Chairman Barney Frank for his early leadership on transparency in the oil and mining industries and for his support for this measure that demonstrates U.S. commitment to transparent business practices and accountable governance," said Offenheiser.
"Passing this law sets up an international standard for the public disclosure of natural resource revenue information, but its effectiveness will be determined by strict implementation by lawmakers and development of effective implementing regulations by the SEC. Companies should heed the call for transparency so citizens of resource-rich countries can begin to use this information to hold their governments accountable for using revenues to address essential services like healthcare, education, and job creation."
Oxfam America calls on the SEC to quickly undertake its rule-making process to implement this important measure as Congress intended. "Oxfam America and its allies in the Publish What You Pay campaign will be closely following the rule-making process to ensure this groundbreaking disclosure measure is quickly put in place," said Offenheiser.
Oxfam America is an international relief and development organization that creates lasting solutions to poverty, hunger, and injustice. Together with individuals and local groups in more than 100 countries, Oxfam saves lives, helps people overcome poverty, and fights for social justice. Oxfam America is an affiliate of the international confederation Oxfam.
]]>Eighty-five reactors across the country ran at 100 percent operating capacity during the entire week. One hundred two of the nation's 104 nuclear power plants were operational this week, with two plants offline for refueling and maintenance work.
"The reliability of nuclear energy facilities in not only powering America's economy, but also in cooling homes and offices in extreme conditions, was vital to the stability of our electric grid," said Alex Marion, vice president of nuclear operations for the Nuclear Energy Institute.
Data on plant operating capacity is reported in the U.S. Nuclear Regulatory Commission's daily power reactor status reports every morning. Specific plant operating status can be found on the NRC website at http://www.nrc.gov/reading-rm/doc-collections/event-status/reactor-status/2010/index.html.
The nation's 104 nuclear power plants operating in 31 states have a combined generating capacity of 100,755 megawatts of electricity, enough to meet the electricity needs of more than 60 million Americans.
"Safety systems should be designed to protect workers and the environment first, not exploration and production budgets," according to congressional testimony today by a conservation group that has worked on Gulf Coast restoration for more than three decades.
"The loss of 11 lives on the Deepwater Horizon was the tragic beginning of a series of losses that continue to mount, including the accelerated loss of wildlife and wetlands, the impacts on sport and commercial fishermen and their associated industries, and the loss of tourism," testified Elgie Holstein, oil spill response coordinator for Environmental Defense Fund during a hearing on draft legislation, the "Blowout Prevent Act," before the House Energy and Environment Subcommittee.
"Yet wells in far deeper water have been drilled and will become commonplace in years to come," added Holstein, formerly Chief of Staff at the U.S. Department of Energy and Assistant Secretary of the National Oceanic and Atmospheric Administration. "Even wells that are not drilled in deep water may, depending on the geologic, geographic and environmental setting, present a risk to public and worker safety, the environment, and the economy. This draft legislation is a good start to safe-guarding high-risk wells that are an increasing part of our domestic energy development."
The draft legislation, the "Blowout Prevent Act," would require regulations for "high-risk wells," which are defined as "all offshore oil and gas wells and the subset of onshore wells that, under criteria established by the appropriate federal official, could lead to substantial harm to public health and safety and the environment in the event of a blowout." Among other things, the bill's regulations would include:
"We don't oppose offshore drilling," concluded Holstein. "But America must accelerate its movement toward a clean energy future by enacting a clean energy and climate bill into law. Meanwhile, the industry must act now to rebuild public trust and confidence in its ability to conduct its activities safely and responsibly, and the government must demonstrate a renewed commitment to safeguarding the public's natural resources and our economy."
Environmental Defense Fund, a leading national nonprofit organization, represents more than 700,000 members. Since 1967, Environmental Defense Fund has linked science, economics, law and innovative private-sector partnerships to create breakthrough solutions to the most serious environmental problems. For more information, visit www.edf.org.
]]>Whenever U.S. officials talk about finding ways to end our reliance on oil, like now as a reaction to the massive Gulf of Mexico oil spill, we need to take a realistic look at how we use oil and what are our available alternatives, Dirks said.
