Richard Li, the Hong Kong billionaire outbid in the sale of bankrupt Fisker Automotive, still stands to make more than $60 million on the company’s loan he bought at auction from the Energy Department last year, The Wall Street Journal reports.
AUGUSTA, Maine (AP) — Maine's House of Representatives has voted to overturn Gov. Paul LePage's veto of a bill restoring a rebate program for solar panels.
The Democratic-led House voted 105-41 to override the Republican governor's veto of the bill that would provide $1 million for the program that would last more than two years. It now goes to the Senate.
Texas on track to build more than 7,000 megawatts of new wind projects in 2014, although not all will be completed, The Dallas Morning New reports, noting that interest has been boosted by the Competitive Renewable Energy Zone project.
Los Angeles, generating 132 megawatts, tops the list of 57 major U.S. cities producing solar power, according to a study released by Environment California Research and Policy Center, which found that San Diego came in second, public radio KPCC reports.
A sharp drop in wind farm installations last year, followed by a surge of new construction heading into 2014, sprang from uncertainties surrounding the federal tax treatment of wind power, the American Wind Energy Association said Thursday.
Installations last year fell 92 percent and sector employment fell by 30,000 jobs because the renewable energy Production Tax Credit was not extended into 2013 until Jan. 2, as part of the fiscal cliff deal that included numerous short-term tax break renewals. AWEA said in its annual report, also issued Thursday, that the renewal "came too late to avoid damage to our industry."
The Dec. 31 deadline to qualify for the credit before it ran out again caused a huge surge in activity, however. Some 95 projects were underway with a capacity of more than 12,000 megawatts by year's end, nearly all of it starting in the fourth quarter.
In order to get the National Highway Traffic Safety Administration to close out an investigation into two of its vehicles being destroyed by fire, Tesla Motors is beefing up the shielding around the lithium-ion battery packs in the Model S, The New York Times reports.
CHAMPAIGN, Ill. (AP) — The U.S. subsidiary of Swedish furniture retailer IKEA announced Thursday that it is buying a long-planned wind-energy project in eastern Illinois as part of the company's initiative to offset its energy use with renewable energy generation.
And IKEA insists the project, which has not yet been built, is more than public relations. The company believes that, long term, wind energy will help the company's bottom line, Chief Financial Officer Rob Olson said.
But right now wind power is a struggling business. Cheap natural gas and the end of a federal tax break for wind-power producers have left wind generation unprofitable.
Pennsylvania has teamed up with Kentucky and some businesses and organizations to create a fund -- called the Warehouse for Energy Efficiency Loans, or WHEEL -- that will offer loans for energy efficiency home improvements, the Pittsburgh Post-Gazette reports.
Salary increases, including one for CEO John Watson that brings his base pay to $1.9 million, were approved by Chevron’s board despite the decline in oil prices that has dragged down the value of the company’s shares, The Wall Street Journal reports.
A voluntary agreement that spells out a timetable to clean up the site of a chemical spill that contaminated the Elk River last year has been worked out between Freedom Industries and West Virginia regulators, The Associated Press reports.
Negotiators from six world powers and Iran resumed nuclear talks Wednesday despite passing a deadline for an agreement, with British Foreign Secretary Philip Hamond telling the BBC that there was “a broad framework for understanding” but some key points remain to be worked out, Reuters reports.
In a fresh sign of deepening drought intensity, the water content of the snowpack in the Sierra Nevada is at 6 percent of normal levels, the lowest amount since record-keeping began in 1950, according to the California Department of Water Resources, USA Today reports.
Oil company Samson Resources, suffering from poor performance that has also helped to drag down backers Kohlberg Kravis Roberts, says in a regulatory filing that it has hired advisers to help it investigate possible reorganization under Chapter 11 bankruptcy protection, The New York Times reports.