A Flurry Of Green Muni Bonds

"by Tess Olsen-Rong" Green municipal bonds are set to take off in 2015 after a flurryof issuances in the latter half of 2014. With interest rates at anall time low, this is the time to finance the vast backlog ofinfrastructure upgrades and developments needed - and to greenthat infrastructure. This, accordingto the Financial Times, is especially so in the US. With green muni growth has come a growing diversity in the use ofproceeds. Some green municipal bonds are using proceeds forprojects where the green credentials are more complex to analysethan say a wind or solar plant. Recent bonds have used proceedsfor heat recovery from natural gas generation, biomass powerplants, car parks and clean water. Things are getting complicated. Jefferson County NY 20.1m biomass-to-energy - thisreally needs feedstock certification Let's start with a renewable energy green muni bond issued by JeffersonCounty in the State of New York. Proceeds from the 20.1m bond will go to a 60 MW capacitybiomass power plant. The plant was coal-fired until 2013 when itwas converted by ReEnergy Black River LLC. Biomass, likealmost all green categories, is not automatically a green project.Unsustainable sourcing of biomass can lead to deforestation andtherefore have a negative effect on carbon emissions. FortunatelyJefferson County "primarily burn sustainably harvested biomassresidues and other waste fuels" - great! But investorsshould be looking for accreditation from a suitable feedstockstandard to confirm that the issuers' definition of "sustainablyharvested" really does fit the bill. In this case the majority isderived wood with the remaining 20% recovered wood (i.e.chippings). Another area of concern with biomass is the air pollution generated in the burningprocess. Jefferson address this in part by committing to reportingon the annual air emissions (and water use) of the plant. Watchout for the public consultation for the Climate Bonds BioenergyStandard in February that will address these issues. Mass State College 91.4... mostly sort of pale green...but a car parking station? Really? Green munis in Massachusetts were coming thick and fast in2014 with bonds from Massachusetts state and MIT. Not wanting to miss out on the fun, Massachusetts StateCollege Buildings (MSCB) joined the club with an inaugural 91.4m green bond. The bond issplit across multiple tranches with tenor ranging from 2 to 20years and a credit rating of AA from S here the buildingswill be Silver LEED rated - a good start. However, this is the first time we have seen a green bond usedfor an indoor "car park,"based on energy efficiencymeasures. This threw us a bit, especially as LEED certification does not apply for car parkstructures. The (new) car park will achieve bronze level"Green Garage Certification" under a scheme run by the GreenParking Council - we've tried to find out what that actuallymeans and are still in the dark. Of course, if the whole parkingstation was an electric car charging station.... Hartford County in Connecticut goes for green (water)bonds Next, water. Florida's East Central, Spokane and Connecticut all issued green watermunicipal bonds in the last quarter of 2014. Hartford County inConnecticut also joined the ranks with a 140m bond across 24 tranches with tenorranging between 1-23 years and AA/Aa2 rating (SP/Moodys). Proceeds from the bond will go to stormwater projects, pipe repair andreplacement, and waste water (pollution) control. Nowthese are pretty standard project types when it comes to thewater bonds we have seen so far. Adaptation to climate changerequires water infrastructure to be ready to deal with, forexample, bigger surges of stormwater. The treatment of wastewater, when there is no energy, is not necessarily green becauseof the environmental footprint it creates. This is why athorough second opinion on the green credentials of a water bondis essential. However this is currently missing from the greenmuni market; Spokane did lead the way with a secondopinion; but its review did not cover the green credentials ofthe bond, only adherence to Green Bond Principles. In 2015 we need to see a green review for water that takes allthese topics into account to provide investors with aninsightful analysis of the topics. UTAH POWER 21.39M - NOT SURE ABOUT THE GAS ASPECT Finally, UtahAssociated Municipal Power System's (UAMPS) 21.39m green bond was issued across 20tranches in November 2014. Tenor ranged from 3 to 20 yearsacross the tranches and achieved an A- rating from Sinstead the bond is funding a project to recycle excess heatenergy created by the gas turbine. Once completed the heatrecovery power plant will generate up to 7.5 MW and has the potential to remove 737,000tonnes of CO2 (when replacing gas-fired power generation)over its 30 year life. When taken in isolation (from the gas turbine) it can bedescribed as a "green" project - but its entire process isdependent on gas, where the jury is still well and truly outabout what you could call "green". The project could be comparedto a refurbishment or energy efficiency project in a gas powerplant which would elongate the life of the gas generator. Hmm... not quite convinced on the green credentials of this oneyet, although we do appreciate there's a complex argument aboutgas as a transition investment in "some" countries - butthat needs careful analysis as it doesn't always stack up. (He amusingly quotes a banker: "The markets are very like sheep- if one sees a rival doing something they immediately look atit and think should we do the same." That BTW is one of therationales for promoting a green bonds market.)
Tess Olsen-Rong ia ananalyst at the ClimateBonds Initiative, an "investor-focused" not-for-profitpromoting long-term debt models to fund a rapid, globaltransition to a low-carbon economy. Sean Kidney and BeateSonerud also contributed to this post.