For example, in our energy future "nuclear, solar, hydro and wind energy all will have growing roles in electricity generation, whereas the importance of coal and oil will decline," explained Dirks. "But when we want to move a car, a truck or an airplane, there's really only one way to do it - get the stuff out of the ground. Oil remains a relatively cheap source of energy that is so convenient its use overrides its considerable drawbacks in terms of air pollution, environmental concerns and national security."
So what can the U.S. do to end its messy addiction to oil but remain a mobile society?
"In addition to a long-term transportation energy plan that does not include fossil fuels, we need a nearer term solution that can take us from the traditional internal combustion vehicles to tomorrow's advanced fleet," said Dirks. "That future should include the Sun."
"There are techniques and nascent technologies in the works that will take carbon dioxide, water and sunlight and combine them in such a way to generate fuels for our cars, but today they are too expensive," Dirks said. "More research and development is needed to make these fuels a reality. That is why the U.S. Department of Energy (DOE) is sponsoring an energy innovation Hub to make 'drop in' fuels from sunlight."
"The beauty of these fuels is that they don't require production of any fossil fuel, which in itself requires energy and generates pollution, but are made from completely renewable, existing and abundant components - water, carbon dioxide and sunlight."
The process is similar to photosynthesis, by which concentrated solar energy is used in conjunction with carbon dioxide and water to create hydrocarbons. In addition to creating combustible fuels like methanol and ethanol, additional processing can yield more traditional fuels like gasoline, diesel and jet fuel.
"The fuels that result from these processes will look, feel and perform just like what we pump into our cars today. They will use existing refineries to prepare fuel blends and existing gas stations to deliver the fuel to today's cars," he added.
But the new fuels will be carbon neutral and will not add to the build up of greenhouses gases blanketing the planet. They also will help the U.S. move from an unstable source of energy produced far off shore, to a form of energy generated on our soil. Drilling will not be needed with these fuels. Increased security, cleaner air and new jobs will result.
The DOE Hub, along with several other ambitious initiatives involving both the near-term and long-term future of fuels, specifically looks at processes for making solar liquid fuels and bringing them to market in a developmentally rapid, 15-year time span.
"We need investments in the R&D phases of this technology to come not only from the government, but from industry too," Dirks explained. "And the new fuels will cost a lot more than the old fossil fuels they replace, at least initially.
"Even with subsidies, the cost difference could be dramatic," Dirks added. "Five dollars for a gallon of solar liquid fuel is a realistic short term target, but it could be more. So, we need to ask ourselves, do we want to continue with what is convenient and economical today or do we want to focus our efforts on what is the logical next step in our long-term energy future?" - SOURCE Arizona State University
]]>For skimming activities within any state's three-mile limit, longstanding and established law says that any such work, including the skimming activity, must be performed by a U.S. vessel, if one is available. If a U.S. vessel is not available, there is a waiver process that can be used to bring in foreign vessels. We are not yet aware of any waiver request being made because a U.S. vessel is not available. The important distinction is that under the Jones Act, foreign vessels may be used only if U.S. vessels are not available.
"Once again, it appears that critics of the Jones Act are distorting the facts by claiming that the Jones Act applies in an instance when it simply doesn't, or where it does, not being forthcoming with the law and the facts. Worse, they are taking advantage of this disastrous situation to undermine American workers for the benefit of foreign companies and foreign workers," said Ken Wells, President of the Offshore Marine Service Association (OMSA). "But even in instances where the law does not require the use of a U.S. vessel, BP should make every attempt to hire U.S. vessels and their workers. The entire Gulf Coast and surrounding areas have been hurt by the BP spill. The seafood and tourism industries have suffered. And it doesn't make sense now to put the Gulf Coast maritime industry out of work just to give jobs to a few foreign boats," he continued
OMSA, on behalf of the owners and operators of U.S. flag vessels that work in the offshore energy sector, is working diligently to make sure that the spill is brought under control and cleaned up as quickly as possible. OMSA is also making sure that available American vessels are put to work and, if a waiver is necessary, that this is accomplished quickly and effectively.
"We want to make crystal clear that in no way, shape or form are we taking any action that hampers the spill cleanup effort. However, this should not become an excuse for foreign companies to take advantage of this tragic accident for their own gain or for opponents of the law to try to undercut it," Wells said.
