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Category: Investment, Renewable Energy, Oil, Gas
Energy Industry Icon Rebuffs Obama Renewable Energy Plan as Substantial Threat to Stability of the U.S. Energy Market
MIAMI - December 4, 2009 - Karl W. Miller, a senior energy executive and institutional investor today issued the following statement through his advisors that the Obama administration Energy Plan has become completely unhinged and is now threatening the long term stability of the U.S. energy market, despite continued pro-bono counseling and warnings by Mr. Miller and other senior energy industry executives.
Mr. Miller supports a responsible renewable energy effort. However, Mr. Miller has increasingly expressed serious concern for the misguided direction that the Obama administration and the Democratic leadership has been taking during the past twelve months, evidenced by the flawed cap-and-trade bill, called the American Clean Energy and Security Act passed by the Congress and other multi-billion dollar handouts for an immature U.S. renewable energy industry not equipped to manage nor deliver any meaningful results.
Mr. Miller who has a long history of implementing bipartisan energy policy in the U.S. energy industry and globally, has consistently counseled the current Obama administration and other industry officials that the multi-billion dollar stimulus and cap-and-trade bill is leading to disastrous consequences for the U.S. Energy industry and will not have any meaningful effect for the re-powering and re-fueling of U.S. Power generation industry nor will it deliver sustainable efficient energy production. Billions of dollars in taxpayer capital continue to be slated for waste.
A Summary of Mr. Miller's Recent Advice to the Obama administration is as follows:
- The U.S. energy market is currently experiencing an interim market enigma; the renewable energy boom and bust cycle.
- Government handouts and mandates do not work in any industry and the subsidizing an uneconomical and loss making renewable energy industry is not a sound strategy
- The timing, force, and breadth of this renewable energy boom and bust cycle will be driven by anticipation, greed, and by innovation, not government subsidies.
- There will again be energy shortages, increased fuel price volatility, and a marked need for new power generation, primarily natural gas due to its moderate construction time, proven efficiency and security of fuel supply.
- Energy supply and demand will not rationalize for many years in the future, and it is likely, that at that time dependable base load demand will again significantly overshoot supply.
- The length of time-between now and when the energy demand need will again become evident-corresponds roughly to the design and construction stages of nuclear and large coal fired plants. Those plants, once in place and with their lower generation costs, will be very well placed to participate profitably in the energy markets.
- This is the opportunity before the energy industry today: to face the boom and bust cycle head on, with considered and careful strategic planning, as the industry moves into yet another era, without government interference and subsidies.
- The capital markets will judge the winners and losers. Capital will flow naturally towards the energy sector as technology develops through private innovation, not artificial subsidies.
- Given the extremely poor state of the U.S. economy and currently flawed economics of the renewable energy sector, there will be hundreds of distressed energy projects and companies that will fail, as history has clearly demonstrated.
- Disciplined investors will ultimately decide the future and direction of the U.S. energy industry, not the government.
To view Mr. Miller's Full report: U.S. Renewable Energy: A Self Inflicted Crisis in the Making go to:
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-29-2009/0005052129&EDATE=
About Mr. Miller:
Mr. Miller is a globally recognized energy executive and institutional investor with a balance of both financial and energy sector expertise. Mr. Miller began his career on Wall Street during the 1980s and has an extensive background in banking, commodities trading and risk management.
Mr. Miller has a long history in the global energy business and has held a variety of executive management positions both within the United States, Europe and Asia. Mr. Miller has bid on over $25 billion in energy related assets during his career.
Mr. Miller has built, restructured and managed energy businesses for major public energy companies on several continents, including PG&E Corporation, Electricite de France, El Paso Energy, Enron Corporation and JPMorgan Chase.
Mr. Miller holds an MBA in Finance from the Kenan-Flagler Business School at The University of North Carolina, Chapel Hill. Mr. Miller also holds a B.A. in Accounting from Catholic University located in Washington DC.
Mr. Miller is currently on medical leave until 2010.
Source: VBCC
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