Annual Meeting
Stimulus Could Benefit Members
When a new administration takes office, action on items such as energy and conservation is usually well down the list of priorities, according to Jeffrey Genzer, general counsel to several energy organizations.
Jeffrey Genzer (r) explains the stimulus package with Martin Lowery (l) of NRECA and lawyer William B. Conway Jr. (Photo By: Luis Gomez)
Not any more. With the enactment of a $787 billion stimulus package, co-ops should be able to take advantage of beefed-up programs to benefit their members, speakers told a forum on “Change in Washington and the Economic Stimulus Package.”
“There are lots of opportunities for members of NRECA,” said William B. Conway Jr., who specializes in energy issues for Skadden, Arps, a law firm in Washington, D.C.
Conway joined Genzer, a partner in the Washington law firm of Duncan, Weinberg, Genzer & Pembroke, and Martin Lowery, NRECA executive vice president for external affairs, in outlining some possibilities.
Among the stimulus items is $1.6 billion for Clean Renewable Energy Bonds, with one-third reserved for co-ops. They provide co-ops with incentives similar to those enjoyed by IOUs to invest in alternative energy projects.
The weatherization assistance program will see a tenfold jump from about $500 million annually to $5 billion. Another opportunity could come through energy grants, as state energy offices are slated to receive $3.1 billion, with an additional $3.2 billion targeted toward local governments.
The ink has barely dried on the package, which President Obama signed Feb. 17, so the process to trigger the unprecedented wave of resources is not yet clear, Conway said.
That’s why it’s important for co-ops and statewide associations to forge alliances now with state and local governments and community action agencies that will handle some of the funds, according to the panelists.
“I think from the NRECA perspective and from the co-op perspective, that we’re moving at 100 mph and it’s not likely to stop soon,” Genzer said.
Tags: Annual Meeting, Stimulus Bill