Clean Energy Aid to Poor Nations Hits $8 Billion, Lower than Promised
Developed countries channeled $8 billion into emerging countries last year for large-scale renewable energy production, however, the amount falls short of the $100 billion-a-year investment that rich countries promised to make by the year 2020. Developed countries pledged in 2009 to increase payments over the next decade for projects that alleviate and fight the effects of global warming. Envoys from more than 190 nations are meeting this week in Qatar to discuss a new treaty and further steps to boost funding.
Hydro Tasmania Bidding to Build Australia’s Largest Wind Farm
To utilize one of the best wind resources in the world, Hydro Tasmania has been assessing the wind farm concept in King Island, Australia. Hydro Tasmania wants to build a 600 MW wind farm consisting of around 200 turbines, which if approved would generate more than 5 percent of Australia’s total 2020 renewable energy target into the national grid using underwater cables across Bass Strait to Australia’s state of Victoria. If approved, the construction of this $2 Billion wind farm is expected to start in 2017 for a 2019 completion date. The project will be named Taswind.
Geothermal Stocks Starting to Warm Up
After a couple years of chilly investor support, geothermal stocks are starting to warm up. Last week, industry leader Ormat Technologis Inc. beats analyst expectations for both earnings and revenue per share in the third quarter and announces a deal to buy a project in Honduras. On Thursday, US Geothermal has also reported third quarter earnings and even received the $10.7 million cash grant for its San Emidio project, allowing the company to pay down a $7.5 million bridge loan. Other geothermal companies, such as Ram Power and Alterra Power have also been making steady progress and experts hope that this positive streak carries over to warm up the chill that has gripped geothermal stocks this past year.
Duke Energy Contributes Nearly $2 M in Indiana Grants
The Duke Energy Foundation has contributed nearly $2 million to Indiana’s non-profits in 2012. Duke Energy, Indiana’s largest electric supplier, will award the grants through DonorsChoose.org, an online charity that makes it easy to help students in need. Public School Teachers at schools in Duke Energy’s 69-county service area are eligible to receive funding up to $1000 for projects that focuses on science, technology, engineering and math. Included in the funding is a $75,000 allotment to Hoosier teachers as part of the company’s 100th anniversary.
We Energies Named as the Most Reliable Electric Utility in the Midwest
For the eighth time in the last 11 years, We Energies has won the ReliabiltyOne award in the Midwest for superior reliability in supplying energy to its customers. All utilities operating electric delivery networks in North America are eligible for the five regional awards. The selection is based primarily on reliability statistics that measure the frequency and duration of customer outages. We Energies have made significant investments in recent years to strengthen the reliability of its network by rebuilding distribution lines and upgrading substations and infrastructures. The company’s forestry management has also been recognized for responsible tree trimming practices to keep branches from coming into contact with power lines.