Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: SiouxPal who wrote (161078)	2/18/2009 12:57:10 PM
From: Wharf Rat	Respond to of 362827

Energy Department to Issue Loan Guarantees by May (Update1) By Tina Seeley Feb. 18 (Bloomberg) -- The Energy Department plans to use economic stimulus funds to begin issuing new loan guarantees by May for clean-energy projects, accelerating a program that hasn’t supported any projects since it began in 2005. In a speech in Washington today, Energy Secretary Steven Chu said he wants to use the stimulus funds to “start printing checks in the new loan guarantee programs” by the end of April or the beginning of May, “not three or four years” from now. The $787 billion stimulus legislation signed into law by President Barack Obama yesterday contains $6 billion for the Energy Department’s loan guarantee program. The new money is intended to leverage loans for renewable energy and transmission projects. The department is also reviewing applications for $38.5 billion previously authorized for clean-energy loan guarantees through a program, established in 2005, that has yet to back any projects. Chu said when he took over the department last month the existing loan guarantees were still “a year or a year and a half” away from being issued. Congress approved the loan-guarantee program as part of energy legislation in 2005. It called for the government to guarantee repayment of loans made to fund energy projects such as nuclear power plants, coal projects and renewable-energy investments. Of the $38.5 billion already authorized, the department is planning to distribute $18.5 billion in guarantees for nuclear plants; $10 billion for renewable or energy-efficient systems; $8 billion for clean coal; and $2 billion for processing of nuclear fuel. Fewer Pages The secretary also said he will reduce the amount of paperwork for applicants, from about 1,000 pages now to 50 pages. “You don’t need a thousand pages to show this is a suitable loan,” he said. The program was first approved by Congress to encourage loans to projects that limit emissions of global-warming inducing gases. Chu also said, in response to a question, that he wouldn’t press OPEC to refrain from cutting oil production at its next meeting, saying that was “not in my domain.” The 12-member Organization of Petroleum Exporting Countries is scheduled to meet next month to decide on production levels. Chakib Khelil, the Algerian oil minister and former president of the group, said last week that OPEC would cut production if oil stays below $40 a barrel. To contact the reporter on this story: Tina Seeley in Washington at tseeley@bloomberg.net. bloomberg.com

To: SiouxPal who wrote (161078)	2/18/2009 12:57:54 PM
From: Wharf Rat	Respond to of 362827

Energy Department to Issue Loan Guarantees by May (Update1) By Tina Seeley Feb. 18 (Bloomberg) -- The Energy Department plans to use economic stimulus funds to begin issuing new loan guarantees by May for clean-energy projects, accelerating a program that hasn’t supported any projects since it began in 2005. In a speech in Washington today, Energy Secretary Steven Chu said he wants to use the stimulus funds to “start printing checks in the new loan guarantee programs” by the end of April or the beginning of May, “not three or four years” from now. The $787 billion stimulus legislation signed into law by President Barack Obama yesterday contains $6 billion for the Energy Department’s loan guarantee program. The new money is intended to leverage loans for renewable energy and transmission projects. The department is also reviewing applications for $38.5 billion previously authorized for clean-energy loan guarantees through a program, established in 2005, that has yet to back any projects. Chu said when he took over the department last month the existing loan guarantees were still “a year or a year and a half” away from being issued. Congress approved the loan-guarantee program as part of energy legislation in 2005. It called for the government to guarantee repayment of loans made to fund energy projects such as nuclear power plants, coal projects and renewable-energy investments. Of the $38.5 billion already authorized, the department is planning to distribute $18.5 billion in guarantees for nuclear plants; $10 billion for renewable or energy-efficient systems; $8 billion for clean coal; and $2 billion for processing of nuclear fuel. Fewer Pages The secretary also said he will reduce the amount of paperwork for applicants, from about 1,000 pages now to 50 pages. “You don’t need a thousand pages to show this is a suitable loan,” he said. The program was first approved by Congress to encourage loans to projects that limit emissions of global-warming inducing gases. Chu also said, in response to a question, that he wouldn’t press OPEC to refrain from cutting oil production at its next meeting, saying that was “not in my domain.” The 12-member Organization of Petroleum Exporting Countries is scheduled to meet next month to decide on production levels. Chakib Khelil, the Algerian oil minister and former president of the group, said last week that OPEC would cut production if oil stays below $40 a barrel. To contact the reporter on this story: Tina Seeley in Washington at tseeley@bloomberg.net. bloomberg.com