Laidlaw Energy Group Plans to Sell PTCs Generated from New York Biomass Project.
Laidlaw Energy Group Inc. today said it plans to sell the Federal Renewable Energy Production Tax Credits generated by its New York biomass energy project.
The anticipated sale of the PTCs is expected to create an additional source of revenue for the facility, in addition to energy and Renewable Energy Credits (REC) sales, as well as revenue from hardwood lumber drying. Laidlaw Energy's New York facility recently received qualification from the Massachusetts Division of Energy Resources, which makes it eligible to sell the credits in Massachusetts. The facility is also expected to qualify to sell RECs in New York.
The PTCs are currently equal to $.01 per kilowatt hour for renewable energy generated from open loop biomass facilities such as Laidlaw Energy's New York facility, with the amount of the credit adjusted annually for inflation.
Congress recently extended the date by which qualifying renewable energy facilities must be placed in service in order to qualify for the PTC to December 31, 2008. Laidlaw Energy's New York facility is expected to begin operations in 2007 and to generate approximately 50 million kilowatt hours per annum.
PTCs are generated during the first 10 years of operations, putting the total projected value of the PTCs for the New York facility at $5,000,000.
Laidlaw Energy's New York project involves the conversion of a natural gas-fired power plant to utilize 100% clean wood biomass chips as its fuel source. It is the only power plant in the Buffalo, New York, area that is specifically designed to utilize wood biomass fuel.
For more information, visit www.NYENRG.com.
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|Date:||Jan 3, 2007|
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