| Notes to Energy Opportunities in Pittsburgh Module |  |  |  | |
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[1] Mr. Humes is a partner on the Energy and Clean Tech team in the New York office of Holland & Knight, LLP. He can be reached at steve.humes@hklaw.com or 212-513-3473. The author acknowledges with appreciation the contributions of Tiana McLean, an associate in Holland & Knight's New York office, who can be reached at tiana.mclean@hklaw.com or 212-513-3480.
[2] To ensure compliance with Treasury Regulations (31 CFR Part 10, §10.35), we inform you that any tax comments contained in this article is not offered as legal advice and cannot be used by you or anyone else, for the purpose of avoiding penalties imposed by the Internal Revenue Code. As is always the case, eligibility for actual tax credits and other incentives depend on various facts and circumstances and should be reviewed with your attorney.
[3] One SREC represents 1,000 kilowatt hours of generation produced from a qualifying solar project. To qualify, the project must be connected to the electric distribution system serving New Jersey. | |
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| News May 2010 Opportunities for the energy sector in Pittsburgh Module | | | | |
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| | Pittsburgh: Providing Solutions for a Balanced 21st-Century Energy Portfolio
By Suzi Pegg, VP, International Business Development, Pittsburgh Regional Alliance
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In September 2009, as leaders of the top global economies convened in Pittsburgh for the G-20 summit, an unprecedented group of Pittsburgh-based energy companies and universities also came together to verbalize their commitment to growing the regional energy economy. ,” they stated. |
In an open letter, the leaders of 12 Pittsburgh-based organizations acknowledged the increasing global energy demand and pledged to find solutions to the world’s energy challenges together. “We believe that Pittsburgh will play a leading role in creating the new energy economy
Supporting a Balanced Energy Portfolio
Pittsburgh is on a trajectory to becoming the U.S.’s leading energy region and the provider of energy solutions to support a global need for a balanced energy portfolio. The region will leverage its natural and human assets to engineer a 21st-century energy infrastructure that recognizes that the energy of the future can’t be all traditional or all renewable. A portfolio approach seems to be gaining consensus regarding energy independence – domestically and internationally.
Poised to Build a 21st-Century Economy on the Foundation of Energy
The Pittsburgh region, unlike any other region in the United States, is uniquely poised to build a 21st-century economy on the foundation of energy. Research conducted last year by the Pennsylvania Economy League of Southwestern Pennsylvania quantifies a critical mass in the region comprising more than 700 companies in the global energy supply chain as well as innovation assets, spanning government, academic and corporate research & development. Unlike other regions in the country – including Chicago and Detroit, which also have high concentrations of energy-related jobs – Pittsburgh is rich in natural energy resources such as coal and natural gas. At the same time, the region possesses the complementary human capital and expertise to innovate, manufacture and problem solve to meet global supply chain demands for the coal, natural gas, nuclear, solar, wind, transmission and distribution and intelligent building technology energy industries. This combination is distinctive and unmatched elsewhere.
Fulfilling the World’s Energy Supply Chain Needs
Supply chain needs for the energy industry are being fulfilled from the Pittsburgh region with the precision that meets the industry’s high standards – standards that cannot be met by many manufacturers in other parts of world. Solar and wind energy companies, as well as for those companies that advance intelligent building and smart power grids, are looking to Pittsburgh for parabolic solar mirrors, electrical efficiency systems, convertors and generators for offshore and other wind farms, coatings for windmill towers and fiberglass for windmill blades, and intelligent power grid software and services. These collective assets and others – common to the region and unmatched elsewhere – help to realize a balanced energy portfolio that has applicability in the U.S., western Europe, Asia and other global locations.
In a recent fDi interview, Allegheny Conference on Community Development CEO Dennis Yablonsky remarked, “It’s been said that regions, such as Pittsburgh, that control energy supply and that are developing marketable global energy products and solutions will be positioned to flourish. With our combination of natural resources, engineering and manufacturing capability and innovation and problem-solving resources, the Pittsburgh region can do for energy what the Silicon Valley did for computing.”
A Significant Regional Economic Generator
Spanning the region’s history, energy has been a major part of the regional economy. The world’s first commercial oil well was drilled here in 1859, and the natural gas pipeline, commercial nuclear power plant and air emissions control technologies were all created in Pittsburgh. Energy is still charging the region’s prosperity, and offering even greater promise for future prosperity.
Already, the Pittsburgh region’s energy sector is:
• producing $13.7 billion (more than 10% ) of the Gross Regional Product;
• creating 105,000 direct/indirect jobs; and
• comprising 25% of 2009 business expansion announcements.
And today, more than $1 billion is spent annually in public and private energy innovation funding through the region’s universities, corporate facilities and federal labs such as the National Energy Technology Laboratory (NETL), located in Pittsburgh and one of only a few facilities dedicated to fossil fuel research and the future of carbon capture and sequestration.
Marcellus Shale is Spurring Growth
The Marcellus Shale represents one of the largest new plays in the United States and is the largest unconventional natural gas reserve in the world. The largest major metro atop the Marcellus Shale, Pittsburgh, since 2007, has seen 33 companies expand their exploration, drilling or services operations here, according to the Pittsburgh Regional Alliance, the organization that markets the benefits of doing business is the Pittsburgh region to companies worldwide. Beyond the obvious attraction of the gas reserves found in the shale, natural gas producers will benefit from the region’s robust distribution and logistics network and strengths in corporate support, which make Pittsburgh an ideal location for regional offices. Similarly, companies fulfilling broad supply chain needs related to the industry will continue to be attracted to the region.
Advancing National Energy Leadership from Pittsburgh with a Unique Spirit of Collaboration
Leaders across seven industries in the Pittsburgh region’s energy sector have come together to form the Energy Alliance of Greater Pittsburgh. With a focus on sound public policy and economic development – from further developing critical industry cluster supply chains and investing in promising technologies and start-ups – the Alliance will develop and implement a strategy to grow a globally impactful, balanced energy economy that has its foundation in the Pittsburgh region. Learn more at www.pittsburghregion.org.
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| Comment Dennis Yablonsky Module | | | | |
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“Regions, such as Pittsburgh, that
control energy supply and that are
developing marketable global energy
products and solutions will be
positioned to flourish. With our
combination of natural resources,
engineering and manufacturing c
apability and innovation and problem-
solving resources, the Pittsburgh
region can do for energy what the
Silicon Valley did for computing.”
– Dennis Yablonsky, CEO, Allegheny
Conference on Community
Development and Affiliates
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