About 100 North American oil and gas companies have filed for bankruptcy since the start of a 2 year crude oil price collapse, and the industry may be only halfway done, according to restructuring specialists. Despite OPEC’s oil deal, “there’s going to have to be more filings just because there’s no price out there that’s foreseeable that’s going to bail these companies out,” said Patrick Hughes, partner at Haynes and Boone.
Here’s an article on how the Quantitative Easing by US Fed has contributed towards reduction in crude oil prices, which is a good thing for US economy.
The US Navy has invested an undisclosed amount in the Mesquite solar farm in sun-rich Arizona, allowing for an expansion of the facility that is anticipated to make it the world’s largest solar farm. This solar energy investment can be called the largest renewable energy purchase till date by the US Govt.
Climate News Network’s Paul Brown reports that the solar energy farm, located about 40 miles west of Phoenix, will generate 210 MW of power, a third of the energy needed to power 14 Navy and Marine Corps sites. The solar energy farm, slated to go online next year, is expected to save the Navy at least $90 million in energy costs over the course of the 25-year contract with Sempra US Gas & Power, which operates it. The Mesquite facility, which completed its first phase of buildout in late 2012, has a potential capacity of 700 megawatts, which would power up to 260,000 homes. It requires no water to operate and reduces greenhouse gas emissions. Continue reading US Navy Invests in Solar Energy Farm near Phoenix, AZ
California Governor Arnold Schwarzenegger is determined to make California a leader in solar energy. With a US $ 3.2 Billion Dollar California Solar Initiative, the State of California would become the undisputed leader of solar energy in the United States. Faced with a growing population, limited energy sources and the occasional rolling blackout each summer season, the state really had no choice. With backing from Governor Schwarzenegger, the state has just implemented the biggest solar industry subsidy every undertaken by a state in an effort to address the rising energy demand.
On January 12, 2006, the California Public Utilities Commission voted 3 to 1 to adopt a plan to encourage the use of solar roof systems by residents through a 3.2 billion dollar rebate plan. Known as the California Solar Initiative, the goal is to convert as much as six percent of the peak energy demands in the state to solar platforms. Put in practical terms, the goal is place solar systems on roughly one million homes in the state, particularly new homes. Approximately 15,000 homes in the state now have solar systems for energy generation. Continue reading Governor Determined to make California leader in Solar Energy