The Jones Act is the common name for the U.S. cabotage laws, which say that only U.S. flag vessels with coastwise endorsements may transport merchandise or passengers between points in the United States. The original cabotage laws trace back to the founding of our nation and have served to maintain a domestic shipbuilding and maritime industry throughout our history.
www.offshoremarine.org - SOURCE Offshore Marine Service Association
]]>Sub Senate Bill 232 passed the House by a vote of 91-7 and the Senate concurred shortly after passage by a vote of 27-5 with a final reconciled bill headed to Gov. Ted Strickland's desk before summer recess, according to the grassroots coalition Wind and Solar Jobs for Ohio.
"With this vote, Ohio public officials have positioned the State to create and protect thousands of local Ohio manufacturing, construction, operations and maintenance jobs in the wind industry," said Brad Lystra, manager, economic development partnerships for the American Wind Energy Association.
The bipartisan effort and passage of Sub Senate Bill 232 was critical to bringing Ohio's tax structure for wind development sites in line with surrounding states as developers finalize decisions on which projects to prioritize to leverage expiring federal stimulus funding.
Lystra applauded the bipartisan spirit and the leadership of Sen. Chris Widener (R-Springfield) who championed Senate Bill 232, Gov. Ted Strickland, and Chairman of the House Ways and Means Committee Rep. Tom Leston (D-Warren) for working together to advance Ohio's clean energy future.
"By eliminating this tax disadvantage, Ohio lawmakers have strengthened the renewable market and secured millions in new tax revenue for local communities," Lystra said. "Additionally, Ohio's struggling manufacturing industry will get a significant boost from wind turbine component part orders and position itself to see even greater investments from wind and solar manufacturers looking to expand into new markets and supply chains."
Wind and Solar Jobs for Ohio is a coalition of businesses and organizations that support the adoption of a competitive tax structure for wind and solar projects in Ohio. For more information on the coalition and the specifics of the seven proposed wind farms for Ohio, visit www.windandsolarjobsforohio.com.
]]>The level of support was five times the typical level for a first-time environmental resolution. The proposal was put forth by As You Sow, a shareholder advocacy organization based in San Francisco, representing the Park Foundation of Ithaca, N.Y., and the holders of 16,746 ExxonMobil shares valued at more than $1.1 million.
"Today's vote sent a strong message to ExxonMobil that shareholders are concerned about how it is dealing with hydraulic fracturing, especially in light of the expansion that will make it the nation's largest natural gas company," said Michael Passoff, senior program director of the corporate responsibility program at As You Sow.
Hydraulic fracturing, or "fracking," is a controversial process of injecting water, chemicals and particles underground to increase gas production. In response to reports of contaminated water supplies and intense public concern, tougher regulations have been introduced in New York, Pennsylvania, and Colorado and legislation has been introduced in Congress to repeal the exemption of fracking from the Safe Drinking Water Act.
"Fracking poses regulatory risks that could greatly increase operation costs, legal liabilities from health impacts, and reputational risk from growing public and political opposition," added Passoff. "If ExxonMobil truly aren't concerned about the financial ramifications of fracking, they're not a good bet for investors."
In the absence of meaningful disclosure by the company, shareholders took the unusual step of highlighting fracking risks with the Securities and Exchange Commission. (http://bit.ly/9TFOjP). For background on the significance of today's shareholder vote, see http://jm.ly/EGys66.
"The Gulf oil spill is a powerful example of how oil and gas drilling can devastate the environment," said Jon Jensen, executive director of the Park Foundation. "This is a good first step in responsibly seeking energy in a way that protects the environment, human health, and the welfare of the company."
]]>The event highlighted the successes of current AP1000 projects, principally that all four AP1000 plants are on schedule in China with the first commercial operation date due in 2013. The event also discussed Westinghouse's 10 AP1000 plants under contract with Chinese and US customers and how Italian industry is playing a large role in the success of current AP1000 projects. Presentations were made by representatives of major Italian Industries describing their participation with Westinghouse on current AP1000 projects.
