QUICK NEWS, March 8: THE POINTLESSNESS OF OIL SHALE; BIG WIND GOES ONLINE IN OHIO; FIRST SOLAR IN TROUBLE AGAIN

THE POINTLESSNESS OF OIL SHALE
Everything You Need to Know About Oil Shale; Comprehensive New Oil Shale Report Unveiled as BLM Prepares for Public Meetings in Colorado, Utah and Wyoming
March 7, 2012 (Western Resource Advocates)

…Oil Shale 2050: Data, Definitions & What You Need to Know About Oil Shale in the West [from Western Resource Advocates (WRA) is a] new analysis of oil shale in the Western United States [and] comes just one week ahead of public meetings planned by the Bureau of Land Management (BLM) to discuss a new federal policy on oil shale development…"

[David Abelson, analysis lead author/Oil Shale Policy Advisor, WRA:] “We looked at this issue inside and out, and based on extensive research, we can’t find a good reason why commercial oil shale development should be pursued in the West…I sometimes wonder why this is even a discussion. Oil shale would foul our air and water, soak up enormous amounts of water, and disrupt local economies. And nobody has been able to come up with a viable commercial process to produce it anyway.”

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"...[The report links] water demands and regulatory frameworks with potential oil shale development, examining the history of oil shale and key data points…[and is an ideal guidebook for the BLM ] public meetings in Colorado, Utah and Wyoming next week to discuss proposed federal guidelines for oil shale research and development…[It] follows a late February announcement by Chevron, in which the company decided to stop working on oil shale research in order to redeploy resources towards fuel sources for which extraction technologies already exist."

[Rob Dubuc, Staff Attorney/Oil Shale Expert, WRA Utah:] “Chevron’s announcement is another in a long line of examples proving that nobody knows how to develop oil shale on a commercial scale…Oil and gas companies are abandoning oil shale research independently, yet the State of Utah is still preparing to turn over public resources for speculative development. That’s like building a factory before you know how to make the widget. It doesn’t make sense.”


BIG WIND GOES ONLINE IN OHIO
Iberdrola completes Ohio's biggest wind project
John McKenna, 6 March 2012 (Windpower Monthly)

"Construction has finished on Iberdrola’s 304MW Blue Creek wind farm in Ohio.
Blue Creek is situated in six townships in Van Wert and Paulding Counties, Ohio and features 152 Gamesa G90 2MW turbines. The project [almost triples] Ohio's current [102 MW] capacity.

"The project has a 20-year power purchase agreement (PPA) with FirstEnergy Solutions covering 100MW of its generating capacity."

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"Iberdrola has also started work this month on the 189MW Manzana wind power project, located near the town of Rosamond in California.

"This project has secured two PPAs, one with the San Diego Gas & Electric company, which will receive the power generated by 100MW over the next 20 years, and another with the City of Santa Clara’s Silicon Valley Power, which will receive the energy produced by 50MW over the same period…"


FIRST SOLAR IN TROUBLE AGAIN
First Solar Under Investigation By The SEC For Topaz Disclosures
Jessica Lillian, 6 March 2012 (Solar Industry)

"The U.S. Securities and Exchange Commission (SEC) began an investigation into First Solar Inc. last fall, a new SEC filing from First Solar reveals. The probe focuses on potential violations…in connection with disclosures on Sept. 21, 2011, relating to the failure of the Topaz Solar Farm project to meet the statutory deadline to receive a federal loan guarantee from the U.S. Department of Energy (DOE)…

"The Topaz solar plant, a 550 MW project under development in San Luis Obispo County, Calif., received a conditional commitment for a DOE loan guarantee on June 30, 2011. However, on Sept. 22, the company announced that there would be ‘insufficient time to process all requirements’ before the loan-guarantee program's Sept. 30 deadline."

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"The SEC investigation was initiated to determine whether a disclosure breach caused the news of the loan-guarantee's failure to be released early. A Jefferies & Co. analyst wrote in an investor note on Sept. 21 - one day before First Solar's announcement - that he did not expect the loan guarantee to be finalized in time…based on media reports that the project had a potential buyer.

"First Solar responded to the potential disclosure violation by conducting an internal investigation and replacing its vice president of investor relations…[I]n November, the SEC announced it would forge ahead with its own investigation…[and a] separate investigation into the Topaz disclosure issue has been launched on behalf of First Solar's shareholders…by an unnamed law firm…First Solar's share price has dropped precipitously in recent years - from more than $300 in 2008 and more than $190 in 2009 to under $30 on March 2, 2012…"