England proposes the Green Deal, South Korea investing billions in offshore wind, and IBM and Shanghai Power partner up to improve the reliability of power grids.
The Green Deal
England has proposed a ‘Green Deal’ that will enable homeowners to insulate their property at no initial cost until December 2012. The government plans to encourage energy efficiency through this program, which will help consumers save money on their monthly bills and conserve energy. The insulation will be installed by government-accredited companies that will draft flexible payment plans for homeowners. The cost of the installments will be deducted from the consumer’s energy bills. The government hopes to create jobs and boost their stagnating economy through the program. Experts predict 73,000 new jobs in the industry over the next four years as well as a two percent increase in Britain’s economy.
South Korea Invests in Offshore Wind Farm
China is not the only Asian nation boosting its renewable energy market this quarter. In fact, South Korea is investing $8.2 billion to build an offshore wind farm and extract new sources of energy. Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering are the two companies that plan to design and provide for the 500 turbines near Buan and Yeonggwang. The farm should be completed by 2019 and will generate 2,000 megawatts of electricity.
IBM and Shanghai Power Improve Grid Technology
IBM has announced a partnership with Shanghai Power that will help energy companies improve their productivity by upgrading power grids to reduce outages. In their attempt to minimize power outages, Shanghai Power has installed the Integrated Distribution Outage Planner (IDOP) in collaboration with IBM. The company, which is one of Asia’s largest, is responsible for more than 20 billion kwh of electricity produced annually. IDOP is an online outage-planning tool that combines data from multiple departments to manage scheduling various power outage tasks. With China’s energy demand expected to grow in the coming years, IBM’s research is going to serve its uses.
Facebook’s Status: Alternative Energy
The social network has joined the alternative energy brigade. Facebook, the leading giant in the new media industry, has joined the Digital Energy Solutions Campaign (DESC). The DESC is hosted by the Information Technology Industry and works to promote sustainable energy. “Global leaders such as Facebook provide the ideal foundation for promoting environmentally-responsible business practices across all industries,” said Chris Hankin, Senior Director of Environment and Sustainability Policy at ITI. Facebook’s membership is another step in the campaign’s goal to improve energy efficient computing systems and raise public awareness regarding renewables.
Chesapeake Energy Corp., headquartered in Oklahoma, wants to one of the top five producers of oil and natural gas liquids in the United States by 2015, according to Chief Executive Aubrey McClendon. The company aims to produce 250,000 barrels of liquids daily by 2015. Though the company’s stock slipped a few points earlier Thursday, their share has generally been increasing over time. The company will continue drilling new wells and discovering new natural gas and oil deposits