Gary Shuttleworth, Director of International Business Development, says that Westinghouse continues it commitment in support of the Italian nuclear program. "Westinghouse welcomes the opportunity to collaborate with EnergyLab in promoting nuclear energy in Italy. We firmly believe that the Westinghouse AP1000™ plant is the solution for providing the people of Italy with safe, secure and economically responsible energy, and we look forward to taking part in the overall discussion relative to Italy's energy needs."
The AP1000 plant design is certified by the U.S. Nuclear Regulatory Commission, the only Generation III+ reactor to receive such certification. Additionally, the European Utility Requirements (EUR) organization certified that the AP1000 plant is compliant with European Utility Requirements, confirming that it can be successfully deployed in Europe.
The Westinghouse AP1000 plant offers additional benefits through its simplified modular construction methods and greater ability to involve Italian industry through localization of manufacturing and construction, known as the Buy Where We Build™ program.
In addition to four AP1000 plants that the Westinghouse/Shaw Consortium is providing in China, Westinghouse and its AP1000 plant have been identified as the supplier and technology of choice for no less than 14 plants that have been announced in the United States, including six for which engineering, procurement and construction contracts have been signed. Additionally, Westinghouse and China are currently in discussion on plans for additional AP1000 plants to be sited inland of China's coastal areas.
Westinghouse believes the AP1000 design is ideally suited for the worldwide nuclear power marketplace. The AP1000 nuclear power plant is:
For more information about the Westinghouse AP1000 plant, visit its Web site at www.ap1000.westinghousenuclear.com.
EnergyLab, founded in 2007, is a cross-organizational collaboration of government and academic institutions, including the Lombardia regional government, AEM Foundation and the Edison Foundation, the municipality of Milan, the University of Milan, the University of Milan-Bicocca, the Catholic University, Milan Polytechnic, Bocconi University and the research center ERSE.
Westinghouse Electric Company, a group company of Toshiba Corporation (TKY: 6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first PWR in 1957 in Shippingport, Pa. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.
SOURCE Westinghouse Electric Company LLC
]]>"The British Petroleum oil spill has already cost lives and created a major environmental incident," said Attorney General Holder. "The Justice Department stands ready to make available every resource at our disposal to vigorously enforce the laws that protect the people who work and reside near the Gulf, the wildlife, the environment and the American taxpayers."
The team will be led by Ignacia S. Moreno, Assistant Attorney General for the Environment and Natural Resources Division, and Tony West, Assistant Attorney General for the Civil Division, and will include relevant United States Attorneys. The combined group from the Department plans to make a site visit and meet with representatives from federal agencies working on the response.
A coordinated response continues with a comprehensive oil well intervention and spill-response plan following the April 22, 2010 sinking of the Transocean Deepwater Horizon drilling rig 130 miles southeast of New Orleans. More than 1,000 personnel from federal, state and local agencies are involved in the response effort both on and offshore, with additional resources being mobilized as needed.
SOURCE U.S. Department of Justice
]]>"With this new project, E.ON and Siemens continue their great partnership in the wind power business," said Jan Kjaersgaard, vice president and general manager of Siemens Energy's Wind Power Americas business. Siemens is already one of the top three wind turbine suppliers in the U.S. According to the American Wind Energy Association's year-end 2009 market report, Siemens installed more than 1,160 MW out of the more than 10,000 MW installed total in the U.S. in 2009.
"We are delighted to partner with Siemens in the next phase of our Papalote Creek II wind farm in south Texas," said Steve Trenholm, CEO, E.ON Climate & Renewables North America. "This project will create more than 300 temporary jobs and provide an investment of more than $300 million to the local tax base. E.ON is pleased to make this investment and help further the growth of the U.S. renewables market."
E.ON and Siemens have partnered on several U.S. wind farm projects in the past. Siemens supplied 54 2.3-MW units for E.ON's Forest Creek wind farm near Big Spring, Texas, in 2006 and 55 2.3-MW wind turbines for the Champion wind farm in Nolan County, Texas, in 2007.
The Siemens scope of supply for the Papalote Creek II wind power plant includes delivery and transportation of the 87 SWT-2.3-101 wind turbines with a rated capacity of 2.3 MW each. With a diameter of 101 meters, the rotor of the new SWT-2.3-101 has a swept area of 8,000 square meters, which equals one-and-a-half football fields. Delivery is expected to begin in May 2010 and the wind farm is expected to be commissioned in the fall of 2010. Siemens also will provide service and maintenance for two years.