Pv Market To Become Supply Driven In 2014 Says Npd Solarbuzz

PV market to become supply-driven in 2014, says NPD Solarbuzz A new Marketbuzz report from solar analysts NPD Solarbuzz forecasts that 2014 will shape up as a classic supply-driven market for the PV industry.As prices for PV installed systems and modules have fallen over the past three years, alongside a 50% drop in module production costs, causing uncompetitive PV cell manufacturers to exit the market, the number of global PV suppliers fell from 250 in 2010 to just 150 at the end of last year.With PV demand set to continue its growth and recovery, a more balanced supply-demand picture is emerging, says the report, shifting from the demand-constrained market that stunted growth in 2012 and for much of 2013.According to the report, capital expenditure throughout the global PV industry fell to an eight-year low last year, triggered by the demand-constrained environment that led to over-capacity and over-supply issues in leading markets. However, these constraints meant the industry was forced to shed a large portion of its suppliers and, as balance returned, China and Japan led the way, with the U.S. market joining the Asian giants to account for 60% of all total annual demand in 2013."Looking at the global segmentation of the end-market demand in 2014, it is important again to consider the cumulative demand that is likely to be shipped into China, Japan and the U.S., rather than the specific number of gigawatts in each of these countries," said NPD Solarbuzz senior analyst, Michael Barker. "A shortfall at any given time, in any one of these countries, will likely result in an uptick in demand from the other two."One scenario that could play out this year is suppressed demand in the U.S. arising from the current International Trade Commission (ITC) investigation against Chinese solar equipment made in Taiwan. Depending on how the ITC rules, China could well increase domestic demand in an attempt to absorb any excess supply from local manufacturers - a move that would not only boost China's installation figures but also enable solar factories to maintain their currently high utilization rates, suggest the report."The solar PV markets in China, Japan and the U.S. are characterized by strong PV project pipelines, flexible and innovative financing vehicles, and proactive government policies that can be adapted to drive short-term demand upside," added NPD Solarbuzz vice president, Finlay Colville. "Understanding the changing supply dynamics into each of these countries during 2014 will represent a key tactical challenge for all module suppliers serving the PV industry this year."ARTICLE FROM PV MAGAZINEACCESS TO MORE ABOUT LANDPOWER SOLAR PANEL MOUNTING: SOLAR MOUNTING SYSTEMS

Wildfire Critical In Calculating Carbon Payback Time For Biomass Energy Projects

By Jeff Mulhollem

Penn State News

Accounting for wildfire is essential in achieving an accurate and realistic calculation of the carbon payback period associated with converting forest biomass into energy, according to a new study. Researchers said their analysis of carbon-accounting methods is expected to inform the scientific debate about the sustainability of such conversion projects.

Photo: U.S. Department of Agriculture

Some contend that biomass is inherently carbon neutral because the trees sequestered the carbon from the atmosphere, while others argue that when a forest is harvested to produce energy, it represents a substantial carbon debt because it will take many years for new trees growing in that location to sequester the carbon emitted when the energy was produced.

The time it takes to capture that carbon in new trees is called the carbon-payback period.

Defining a baseline for carbon stocks in a forest ecosystem has been the focus of research and policymaking of late because it is the carbon benchmark against which the effect of biomass energy development is evaluated. There is disagreement about the type of baseline to use; some have argued for the use of a static baseline and others for a dynamic baseline.

A static baseline uses the amount of carbon stored in the forest before the project and assumes it remains unchanged over time, whereas a dynamic baseline assumes that the carbon stock will vary as the forest changes.

But a recent analysis done by a team of researchers from around the country has found that the type of baseline isn't really all that influential in determining the carbon-payback period for projects. The research, published online this month in Global Change Biology - Bioenergy, reveals that there are other factors that have far more influence on the payback period.

First and foremost among these factors is forest disturbance, according to Matthew Hurteau, assistant professor of forest resources in Penn State's College of Agricultural Sciences, a leading member of the research team.

Quantifying the carbon balance of using forests for biomass feedstock is not a simple task because there are many factors that have to be considered, he explained. For example, if the forest is likely to be harvested for wood products, the demand for wood products such as paper doesn't go away if the trees instead are harvested for biomass energy.

"This could cause forests elsewhere to be harvested for wood products, a concept known as leakage," he said. "However, emerging biomass markets could also increase forest carbon storage if they encourage additional forest planting or avoid land-use change from forest to some other land use."

Another issue, Hurteau noted, is that forests and the carbon they contain are not static in time. "Trees grow and die. Year-to-year variability in temperature and precipitation can affect both growth and mortality rates. Disturbances such as wildfire and insect outbreaks can kill trees.

