Govt to legislate alternative energy
The government of Nova Scotia has announced mandatory renewable targets for that Province’s utilities, just in the wake of the federal Conservative government’s announcement of a major initiative to support the sector. According to a Canadian Press story:
“Nova Scotia‘s utilities could faces fines up to $500,000 a day if they fail to comply with new regulations that will require the province to generate 20 per cent of its electricity from renewable sources by 2013.
Bill Dooks, the province‘s energy minister, set mandatory targets Thursday, saying the standards are ‘among the most aggressive in Canada.‘
Nova Scotia currently gets 12 per cent of its electricity from alternative sources, such as wind, solar, biomass and tidal power.”
This is a meaningful effort by the only entity that has both the might and incentive to push green power in any jurisdiction. And entrepreneurs are welcoming the announcement:
“Luciano Lisi, chief financial advisor to Cape Breton Power Ltd., a wind farm near Glace Bay, N.S., said the new playing field has the potential to spur growth in renewables.
‘To meet these targets, it will require as much as $250 million to be spent by 2010 and another $500 million to be spent by 2013, all privately financed,’‘ he said.”
$250 million of investment required over the next two or three years? In one Province. This will surely get the attention of our confreres at the infrastructure funds. While it sounds like a lot of $, it isn’t all that different that what portfolio company Ventus Energy might build on Prince Edward Island, for example.
For folks in the capital providing business, this sector is going to hungry for years to come (despite what the old economy defenders at the Globe and Mail have been fed by the carbon lobbyists and spindoctors).