To better meet the increasing demand for clean energy in the Americas, Siemens is currently constructing its wind turbine assembly facility in Hutchinson, Kansas, which is scheduled to become operational in December 2010. The 300,000-square-foot wind turbine nacelle facility is expected to employ up to approximately 400 "green-collar" employees. Siemens also recently expanded its 600,000-square-foot blade manufacturing facilities in Fort Madison, Iowa, which it opened in 2007. The blades for the Papalote Creek II wind power plant will be manufactured in Fort Madison, Iowa.
Wind power is part of Siemens' Environmental Portfolio. In fiscal 2009, revenue from the Portfolio totaled approximately EUR23 billion, making Siemens the world's largest supplier of environmentally friendly technologies. In the same period, the company's products and solutions enabled customers to reduce their CO2 emissions by 210 million tons. This amount equals the combined annual CO2 emissions of New York, Tokyo, London and Berlin.
The Siemens Energy Sector is the world's leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas. In fiscal 2009 (ended September 30), the Energy Sector had revenues of approximately EUR25.8 billion and received new orders totaling approximately EUR30 billion and posted a profit of EUR3.3 billion. On September 30, 2009, the Energy Sector had a work force of approximately 85,100. Further information is available at: www.siemens.com/energy.
E.ON Climate & Renewables (EC&R) is responsible for the E.ON group's renewable energy and environmental protection activities around the world. Tapping renewable energy sources offers enormous alternatives, both from a business perspective and for the environment. E.ON Climate & Renewables will be investing EUR8 billion in renewable energy and environmental protection projects from 2007 - 2011 to expand the share of renewable energy in E.ON's portfolio for the long term. E.ON has thus taken a leading role in developing renewable energy sources worldwide. For more information, please visit www.eon.com/renewables.
This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON AG does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.
SOURCE Siemens Energy, Inc.
]]>Renewable energy technologies capture, store and deliver power derived from renewable resources, including sun, wind, water, the earth's core and plant matter. Because they do not depend on finite resources, renewable energies can increase stability in the power grid. Plus, there are state government incentives available to help fund many renewable installations.
At the IEEE (Institute of Electrical and Electronics Engineers, Inc.) Green Technologies Conference, Jim Knutson, comprehensive solutions director at Trane, will discuss emerging energy tools and technologies for high-performance buildings, their application and results. Knutson will also cover design stage tools and those specific to building construction, performance, operation and renovation. These will include:
Conference attendees will learn the benefits of these technologies and how they can be used to increase operational efficiency and sustainability while reducing energy consumption.
Details of this presentation:
When: Friday, April 16 at 11 a.m. (Conference is April 15-16)
Where: Mustang 6 room in Gaylord Texas Resort and Convention Center, Grapevine, Texas
Conference Web site: http://www.ieeegreentech.org/
The second annual IEEE Green Technologies Conference will feature a variety of papers, presentations and technical seminars on current and emerging topics related specifically to the development and use of green technologies.
Jim Knutson, director of comprehensive solutions for Trane, leads a Denver, Colo.-based team in serving new construction and retrofit customers in six states: Colorado, Nevada, Montana, Utah, Wyoming and New Mexico. Knutson has over 27 years of experience providing energy efficiency and contracting solutions for federal, state and local government, K-12/higher education, commercial and industrial clients.
Knutson is a current board member of the Energy Efficient Business Coalition and a member of the Energy Services Coalition, Association of Energy Engineers and the Cogeneration & On-Site Power Association. He played a key role in drafting energy efficiency legislation in 10 states over the past 15 years. He also assisted in the development of the energy performance contracting M&V protocol used now as the standard in many states. He has a bachelor of arts in Business Administration from Concordia College in Moorhead, Minn.
Trane, a business of Ingersoll Rand - the world leader in creating and sustaining safe, comfortable and energy efficient environments - improves the performance of homes and buildings around the world. Trane solutions optimize indoor environments with a broad portfolio of energy efficient heating, ventilating and air conditioning systems, building and contracting services, parts support and advanced controls for homes and commercial buildings. For more information, visit www.Trane.com.
