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New Mexico Renewable Energy Standard Doubled

Governor Richardson signed SB418, which doubles New Mexico’s Renewable Energy Portfolio Standard from 10% by 2011 to 20% by the year 2020. The bill also sets a renewable energy standard for all rural electric cooperatives, requiring them to get 10% of their electricity from renewables by 2020. The Public Service Company of New Mexico is expected to meet the state’s current RPS of 10% several years ahead of schedule. “Not only will this double the renewable energy developed it will also play a critical role in launching large scale solar power generation in the United States,” said Ben Luce, Policy Director of the Coalition for Clean Affordable Energy, CCAE. “This will provide for the first time a serious alternative to coal and nuclear power.” The Governor also signed the Renewable Energy Transmission Authority, HB188, by Jose Campos (D-Santa Rosa). HB188 requires that lines contracted by the Authority have at least 30% of their energy come from renewable energy sources. Investments in wind and other renewable energy technologies help generate tremendous new economic development opportunities in rural and agricultural areas of the country, enabling farmers, ranchers and landowners to grow a reliable new “cash crop” that doesn’t need water.

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Verizon Retrofits Vans for Hybrid Power

In a precedent-setting move, Verizon Communications Inc. (NYSE: VZ), will soon begin a pilot project using 13 specially designed service vans with hybrid-engine systems. Because no domestic motor vehicle manufacturer currently makes hybrid vehicles in the “van” category, Verizon worked with Enova Systems Inc., a company that specializes in hybrid-power systems, to retrofit the vehicles to Verizon’s specifications. The engines could improve gas mileage by up to 50% over traditional internal-combustion engines, and have the potential to reduce greenhouse gas emissions by 70-90%. The vans, which have FiOS and green-energy markings on them, will serve some of Verizon’s FiOS Internet and TV customers over the next several weeks. “These retrofitted FiOS vans will allow us to evaluate hybrid technology,” said Kathryn Brown, senior vice president of public policy development and corporate responsibility for Verizon. “More importantly, as an operator of one of the largest private motor vehicle fleets in the U.S., we hope to send a message to automotive manufacturers that they should be manufacturing hybrid vehicles in all classes. There is a market here, especially for companies like Verizon that seek to minimize the environmental impact of their operations.” Other Verizon environmental activities: Last year, Verizon developed a plan […]

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Energy Conversion Devices Initiates Succession Plan

Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) announced the first in a series of management moves consistent with the company’s previously announced management succession planning. At his request, Stanford Ovshinsky, President and Chief Scientist and Technologist, has relinquished his executive management responsibilities as the company’s President and a member of its Office of the Chairman to devote his full energy and intellect to the further development of the science and application of amorphous and disordered materials in the fields of energy and information technologies. Mr. Ovshinsky, who co-founded the company with his wife, Dr. Iris M. Ovshinsky, will remain an active member of ECD Ovonics’ Board of Directors, and contribute on strategic and technical issues as Founder and Chief Scientist and Technologist. Mr. Ovshinsky’s office will be located at ECD Ovonics’ newly named Stan and Iris Ovshinsky Center for the Advancement of Energy and Information Technologies in Bloomfield Hills, Michigan. He will continue to serve as Chairman of the Board of ECD Ovonics’ Ovonyx, Inc. joint venture. It is anticipated that Mr. Ovshinsky’s ongoing research and development activities will be funded, in part, through specific budget allocations by the commercial divisions of ECD Ovonics and its joint venture companies […]

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Fuel Tech 4Q Profit Falls

Fuel Tech Inc. (Nasdaq: FTEK), which makes air pollution control equipment, said that even though sales increased 11%, profits for the fourth quarter dropped by 44% because expenses outpaced revenue growth. Net income fell to $1.5 million (6 cents per share) from $2.6 million (11 cents per share) for the prior year quarter. FTEK spent $900,000 for tax expenses, compared to a $200,000 benefit a year ago. Revenues from its emissions control segment were roughly flat for the quarter, but its fuel treatment chemical technology business – which sells products to coal-fired utilities – saw revenue climb 26%. Costs rose 15% for increased staff, expenses associated with business growth and stock compensation costs. Fuel Tech forecast 2007 sales growth of 20-27%. It estimates sales will be in the range of $90- $95 million this year. In 2006, the company posted sales of $75.1 million versus $52.9 million. Full-year earnings in 2006 totaled $6.8 million, or 28 cents per share, down from $7.6 million, or 33 cents per share, in 2005.

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