Governor Cuomo Mans Up on Energy Transition
Modern Energy Roundup - January 11, 2013
In a recent note to investors, Deutsche Bank predicted the global solar market to rise 22 percent to 33.4 gigawatts this year as a result of increased investment in China and India.
Although declines are anticipated in Germany and Italy, those are expected to be offset by aggressive solar agendas elsewhere.
China is also moving forward to cut its idled wind farm capacity this year.
As you know, China's race to install wind turbines at such a rapid pace left many without connections to the grid due to lack of transmission and distribution. This, perhaps, was one of the worst cases of planning we've ever seen in this space.
However, China's State Grid Energy Research Institute claims that the rate of wind capacity still sitting idle could fall from over 20 percent to ten percent this year. It'll be interesting to see how this pans out over the course of the year.
The Big Green Apple
New York Governor Andrew Cuomo has proposed a $1 billion Green Bank in an effort to further develop the state's clean energy economy.
Cuomo said the “Green Bank” would help lower capital costs and bring cleaner energy solutions to scale. He went on to say. . .
“The NY Green Bank leverages private capital in a fashion that mitigates investment risk, catalyzes market activity and lowers borrowing costs, in turn bringing down the prices paid by consumers. Through the use of bonding, loans and various credit enhancements, a Green Bank is a fiscally practical option in a time of severe budget conditions. The NY Green Bank is another forward-looking way for our state to lead on energy policy and improve our residents' economic prospects and quality of life. The benefits of early innovation will be tremendous, as we see states around the nation moving quickly to catalyze their clean and renewable energy sectors.”
Kudos to Cuomo for manning up on this one!