]]>A new report by the Institute for Energy and Environmental Research (IEER), a nonprofit scientific research group, shows that France uses less than 1 percent of the natural uranium resource, contrary to an impression among some policy makers. The report has several recommendations for President Obama's Blue Ribbon Commission on America's Nuclear Future, which was created to address U.S. nuclear waste issues after the administration's cancellation of the Yucca Mountain program.
IEER President Dr. Arjun Makhijani, the author of the report: "In recent years, a 'French fever' has gripped the promoters of nuclear power in the United States. Praise of France's management of spent fuel by reprocessing, including its use of the extracted plutonium as fuel in its nuclear power reactors, is now routinely heard. But it is a fantasy on the scale of the 1950s "too cheap to meter" mythology about nuclear power to imagine that 90 or 95 percent of the "energy value" of U.S. spent fuel can be extracted by reprocessing."
Key IEER report findings include the following:
Other key findings include the following:
These are physical constraints that go with the system and also apply to France's system.
The IEER report also sets out a number of recommendations for the Blue Ribbon Commission on
America's Nuclear Future appointed by Energy Secretary Steven Chu:
Highlights for the Year:
- Raised $6.3 million in new equity.
- Received zoning approval for its 120MW Windstar wind energy project.
- Engaged a senior lender to provide $200m in financing for Windstar
subject to final lender approval.
- Entered into a turbine reservation order for Windstar with a leading
turbine supplier.
- Received a 24 year extension of the Mesa land lease and the right to
repower and expand.
- Secured an 11MW PPA for a combined wind and solar project in Arizona.
- Signed an amendment to the Windstar PPA that updates the terms to
reflect the current market conditions and completion schedule.
- Secured additional prime wind and solar resource land in Tehachapi,
California.
Subsequent to the year end:
- Closed two loan agreements with institutional investors for a total
of $2.5 million.
- Selected a Institutionally recognized EPC - BOP contractor for
Windstar
- Commenced Engineering, design and preliminary construction on
Windstar
2009 FINANCIAL RESULTS
The Company is pleased to announce a 10% increase in electricity production to 58,859 MWh for the year ended December 31, 2009 compared to 53,579 MWh for the year ended December 31, 2008. However lower natural gas prices led to a decrease in the average Short Run Avoided Cost electricity selling prices which resulted in revenues decreasing 45% to $2,798,496 compared to $5,116,652 for the year ended December 31, 2009. Net loss from continuing operations increased from $4,993,000, or fifteen cents ($0.15) per share, for the year ended December 31, 2008 to a net loss of $5,023,162, or twelve three cents ($0.12) per share. The slight increase in net loss from continuing operations for the period was due to lower revenues and no interest recovery in 2009, which were mostly offset by a $1,400,182 (34%) decrease in general and administration costs and decreases in foreign exchange losses and amortization. Net loss for the year was $5,023,162, or twelve cents ($0.12) per share, compared to a net loss of $2,269,275, or seven cents ($0.07) per share, for the prior year. Net loss last year included income from discontinued operations of $2,724,047 primarily relating to a one-time US$3,000,000 reduction of the loan principal due to the Mesa loan repayment before the agreed upon repayment date of June 24, 2008. The net gain recorded was $2,900,000 after taking into account a Mesa Loan extension fee of $100,000.
Although electricity production for the three months ended December 31, 2009 was similar to the same period in the prior year, the decrease in average Short Run Avoided Cost electricity selling prices resulted in revenues decreasing 53% to $321,952 from $687,666 for the three months ended December 31, 2008. Despite the drop in revenues, net loss for the three months ended December 31, 2009 improved 33% to $1,512,001 or two cents ($0.02) per share compared to a net loss of $2,251,537 or seven cents ($0.07) per share for the comparable period in 2008 due primarily to a reduction in amortization, stock based compensation and travel expenses.
The Company's financial position continued to strengthen as cash increased from $1,817,371 as at December 31, 2008 to $1,882,152 as at December 31, 2009. Shareholders equity improved 11% from $22,442,493 last year to $24,843,162 primarily as a result of $6.3 million of new equity from the issue of shares and warrants.
