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Favourable court rulings open up millions in support for wind
1 May 2005
Favourable court rulings in two recent cases have opened up millions of dollars of support for potential wind project investments. Wind power projects in Pennsylvania, New Jersey and western New York will have an additional $14.4 million to tap into following a clean air settlement between the US Department of Justice, the Environmental Protection Agency (EPA) and Ohio Edison Co, a subsidiary of FirstEnergy Corp. As part of the settlement, Ohio Edison will pay a $25 million fine, $14.4 million of which is earmarked for supporting wind energy projects in the east. The settlement ends a 1999 lawsuit that alleged the company violated the Clean Air Act by upgrading facilities without installing required anti-pollution equipment. In California, Pacific Gas & Electric (PG&E) has provided $30 million to create a new investment fund, the California Clean Energy Fund, as part of its bankruptcy settlement. PG&E declared bankruptcy in 2001 as a result of the state's energy crisis. The fund will make investments in clean energy companies through three venture capital firms. Each firm will invest $8.5 million in companies involved in renewable energy, energy efficiency, energy storage, and enabling technologies and services with the overall aim of reducing California's dependence on fossil fuels.
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