The Department of Energy snookered the media last week with a report ptogram seems to show that its clean energy lending programs are profitable. Taxpayers are losing money on DOE lending. Less than originally expected, and less than you would expect given media coverage of Solyndra, Fisker, and a few other failed loans. But smaller losses are still losses, not profits. If your aunt asks how the deal is going, what would you say?
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Secretary of Energy Ernest Moniz center. The political attacks that paint the DOE loan program as a colossal risk to American taxpayers have largely been proven hollow. The loan program is expected to perform well in the future and holds less risk than Congress envisioned it would back in , according to an independent audit. Credit: U. Department of Energy. At the U. Department of Energy ‘s Washington, D. But the no-frills landscape of desks and cubicles belies the immensity of the job at hand. Each day nearly staffers scour loan applications, track billion-dollar debts and manage borrowers’ credit risk as part of the department’s Loan Programs Office —one of the biggest clean energy finance shops in the world. Many Republicans in Congress who had never embraced innovative energy programs to begin with seized on the Solyndra debacle and made the name synonymous in conservative circles with an «out-of-control» Obama administration. The embattled loan program went into silence mode. Flying under the radar of Republican budget deficit zealots became the program’s unspoken motto, and for two years after Solyndra’s collapse the LPO never issued a new loan or loan guarantee. In a recent profile by InsideClimate News , Davidson said that his mission as the program’s new leader is to let energy companies and policymakers know that the loan office is «back open for business. He’s not surprised that most Americans are unfamiliar with the loan program—even he didn’t know much about it until early last year. Fans of the LPO applaud Davidson’s attempt to relaunch the program, but they recognize the steep uphill battle he faces politically. Today, «there is no political willingness to take on risk,» says Richard Caperton , the managing director of energy at the Center for American Progress, a liberal policy group. Bush administration as part of a sweeping energy law to develop «secure, affordable and reliable energy.
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Now that congressional action on a major federal infrastructure bill is going nowhere fast, the U. The program has already made infrastructure investments in electricity transmission, carbon capture and sequestration, utility-scale electricity storage, nuclear projects, and advanced vehicle manufacturing. An ad hoc coalition of companies and NGOs has pressed the case for LPO investment in energy and transportation infrastructure over the last year. In closing, Rep. Costello R-Pa. This opportunity caught the attention of Rep. Rush D-Ill. A bipartisan letter followed from Rush and Rep. Barton R-Texas , the vice chair of the full committee, urging the appropriators to maintain LPO funding. In late March, Congress adopted and President Trump signed the omnibus spending bill which explicitly directs DOE to process LPO applications, provides funds to administer the program and, importantly, does not rescind any previously appropriated funds.
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Now that congressional action on a major federal infrastructure bill is going nowhere fast, the U. The program has already made infrastructure investments in electricity transmission, carbon capture and sequestration, utility-scale electricity storage, nuclear projects, and advanced vehicle manufacturing. An ad hoc coalition of companies and NGOs has pressed the case for LPO investment in energy and transportation infrastructure over the last year. In closing, Rep. Costello R-Pa. This opportunity caught the attention of Rep. Rush D-Ill. A bipartisan letter followed from Rush and Rep. Barton R-Texasthe vice chair of the full committee, urging the appropriators to maintain LPO funding.
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