New U.S. Senate Bill Would Increase Mandate for Renewable Energy
Maura Lockwood, Cabot Headline News
February 05, 2009
The U.S. Senate will review a draft bill next week that could require that 20% to 25% of the nation's electricity comes from renewable energy sources, according to the U.S. Senate Committee on Energy & Natural Resources'. Qualifying renewables are wind, solar, ocean, geothermal, biomass, landfill gas and incremental hydropower.
The bill would require even more aggressive mandate for renewable energy than President Barack Obama and the House initially indicated they wanted. Many analysts believe an increased Democrat majority means Congress stands a good chance of passing such a renewable mandate, which would give the alternative energy industries a major financial boost.
President Obama has already pledged to push for a 25% mandate, with a 10% standard achieved early in the next decade. Enacting such a standard would help Democrats accelerate the clean energy program they say is essential not only for cutting greenhouse gases and reducing the nation's dependence on oil imports, but also to stimulating an ailing economy.
Brendan Coffey, editor of Cabot Green Investor, comments in this week's Update that such a high mandate is particularly encouraging to solar watchers, who are looking for a reason to reverse the year-long slump in solar stocks.
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