{news} CT Energy Independence, Security and Sustainability Act--Hearing Thrusday

[David Bedell]

The Connecticut Energy Independence, Security and Sustainability Act

The GAE committee has introduced legislation to create an agency to provide debt financing for commercial scale, renewable and distributed energy projects.  The agency will be modelled after CRRA only its activities will be restricted to energy conservation, renewable energy and distributed energy.  

Below is a copy of the conceptual bill GAE has raised; a written bill and bill number is scheduled for Monday. A Joint informational hearing between the Energy and Technology and GAE committees is scheduled for Thursday, March 9, 2006 at 9:30 AM. The public may attend and show support or testify. 

This bill provides debt financing for renewables and distributed energy and can play a significant roles in increasing the domestic supply of these energy resources. The bill will begin to correct the bias against renewables on the federal level. If other states follow suit, many billions of dollars could become available for commercialzation of renewable energy. 

The bill authorizes debt financing on a project finance basis. It will lower equity risk and attract investment to the growing renewables industry. As capital costs are the major force that keeps renewable energy prices high, this bill will contribute to bringing them down. Further, like CRRA financing for trash plants, it will allow major projects and growth to move forward and compete with depletable energy on a significant scale. 

Please support this bill and come to the hearing next Thursday at 9:30 AM at the Capitol. 

CONTACT:  Bill Garrett, President, cleanpeace.org  URL http://www.cleanpeace.org Phone: 203-372-6166 Email: bill.cleanpeace@ gmail.com




The Connecticut Energy Independence, Security and Sustainability Act [Full Bill to be Available Monday]  


Purposes:



  1.. Assure affordable, secure, sustainable, domestic energy supplies in Connecticut.


  2.. Stimulate economic development and job creation in Connecticut.


  3.. Provide competition in energy and oil markets.


  4.. Attract, enhance, and keep a strong renewable energy knowledge base in Connecticut, including but not limited to, scientists, researchers, educators, technicians, inventors, entrepreneurs, technology developers and others to timely meet the challenges of the forthcoming era of energy change. 


  5.. Enhance national and homeland security by doing Connecticut's part to lessen international tensions and war arising from the peaking of world oil and the energy-price inflation it causes.     


Section One: Create Renewable Energy Finance Institution as a Quasi-State Agency 



  1.. The agency shall be known as the Renewable Energy Development Institution or REDI and is hereby created as a quasi state agency. 


Section Two: Powers and Funding Authorities:



  2.. REDI shall be authorized to sell bonds and provide financing, on a project finance basis, for development, construction, commissioning, operation and other needs of commercial scale projects as set forth below: 


    1.. Renewable energy projects that produce renewable fuels or other forms of renewable energy capable of replacing or conserving depletable liquid fuels or other forms of depletable energy. 


    2.. Other projects, equipment, materials or works that conserve, allow, or facilitate the replacement of depletable energy with renewable energy. 


    3.. Distributed energy projects that demonstrate energy savings of 20% or more over conventional technology and/or the technology they replace. 


Section Three: Funding Priorities: 



  3.. In making funding decisions REDI shall assign priorities as follows:


    1.. Projects, technologies, and equipment that conserve depletable liquid fuels or replace them with renewable fuels in significant volumes in internal combustion engines where over 70% of oil is consumed; or other projects, including distributed energy projects, that replace or conserve depletable liquid fuels or replace them with renewable fuels volumes comparable to the savings in internal combustion engines shall have the highest priority. The potential volume of liquid fuel savings shall weigh the heaviest and reductions in pollution and global warming gas production shall weigh second most heavy in such decision making. REDI shall consider net depletable energy savings in calculating energy replacement values. 




    2.. REDI shall assign the second highest funding priority to projects, technologies, equipment and other items that replace or conserve depletable fuels or energy. The potential for net depletable energy savings shall weigh the most and reductions in pollution and global warming gasses shall carry the second heaviest weight in making such decisions. REDI shall consider net depletable energy savings in calculating energy replacement values. 


    3.. REDI is authorized to assign additional funding priorities based on the ability of a project or product to reduce or eliminate toxic air and water pollutants, production of global warming gasses, particulates and other emissions. 


    4.. In all cases the project's potential to repay REDI debt shall be a prerequisite to funding. 


Section Four: Definitions:



  4.. For purposes of this act:


    1.. "Renewable energy" means energy produced from solar, wind, wave, falling water and biomass resources. 


    2.. "Conservation" means reduction in the consumption of energy or a substance.


    3.. "Liquid fuels" means any stable liquid at or near ambient temperature and pressure including liquids such as propane and butane which are stored as liquids at relatively low pressures. 
  

    4.. "Depletable energy" means energy from non-renewable resources.




    5.. "Internal combustion engine" means engines with fuel combustion within the engine apparatus including gas turbines, rotary combustion, diesel and gasoline piston engines. 


    6.. "Funding priority" means the priority on which REDI considers and funds competitive projects. 


Section Five: Governance:



  5.. REDI Board of Directors shall include:


    1.. A majority of members that have experience in renewable energy, renewable energy technology development, renewable energy research, renewable energy commercialization and/or financing of renewable energy projects and technologies. 


    2.. At least 3 such members shall have extensive experience as an entrepreneur, engineer, technician or scientist independent of large corporations or projects primarily funded by same. 

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