Tesla Sees Loss In 2nd Qtr., Montana Attempting New Wind Energy Development Trend

Posted on August 5th, 2010 by
   

Scientists report that more oil has been removed from the Gulf waters than many expected, Montana getting creative with wind energy projects, and Tesla reports a larger than expected quarterly loss.

Another panel of government scientists have issued a report that concludes that most of the oil that was released from the Deepwater Horizon disaster has been removed from the waters of the Gulf of Mexico. The study found that the federal government’s aggressive burning, skimming and direct recovery plans accounted for the removal of one quarter of the oil released from the damaged well. Another 25% of the dispersed oil evaporated or dissolved naturally, while just over one quarter floated on or just below the surface in the form of weathered tar balls and was collected by cleanup crews.

Montana is trying to think outside of the box when it deals with renewable energy. State and company officials are hoping to subsidize the cost of a new wind farm from money from a utility. The $800 million Rim Rock farm north would be located in Great Falls and San Diego Gas & Electric, the utility that’s considering a $600 million investment in the project would be paid back from renewable energy credits. Officials stress that the only way that this will happen is if Congress agrees to extend tax credits and incentives past 2012 because it will be very hard to have enough time to begin and complete new projects.

Tesla Motors released their quarterly earnings report yesterday which showed a larger than expected second-quarter loss of $38.5 million due to higher research and development costs. The electric car manufacturer IPO’d in June reported that they do not expect to become profitable until it sells larger numbers of its Model S sedan, which is expected to begin shipping to customers in 2012.  Fortunately, the launch of the Model S is going as planned.

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