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Governor Signs Energy Efficiency Bill

Acting Governor Codey signed a bill yesterday that will significantly reduce electricity use across the state. The legislation (A516/S332) sets minimum energy efficiency standards for common products used throughout the state. “The Bush Administration has failed to provide this country with energy policies that improve our quality of life. Assembly Bill A516 is a positive first step for the state of New Jersey to offer its residents energy efficient products that lower electric bills, reduce demand on the electrical grid, and lessen New Jersey’s reliance on power plants that pollute the atmosphere,” said Assemblywoman Watson-Coleman, the prime sponsor of the legislation. Natural gas prices have risen about 25% just in the last year. New Jersey’s heavy dependence on natural gas for electricity as well as heat will continue to result in higher utility bills unless the state takes steps to conserve energy. By 2020, the standards will save consumers over $742 million on their utility bills. As a result of the new energy efficiency standards, electricity use will decrease by about 1% across the state, which will also help to prevent overloading the electricity grid and increase reliability. A516/S332 includes energy efficiency standards for the following products: Torchiere lamps, unit […]

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Western Wind Energy Executes a 120 MW Power Purchase Agreement

Western Wind Energy (WND.V) has closed a power purchase agreement with the Southern California Edison Company (“Edison”) for the procurement by Edison, from the Company, of up to 120 megawatts of wind powered electrical generation. The agreement is for a period of 20 years. Due to confidentiality provisions in the agreement, the price per kilowatt hour and capacity factor are to remain confidential however, for the purpose of public disclosure, the gross yearly revenues to the Company for this contract, including tax credits, will be between US $24.2 – $28.6 million per year and will have an aggregate value over 20 years, of between US $480 – $560 million. The location of the wind energy facilities will be Tehachapi Pass Wind Park. Tehachapi Pass is the site to over 4,600 wind turbine generators delivering over 1.4 trillion watt hours of energy from 670 megawatts of name-plate capacity. Jeff Ciachurski, President of Western Wind states “This is a major victory for the rate-payers of California. Not only does wind power provide environmental stewardship in the form of eliminating CO(2) emissions and other harmful substances, it also provides long-term price stability and independence from foreign fuel sources. We congratulate Southern California Edison […]

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