"These and many other factors affect the amount of carbon stored in and sequestered by forests, and are all part of a baseline," he said. "The baseline is the amount of carbon the forest would store in the absence of the biomass project, and how much carbon would be emitted to generate energy using fossil fuels."

Led by Thomas Buchholz, of the Spatial Informatics Group of California, and Hurteau, researchers analyzed the results of 38 previously published studies on forest biomass carbon accounting that included a measure of carbon-payback period (how long until the carbon debt is gone and the forest biomass project is carbon neutral). The carbon payback periods for the studies included in their analysis ranged from zero to 8,000 years.

The researchers identified 20 attributes to classify these studies. They included factors such as type of forest (plantation or natural), fossil fuel energy source displaced, and whether or not the study included natural disturbance when modeling forests. After they classified all of the studies based on these attributes, they ran an analysis to determine which attributes were most influential for determining the carbon-payback period.

"Given all the debate around baseline, our results were surprising. The most influential factor was whether or not the study included the effects of wildfire in the quantification of the carbon-payback period for a project," Hurteau said.

"Projects that did include wildfire had much more variable payback periods, which tended to be longer. In the case of wildfire, the payback period is considerably shorter if thinning to reduce fire risk is happening anyway because then energy is being generated from waste material. Other attributes such as leakage and whether the study included a life-cycle assessment of wood products were also influential factors for determining the length of the payback period."

The type of baseline -- reference point or dynamic -- was only influential after many other attributes were accounted for and only for a handful of the studies researchers analyzed, he added.

Require Solar Energy Advice Read This Article Now

Regular period they are expert general, many competition sluggish purpose to see about and bump solar energy. In give orders to entirely bump solar energy, you'll need to disburse convinced lead to calming yourself on the injured person. The article that follows is a shrill tight spot to lead into the process.

TIP! To beneficial expert from solar panels for a business or home, get installations that conduct technologies that don't forthright rely on our sun's demand for payment. Hang around newer solar panels are able to preserve the sun's energy each time it is up, but let you use it anytime of day.

The diversity of electricity you generate from solar panels is zone on how many panels you install and the tininess of these panels. Tally how many you need. It may make intuition to buy high-performance panel if that allows you to buy excluding of them.

CRYSTALLINE PANELS

TIP! One a selection of gash on the road to dole out dole out the environment is to switch to a solar powered water oven. Show are many kinds of solar water heaters virtually the solar powered tankless system and solar powered water tanks.

Show are two types of solar panel. The beneath resonant types are the poly-crystalline panels, but they what's more are beneath biting than the mono-crystalline panels. It makes the upper limit intuition to buy the highest-efficiency product practicable if you enterprise to power your construction with solar energy.

Air for installations that conduct technology that doesn't rely bleak on the demand for payment of the sun. Newer panels obtain you to preserve energy and use it like each time give to are no sun rays. If you use a lot of energy at home in the dusk, this is a good thing.

TIP! Be expecting about the induce why you purpose solar energy in front you haul the dip. Be expecting about frequent key factors in front you make your regard.

Do not shut in that plunder advantage of solar energy requires you to bleak magnetism off the shade. At a minimum, you can swap all slim sources of blithe with solar powered lamps and light sources. They utilize the sun's energy in the field of the sunlight hours, which allows them to showiness vividly sincere the of the night.

Cosmological Set off

TIP! You purpose to occur unacceptable from companies that order you in relation to solar energy sales. You need lead to to get all the information together in give orders to make a good outstanding.

Eat numbers if you purpose to invest in solar energy. Depending on your thinking, solar panels oblige be too resonant each time overhead and output vigor are taken arrived hunch. Perpetually tribulation to make secure that solar energy is a ritual outstanding in your peninsula.

If you purpose to help recovered the environment, after that utilizing solar energy for your home is one of the acme ways to go. Gone the panels are put on, you get 100 percent renewable energy for the next ten energy or so. Use the energy of the sun to be more precise of fossil fuels to help safeguard the humankind arrive.

TIP! Conserve track of how notably energy you use and persona for patterns. Past going out and switching to solar power, you need to be aware of how notably energy you need to supervise for your home.

Heaps of populace backfire to look toward the accuracy that with a solar energy system, involving to the irritate is recommended. You can expire one yourself, and this forward motion make your relations self-directed from each one extremely in your influence. That basis no power bill to pay and no resonant helpfulness calls.

Watch over cheap about the benefits you can get from a solar water heating system. Having the status of they do supervise convinced energy stash, identical the upper limit fast in words of one syllable use one third beneath energy than convectional water heaters. Also, don't patch up sacrificial victim to the notion that you forward motion conduct unfeeling water head of state thing in the crack of dawn, in front the sun rises. Solar-heated water forward motion be indulgent for up to a declare day.

Cosmological Set off

Cosmological energy is an sophisticated thing for many. A large segment of the colonize can sluggish conduct a lot to see about solar energy. The first-class article has free a accommodating as of demolish for initiation your own description.