Pennsylvania Resurrects Energy Development Authority

Harrisburg PA - As part of his plan to make the Commonwealth a national leader in building and deploying advanced energy technology, Governor Edward G. Rendell today signed an executive order to revitalize the Pennsylvania Energy Development Authority to provide financing for a wide range of energy research, development and demonstration projects that will promote and utilize indigenous energy resources in Pennsylvania.

"Pennsylvania exports more than $20 billion a year to import energy fuels," Governor Rendell said. "Keeping energy dollars in state not only will help to create the jobs we critically need, but it also will promote energy sources that are proven to improve air quality, preserve land, protect local watersheds and enhance energy security. PEDA will entice new investments and make sure the development and deployment of advanced energy technology continues to be one of the engines that drive Pennsylvania's economy."

The Governor will meet informally today with energy leaders from the private sector and nonprofit organizations to discuss the direction of the newly revitalized authority, which will be administered by the Department of Environmental Protection's Office of Energy and Technology Development. Any bond projects that PEDA undertakes will be handled by the Pennsylvania Economic Development Financing Authority.

PEDA had been in operation under other agencies since 1984 before it was phased out in the mid-1990s. Aside from PEDA, the Governor unveiled in his Feb. 3 budget address a broad set of energy initiatives. Among the proposals is expanding the Pennsylvania Energy Harvest to provide the financial tools to encourage clean and renewable energy projects from advanced energy sources such as biomass, wind, solar, small-scale hydroelectric, landfill methane, coal-bed methane and waste-coal. With just $5 million in its first year last year, Pennsylvania Energy Harvest succeed in drawing 139 applications worth $45 million in funding that would generate $96 million in private investment.

Building on the leadership position of having already doubled the amount of "green" energy that Pennsylvania uses, the Governor also directed agencies to redouble that effort again so that fully 20 percent of the state's energy needs are met by state-of-the-art technologies. To build on that effort, a new Advanced Energy Portfolio Standard will ensure that in 10 years, 10 percent of all of the energy generated in the Commonwealth will come from clean, efficient sources.

"Deployment of alternative fuels is an economic and environmental win for Pennsylvania," Secretary McGinty said. "Fostering the development of alternative energy sources not only helps to cut pollution and improve environmental quality, but it also gives Pennsylvania a commanding edge in the renewable energy market, allowing for more opportunities in technology development and job creation."