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FPL Energy announced through its 3rd Quarter earnings report that it plans to cut back on its 2009 wind energy development plans. FPL Energy had previously planned to add approximately 1,500 megawatts (MW) in 2009, but the revised plan is to build approximately 1,100 MW.
FPL said that cutting back in the wind space is part of its plan to cut capital expenditures from approximately US $7 billion in 2009, to US $5.3 billion.
FPL said that cutting back in the wind space is part of its plan to cut capital expenditures from approximately US $7 billion in 2009, to US $5.3 billion. Of the US $1.7 billion reduction, approximately US $1.3 billion involves the deferral of new project development at FPL Energy, including the wind energy projects. In addition, FPL plans to reduce 2009 capital expenditures by approximately $400 million for projects associated with system growth that is no longer expected.
This move, which FPL said is due in large part to the turmoil in the credit and financial markets follows last week's news that Duke Energy and Xcel Energy will be cutting their solar energy plans and subsidies. Duke said that it will cut its US $100 million solar plans in half and Xcel sent a letter to businesses in the Colorado solar industry saying that it will be cutting its subsidy for solar energy by US $1/watt.
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Dennis of Sustainable Energy Transition (SET)
http://www.bloomberg.com/apps/news?pid=20602099&sid=arn1g3qUqKAI
So - because of the credit crunch - when the Peak Oil comes the decline of oil production will be even bigger.
We can only hope that the investors all around the world will start preparing for the post fossil era earlier.
I contacted the solar rewards program ast Xcel. They are reducing payments as now the ITC pays 30% of an uncapped size project. The reward program, a subsidy on a $2000 capped project is now surplus to requirments and would have amounted to a double subsidy on top of the ITC rebate which .
Nothing to do with the credit crunch.
I made enquiries about Duke and was told. The Public Utility commission denied planning consent as the cost of electricity to the public was twice the cost of the local SunEd solar project and therefore was not in the best public interest. Duke was advised to source and build the project cheaper or buy from SunEd. Once again nothing to with the credit crunch.
My enquiries into FPL cutting back its winds space activities came from a respected US broker. They informed me that the local planning consent was delayed and overlapped into the turtle mating season resulting in further delays.
Its seems that a little digging can come up with something very different from the scare mongering headlines that news hacks love to generate so that they can be first to press and sensationalise the theme of the day, in this case the credit crunch.
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