The information in this news release should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2009, prepared in accordance with Canadian generally accepted accounting principles, and the Management Discussion and Analysis for the year ended December 31, 2009. The financial statements and MD&A will be available at the Company's website at www.westernwindenergy.com and at www.sedar.com.
Western Wind is a vertically integrated renewable energy electrical production company that currently owns over 500 wind turbines with 34.5 MW of rated capacity and a further 131MW of expansion power purchase agreements in the States of California and Arizona. Western Wind further owns additional development assets for both Solar and Wind Energy in California, Arizona, Ontario, Canada and a development team in the Commonwealth of Puerto Rico. Western Wind is in the business of owning and acquiring land sites and technology for the production of electricity from wind and solar energy. Management of Western Wind Energy includes individuals involved in the operations and ownership of utility scale wind energy facilities in California since 1981.
]]>The town of Rockingham was alone in passing a pro-Vermont Yankee resolution and, even then, only by a margin of three votes, according to reports. Towns voting in favor of shutting down Vermont Yankee were: Thetford, Bristol, Fayston, Brookfield, Montgomery, Woodstock, Moretown, Waitsfield, Danville, Cabot, Huntington, Sharon and Jamaica. Additionally, Cambridge elected to table the issue.
Pam Solo, founder and president, Civil Society Institute, said: "Our survey pointed to the likelihood that the Vermont Town Halls would come out along the lines of the earlier Vermont Senate vote to close Vermont Yankee by 2012. With literally dozens of other reactors plagued with similar tritium leaks, we see a clear message here for a U.S. nuclear power industry: You can't sell Americans on the notion that you are providing 'clean and safe' power at the same time that you are leaking a radioactive substance into wells and other bodies of water. Citizens in other states may not be able to intervene as directly in reactor issues as Vermonters can, but the Town Hall votes and our survey findings suggest that Americans are unlikely to remain silent about tritium leaks and other legitimate safety concerns."
The Civil Society Institute's scientific survey of 802 adult Vermont residents was based on Opinion Research Corporation (ORC) polling that took place February 19-22nd immediately before the Vermont Senate vote on Vermont Yankee relicensing. CSI believes that the findings resonate nationally in that a main driver of deteriorating public support for Vermont Yankee centered on the leaking of radioactive tritium, a problem that also is playing out at 27 or more of the nation's 104 reactors across 31 states.
Key survey findings reported by Opinion Research Corporation included the following:
For complete survey findings, go to http://www.CivilSocietyInstitute.org on the Web.
]]>The companies will explore advanced techniques for reconciling geophysical and reservoir engineering field data. As a result of applying improved algorithms, analytics and accelerated simulations, Shell can reduce the educated guesswork and extract natural resources with more certainty and efficiency, thereby optimizing the recovery of oil and gas.
"This collaboration is remarkable," said Gerald Schotman, Executive Vice President of Shell Innovation, Research & Development. "Two industrial research giants are coming together to solve a very specific, real-world problem and make the most of oil and natural gas reservoirs. This will not be done through expensive, experimental facilities, but by bringing together a powerful team and powerful computers so we can be smarter than before."
The complex process of reconciling often-differing views of oil and natural gas fields can take several months to complete and involves measurements of production volumes, flow rates and pressures. For example, geophysicists must examine time-lapse seismic data from subsurface rock formations; reservoir engineers receive well and laboratory data, and geophysicists receive information - sound waves - covering wide spaces between the wells.
Shell and IBM will reformulate and automate the task of reconciling the different data and create an enhanced, yet practical, mathematical optimization solution. This can improve the cost-effectiveness of the data inversion process and, once available, will become part of Shell's proprietary reservoir modelling tool kits for application in new oil and natural gas developments as well as existing assets.
"Working with Shell is a prime example of the importance of collaborative research in the effort to build a smarter planet," said John E. Kelly III, Senior Vice President and Director of IBM Research. "Using predictive analytics to drive new intelligence into oil and natural gas reservoir management has the potential to extend the life of existing oil and gas fields in a responsible way."
As part of this Joint Development Agreement, IBM and Shell research scientists will work in several laboratories in both the US and the Netherlands.
SOURCE IBM
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