PA plays pivotal role in passage of energy legislation through House of Representatives
On June 26, the US House of Representatives passed the American Clean Energy and Security Act. This is a sweeping piece of legislation that is intended to address global warming and transform the way the nation produces and uses energy.
PA has been playing a part in this legislation through Todd Filsinger’s (head of PA's Energy Capital Markets practice) co-chairmanship of the Coalition for the Green Bank. The Coalition, formed in March 2009, is a consortium of leaders in energy development enterprises, and is dedicated to stimulating the development of green energy assets for clean and sustainable energy and jobs. It has been actively involved in ensuring that the Act includes provisions for financial support to accelerate the deployment of a wide range of clean energy technologies.
This independent corporation, will be able to provide at least $75 billion in direct and indirect financing support which, when coupled with $75 billion in equity, would supply $150 billion in new investment. This, in turn, is projected to produce at least 75 gigawatts of clean energy.
According to Todd, "the Clean Energy Development Administration will be the stimulus for billions in investment, millions of jobs, and critically needed sustainable energy technologies. The passage of the American Clean Energy and Security Act marks a profound moment in America’s energy revolution." Reed Hundt, the other co-chair of the Coalition for the Green Bank underlined the importance of PA’s role in this work, saying PA "is playing an instrumental part in making history."
