New Direction for Energy Independence, National Security, and Consumer Protection Act and the Renewable Energy and Energy Conservation Tax Act of 2007

Floor Speech

NEW DIRECTION FOR ENERGY INDEPENDENCE, NATIONAL SECURITY, AND CONSUMER PROTECTION ACT AND THE RENEWABLE ENERGY AND ENERGY CONSERVATION TAX ACT OF 2007 -- (Senate - April 10, 2008)

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Ms. CANTWELL. Mr. President, I rise in opposition to the Alexander amendment. Along with my colleague from Nevada, we reached a very delicate balance to get this legislation where it is today. I would hate to see that balance disturbed by the proposal the Senator from Tennessee is offering about wind. The reality is our nation is still only producing a small percentage of renewable energy, and we could produce much more. To curtail investment in one of the most promising renewable technologies at this point would be premature. We have to realize what we are trying to do is create continued incentives not just for the long-term, and this legislation is aimed at saving this year's investment cycle. If the Senator from Tennessee wants to have a discussion later about long-term clean energy investments and what that horizon should be, this Senator is more than happy to talk to him about that. But this amendment before us is about the near term.

The bottom line is that we are trying to do is create stimulus for this year, we are trying to save the investment in the production tax credits, the investment tax credits, and efficiency tax credits. For example, PG&E has proposed purchasing 553 megawatts of power, which is the size of a typical natural gas or coal plant, from a concentrating solar facility in the Mojave Desert. If we don't pass this legislation, we are going to lose about $1.5 to $2 billion in investment and a big opportunity to increase the tax base of San Bernardino County, CA.

Another example, Butte, MT, has one of the largest polysilicon plants in the world, producing feedstock material for solar panels. Expansion of this plant, an investment over $1 billion, is on hold because we haven't given predictability in the tax code.

Passing this amendment will also give consumers efficiency credits of up to $500. Using that credit on insulation for example could save homeowners over 20 percent on their annual heating and cooling bills. The production tax credits in the underlying Ensign amendment, not the Alexander amendment, as a result in the next 3 to 5 years, we will have enough green renewable power to power 35 cities the size of Seattle. If we agree to the Ensign amendment instead of the Alexander amendment, with the investment tax credit, it will build enough solar power, and 1.1 million homes could instead have the power of solar and more renewable green energy. I encourage my colleagues to turn down the Alexander amendment and vote for the Ensign amendment.

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