U.S. ENERGY POLICY “JUST STUPID” – GE CEO

GE blasts U.S. policy on energy; Immelt slams lack of American policy and cumbersome regulations, cites China as a leader in clean power
Paul Glader, September 24, 2010 (Wall Street Journal)

"General Electric Co. Chief Executive Jeff Immelt warned that the lack of a comprehensive U.S. energy policy and the ‘stupid’ current structure of the industry are causing America to fall behind in new energy fields…[He also praised China's approach to energy at the Gridwise Global Forum]…"

[Jeff Immelt, CEO, General Electric:] "The rest of the world is moving 10 times faster than we are…This is a great country. But, you know, we have to have an energy policy. This is just stupid what we have today."

China just moved ahead of the U.S. in rankings of where New Energy investors should put their money and the other countries in the top 5 have less resources but aggressive policies. (click to enlarge)

"…GE is facing tougher competition around the world from rivals in the markets for renewable and nuclear energy that the company believes get more help from their governments…[Immelt] said China is moving faster to develop clean technologies such as nuclear power, electric vehicles and wind power. He also said China has the right mix of a big local market, innovation in technology, a low-cost supply chain and government policy support. China's State Grid utility, he said, is larger than nearly all U.S. utilities combined.

"…Immelt characterized the energy regulatory system in the U.S.—split between federal and state authorities—as ‘a relic of 1860 or something’ and said ‘it has fundamentally no basis in the modern world.’"

China just moved ahead of the U.S. in rankings of where New Energy investors should put their money and the other countries in the top 5 have less resources but aggressive policies. (click to enlarge)

"Countries such as Canada, Australia and China have much simpler regulatory structures for energy and are moving more quickly, he said. The U.S. must decide, he said, if it is serious about updating the 100-year-old ‘antiquated [power] grid’ and whether the much-talked-about ‘smart grid’ is ‘a hobby shop or a real business.’

"U.S. Energy Secretary Steven Chu [said a centralized model like China's would hurt innovation but] acknowledged the need for an overhaul…[He] said the administration is working, meanwhile, on steps like funding clean-energy technology and research…[and will not] sit idly by…"