LLEG gapping on News-
Laidlaw Energy New York Biomass Project Planning To Monetize Federal Renewable Energy Tax Credits
Business Wire - January 03, 2007 09:15
NEW YORK, Jan 03, 2007 (BUSINESS WIRE) -- Laidlaw Energy Group, Inc. (OTC: LLEG) announced today that it is planning the sale of the Federal Renewable Energy Production Tax Credits ("PTCs") to be generated by its New York biomass energy project. Laidlaw Energy has received expressions of interest from several major financial institutions seeking to enter into a transaction for the purchase of the PTCs.
The PTCs are currently equal to $.01 per kilowatt hour for renewable energy generated from open loop biomass facilities such as Laidlaw Energy's New York facility, with the amount of the credit adjusted annually for inflation. Congress recently extended the date by which qualifying renewable energy facilities must be placed in service in order to qualify for the PTC to December 31, 2008. Laidlaw Energy's New York facility is expected to commence operations in 2007 and to generate approximately 50 million kilowatt hours per annum. PTCs are generated during the first ten years of operations, putting the total projected value of the PTCs for the New York facility at $5,000,000.
Laidlaw Energy recently received qualification for its New York facility from the Massachusetts Division of Energy Resources, qualifying the facility as eligible to sell Renewable Energy Credits ("RECs") in Massachusetts. The facility is also expected to qualify to sell RECs in New York. The anticipated sale of the PTCs is expected to create an additional source of revenue for the facility, in addition to energy and REC sales, as well as revenue from hardwood lumber drying.
Laidlaw Energy's New York project involves the conversion of a natural gas fired power plant to utilize 100% clean wood biomass chips as its fuel source. It is the only power plant in the Buffalo, New York area that is specifically designed to utilize wood biomass fuel. The project will create numerous economic benefits for the area and help improve air quality in the region by eliminating the production of greenhouse gas emissions known to effect climate change.
About Laidlaw Energy Group - Cleaner Energy For a Greener Future
Laidlaw Energy Group (LLEG) is engaged in the development of independent power plants that generate electricity from renewable resources. LLEG's mission is to build and manage a profitable portfolio of renewable energy facilities through the development of new facilities and acquisition of existing facilities. LLEG is headquartered in New York, New York. For more information on LLEG, please visit our websites at www.NYENRG.com and www.greenenergyfacts.com.
This communication contains statements expressing expectations of future events and/or results which may include, without limitation, statements concerning anticipated financial performance, business prospects, technological developments, transactions, potential markets, new products, research and development activities and similar matters. Such statements constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. All statements based on future expectations rather than historical facts are forward-looking statements that involve a number of risks and uncertainties, and LLEG cannot provide assurance that such statements will prove to be correct. LLEG undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: Laidlaw Energy Group, Inc.
Laidlaw Energy Group, Inc.
Michael B. Bartoszek, 212-480-9884
info@LaidlawEnergy.com
Copyright Business Wire 2007
