All told, the $789 billion economic stimulus bill contains about $50 billion for renewable energy projects, electric utilities, and other green companies. It’s possible to look at this sum in at least a couple of different ways.
First, the stimulus package is aimed at creating jobs. Some 3-4 million jobs according to President Obama.
"Future, Or Fracture?"
Last year was the year that alternative energy was set to take the world over. High energy prices and election promises made green energy look like it had unlimited growth. Then came the massive drop in energy prices. Then came the recession. Then came the lack of credit. Combine all that with lower stock valuations and this is looking like solar companies will get hit with a wave of rolling blackouts.
Applied Materials Inc. (NASDAQ:AMAT) gave us the impression that what we are setting up for is the third wave of negatives for the sector. What we saw out of JA Solar Holdings Co. Ltd. (NASDAQ: JASO) only adds fuel to that fire. SunPower Corporation (NASDAQ:SPWRA) and GT Solar International Inc. (NASDAQ: SOLR) are both up since their earnings, but these might not be representative of the whole group. Investors’ negative bias toward te will effect earnings expectations for Suntech Power Holdings Co., Ltd. (NYSE: STP) next week and First Solar, Inc. (NASDAQ: FSLR) the following week.
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Safeway Inc. (NYSE:SWY) has announced a new environmental project to power 23 California stores with renewable solar energy. The company installed solar panels atop a newly renovated Safeway Lifestyle store in Dublin, California and plans to extend the program to nearly two dozen stores. Congressman Jerry McNerney joined on a tour of the store’s rooftop solar panel array. The unit is currently generating electricity to power the 55,000-square-foot retail facility.
NetJets, a subsidiary of Berkshire Hathaway (NYSE:BRK-A), unveiled details of a multifaceted initiative to address the environmental impact of the company’s flights and other operations and strengthen its response to climate change and other environmental challenges. The company retained the services of Esty Environmental Partners, a leader in corporate environmental strategy.
Chicago Tribune reported that The City of Chicago has signed an $8.7 million contract to buy up to 300 hybrid vehicles made by Toyota (NYSE:TM): 100 Prius sedans, 100 Camry models and 100 Highlander SUVs from Northside Toyota in the next three years.
SunPower Corp. (NASDAQ:SPWR), a Silicon Valley-based solar manufacturer, today announced a new partnership with GRID Alternatives, a San Francisco-based nonprofit organization, to bring the power of solar energy to low-income families in need.
This is from earlier in the week, but worth a read. The Erb Institute for Global Sustainable Enterprise at the University of Michigan today announced that many companies who voluntarily participate in the U.S. Department of Energy’s program to report reductions of greenhouse gas (GHG) emissions tend to have increased emissions but report reductions.
With oil hitting $80 a barrel, alternative energy is going to stay front and center regardless of any political issues around the topic.
Jon C. Ogg
September 13, 2007
As a reminder, whether you prefer the term "Global Warming" or "Climate Change" is not the issue as far as 24/7 Wall St. covers it. Green business has become big business, and this affects many public companies today.
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