CEI Expert to Testify on Green Energy Loan Program
Washington, D.C., September 22, 2011---This afternoon, CEI Energy Policy Analyst William Yeatman will testify at a House Water and Power Subcommittee of the Natural Resources Committee hearing on a controversial green energy loan program administered by the Western Area Power Administration (WAPA).
In 2009, the American Recovery and Reinvestment Act authorized $3.25 billion for the WAPA loan program in order to finance transmission projects that facilitate renewable energy generation. But last month’s high-profile collapse of solar power manufacturer Solyndra, Inc. has brought a new level of scrutiny to green energy loan programs. Solyndra had received a $535 million loan guarantee in 2009 under a Department of Energy loan program similar to the WAPA program.
In his testimony, Yeatman will argue in favor of H.R. 2915, a bill introduced by Rep. Tom McClintock (R-California) that would repeal the Western Area Power Administration’s loan authority and thereby protect taxpayers from speculative green energy loans.
“WAPA green energy loans are riskier than private sector financing,” says Yeatman, “As such, they should also be too risky for public sector financing. In light of America’s current deficit problems, now is not the time to unduly chance taxpayer money on the success or failure of novel renewable energy technologies.”
Read William Yeatman’s complete submitted written testimony here.
The hearing will take place at 2:00 p.m. on September 22, 2011 in Room 1324, Longworth House Office Building.