WASHINGTON -(Dow Jones)- Congress will funnel more than $40 billion into clean energy and efficiency programs – and offer around $20 billion in tax breaks – as part of a near $800 billion stimulus bill designed to jolt industries into life across the econ
The provisions in the bill – a deal hammered out between House and Senate negotiators late Wednesday that still needs to be passed by both chambers – will primarily give a major boost to renewable energy, electricity transmission and energy efficiency sectors.
It also gives money for pilot carbon dioxide storage projects and grants for advanced battery technologies. Based on preliminary summaries of the deal, a controversial provision that could have provided up to
U.S. President Barack Obama said the recovery package will create or save millions of jobs. The portions designed to increase the efficient use of energy and shift the country away from reliance on fossil fuels will help axe greenhouse gases thought to contribute to global warming, he said. Final votes are expected by the week’s end.
“The plan…will save or create more than 3.5 million jobs over the next two years…will ignite spending by businesses and consumers and make the investments necessary for lasting economic growth and prosperity,” Obama said Wednesday at a stop in East Peoria, Ill., one of many towns across the country hit hard by the economic meltdown.
One of the biggest ticket items – at
Speaking to reporters at a Platts Energy event, Federal Energy Regulatory Commission Acting Chairman
said the funding was “seed money…but it really isn’t enough money to make huge advances in the overall backbone grid that we’re talking about to integrate substantial amounts of wind.”
The full investment to meet the type of renewable growth that Obama’s targeted would cost more than
With record growth to around 25 gigawatts of total wind capacity last year, the U.S. is now one of the world’s biggest producers of renewable energy. But between 200 gigawatts to 300 gigawatts of drafted wind projects remain stranded on paper because there isn’t the transmission capacity to link them to demand.
Companies such as
In addition to nearly
“This bill is a critical down payment on long-term policies needed to meet the President’s ambitious renewable energy goals, enhance America’s energy security, grow our economy and reduce global warming pollution,” said Greg Wetstone, senior director for governmental affairs at the American Wind Energy Association. Despite record growth last year, the financial crisis had stalled development.
Wind turbine manufacturers such as GE Energy, a unit of the
Another major chunk of the funding goes toward energy efficiency and conservation grants, including
On the tax side, lawmakers provided for
In an effort to transform the transportation industry from a fossil fuel consuming sector to one powered by electricity, there is
The deal includes
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