SOURCE: Coalition for the Green Bank

Coalition for the Green Bank

August 14, 2009 19:40 ET

Coalition for the Green Bank Claims Green Bank/Clean Energy Deployment Administration Will Offset Energy Cost Increases, Job Losses, Contradicting ACCF-NAM Commissioned Study

WASHINGTON, DC--(Marketwire - August 14, 2009) - The Coalition for the Green Bank today refuted claims made in an economic impact study commissioned by the American Council for Capital Formation (ACCF) and the National Association of Manufacturers (NAM) asserting that the American Clean Energy and Security Act would result in significant job losses and steep increases in the price of electricity and natural gas for several industrial states. According to the Coalition, the ACCF-NAM study does not take into account the expected reduction of electricity costs as a result of the Green Bank/Clean Energy Deployment Administration (CEDA), as proposed in the Act.

"CEDA's low-cost financing of renewable projects will mitigate any electricity price increases as well as create millions of new jobs," according to Reed Hundt, Co-Chair of the Coalition for the Green Bank. "Statements made by opponents of the Waxman-Markey bill, claiming that it will result in an increase in energy prices for consumers and businesses often neglect to include the potential impact of CEDA in their assumptions. Any analysis of the bill cannot be considered thorough without taking such a major element into consideration."

The NAM/ACCF study is based on several assumptions made by the US Energy Information Association, which itself recognized that it did not analyze the effects of CEDA in its own report on potential electricity price increases. The EIA recently claimed that CEDA "may have the most significant potential to alter the reported results."

About the Coalition for the Green Bank

The Coalition for the Green Bank is a consortium of leaders in energy development enterprises including renewable resource developers, original equipment manufacturers, investors, financial advisors and consultants dedicated to the stimulus of green energy assets for clean and sustainable energy and jobs, and economic development. The CGB is proud to have the support of the Pickens Plan, Mesa Power, General Electric, Cavallo Energy, RES-Americas, American Wind Energy Association, Clean Economy Network, ACORE and many more. For more information, visit www.coalitionforthegreenbank.com/

The CGB is comprised of co-chairs Todd Filsinger (PA Consulting Group) and Reed Hundt, and the members of the Steering Committee and Coalition listed below.

Steering committee members:
AES Corporation (Rajeev Garside)
Cavallo Energy (Phillip P. Gennarelli)
Chinook Energy (William Gleason)
Equilibrium Capital Group, LLC (William Campbell)
Greencore Capital (Gilbert Barnes)
KRM Energy Advisors LLC (Ken Marks)
Latham & Watkins (Mike Gergen)
Mesa Power Group, LLC (Monty Humble)
Riverstone Holdings LLC (Michael Hoffman)
Wellford Energy Advisors (Harrison Wellford)
Alan Fleischmann
Marty Klepper

Coalition members:
AES Corporation
AES Solar Energy Ltd. (Robert Hemphill)
Alston & Bird (Bob Jones, Tom Amis)
AMB International Finance, LLC (John E. Mullen, Raymond J. Albright)
American Council of Renewable Energy (ACORE) (Michael Eckhart)
AMSOLAR Corporation (Joshua Weinstein)
Applied Materials (Rameesh Kailasam & William G. Morin)
Blue Source, LLC (Roger Williams)
Boyd Strategies (Steve Boyd)
Cavallo/Cross Hudson (Harold Borden)
Clean Economy Network (Jeffrey King)
Commonwealth of Kentucky (Paul Kaplan)
CURRENT Group, LLC (Tom Casey)
EKO Asset Management Partners (Jason Scott)
Encomia, LP (William J. Eckert)
Envision Solar International, Inc. (Robert Noble)
Equilibrium Capital Group (Dave Chen)
Gas Turbines International, LLC (Larry Rayman)
GE Energy Financial Service (Steve Taub)
Global Energy, Inc. (Harry H. Graves)
Global Environmental Outreach & GeoConsult (Gregory O'Reilly)
Green Amperage Partners, LLC (Thomas R. Rosén)
Green Harvest Technology (Dan Carol)
Greencore Capital (Michael Telford)
Grid Storage Technologies (Ben Rogers)
Helix Electric, Inc (Ken Emma)
Higher Power Energy, LLC (Mark Patkunas)
International WoodFuels (Steven Mueller)
Kanepi Innovations (Larry Leete)
Konarka Technologies, Inc. (Howard R. Berke)
Lane Powell (Karen Williams)
MAPA Group (Michael Peck)
Mesirow Financial Consulting, LLC (John Oates)
Mohave Sun Power LLC (Mitchell Dong, Robert Marsh)
National Cooperative Bank (NCB) (Andrew Kho, Romie Basra)
New Cycle Capital (Josh Becker)
Pario Capital (Guy Piazza)
Patton Boggs (Joshua Greene)
Pillsbury Winthrop Shaw Pittman LLP (J. Todd Culwell)
Principle Power (Jon Bonanno)
PSE&G (Ralph LaRossa)
RecycleBank (Preston Read)
Renewable Ventures (Peter Conklin)
Serious Materials, CalStar, ZETA (Marc Porat)
Solarsa, Inc. (Scott E. Jorgensen)
Strategic Energy Advisors, Inc. (Jeanine Hull)
Suntech America (K. Scott Son)
Tessera Solar (Kevin Scannell)
Tioga Energy (Kristian Hanelt)
US Mainstream Renewable Power Inc. (Bruce Thompson)
Wilson Sonsini Goodrich & Rosati (Robert O'Connor)

Contact Information

  • CONTACTS:
    Irina Dayton
    720 566-9927 direct
    303 478-6381 cell

    Jane Rubinstein
    212 843-8287 direct
    516 993-0708 cell