Recovery Act Section 1603 Renewable Energy Grant–In-Lieu

of Tax Credit Program

Detailed Background Information

Prepared By: Frank A. Hoffman, Partner Krieg DeVault LLP 2800 North Meridian Street Suite 300 Carmel, Indiana 46032 Direct Dial: (317) 238-6240 Email: fhoffman@kdlegal.com

Date: November 15, 2010

This research was prepared by Frank A. Hoffman for the Wind Energy Manufacturers Association and its “Start-Up Partners”:

• Ball State University • Brevini Wind USA • City of Muncie, Indiana • Ivy Tech Community College of Indiana • Krieg DeVault LLP • Muncie-Delaware County Chamber of Commerce & Economic

Development Alliance Frank A. Hoffman is president of the newly formed Wind Energy Manufacturers Association (www.wemawind.org) and a partner in the law firm of Krieg DeVault LLP with offices in Chicago, Atlanta and Indianapolis (www.kriegdevault.com). The Wind Energy Manufactures Association (WEMA) has been created to promote the manufacturing supply chain for the Wind Energy Industry in the United States. Frank Hoffman concentrates his practice in creative and complex federal, state, and local incentive-based financing transactions. Most recently Mr. Hoffman has assisted his clients and WEMA members in obtaining over $40 million in Recovery Act, state and local economic development incentives and over $50 million in permanent financing for wind energy component part manufacturing in the United States. (http://www.kriegdevault.com/our_professionals/frank-hoffman). Tax Incentive Financing Experience

• Created the New Markets Tax Credit Program for the Indiana Bankers Association and its 180 member banks - 2004 $50 million Allocation

• Assisted in the creation of the New Markets Tax Credit Program for the city of Fort Wayne – 2008 $15 million Allocation

• Assisted in the creation of the New Markets Tax Credit Program for the town of French Lick and seventeen (17) participating southern Indiana counties – 2009 $50 million Allocation

• Represents ten (10) other Indiana units of government developing new market Tax Credit Programs • Combined Indiana CRED Credit, Local TIF Bond and NMTC to fund $5.5 million start-up

manufacturing plant (Marion, Indiana) • Combined local TIF Bond and NMTC to fund $20 million hotel/indoor waterpark facility (French

Lick, Indiana) • Closed over $150 million in NMTC financing (2004 to present) • Created the Wind Energy Manufacturers Associations, Inc. to attract capital investment under ARRA

to Indiana in 2009 • Obtained over $28 million in ARRA economic development incentives and $53 million in permanent

financing for Indiana start-up wind turbine component part manufactures since February 2009 Education DePauw University B.A., (Economics), June, 1979 Indiana University School of Law J.D., (Taxation); December, 1982 Admitted to Indiana Bar 1983, Indiana Birth Place: Evansville, Indiana, September 1, 1957 High School: Andrean Catholic High School, Merrillville, Indiana; 1975

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DETAILED BACKGROUND INFORMATION

Responding to the collapse of the tax credit equity market at the end of 2008,1 Congress created a new program to promote the development of renewable electric power industry in the United States under Section 1603 in the Recovery Act on February 13, 2009 (“1603 Grant Program”).2 The 1603 Grant Program allows the renewable energy project developers that are otherwise eligible for the federal renewable electricity production tax credit (PTC) under Section 45 of the Internal Revenue Code (IRC) to elect to take the federal business energy investment tax credit (ITC) under IRC Section 48 or to receive a cash grant from the U.S. Treasury Department instead of taking the PTC for new installations started in 2009 and 2010.

Under the 1603 Grant program, the renewable energy developer receives a cash grant equal to thirty percent (30%) of the cost of the eligible basis of the property installed by developer approximately sixty (60) days after completing construction and placing the project in service. As of November 10, 2010, there has been $5.44 billion in 1603 Grants reported by the U.S. Treasury Department.3 The 1603 Grant program expires at the end of 2010.

Prior to the 1603 Grant Program, Congress attempted to support the renewable electric power industry in the United States through the passage of the PTC. The PTC was initially enacted by Congress in the Energy Policy Act of 1992. However, after the initial 1992-2001 period the PTC has incurred the following “start, almost stop and stop” congressional support:4

• December, 2001 PTC expired. • March, 2002 PTC extended through December 31, 2002. • December, 2003 PTC expired. • October, 2004 PTC extended through December, 2005. • July, 2005 PTC extended through December, 2007. • December, 2006 PTC extended through December, 2008. • October, 2008 PTC extended through December, 2009. • February, 2009 PTC extended through December, 2012.

Since 2000, renewable electricity installations in the United States (excluding

hydropower) have more than tripled, and in 2009 represent 53 GW of installed capacity. Renewable electricity (excluding hydropower) has grown at a compounded annual average of 14% per year from 2000-2009.5

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Wind and solar are the fastest growing renewable energy sectors. With enactment of the 1603 Grant Program in 2009, coming off the financial crisis and the late PTC extension in October, 2008, capacity installations still increased by 39% and solar grew nearly 52% over 2008 levels. As reported by the U.S. Department of Treasury on November 10, 2010, the following 1603 Grants have been made:

Source Number Amount % Wind 196 $4,634,917,958 85.12 Solar 1,118 $396,377,178 7.28 Geothermal 22 $266,915,014 4.90 Biomass 25 $113,094,212 2.08 Other 26 $33,553,799 .62 Total 1387 $5,444,858,161 100.00 Average Project: $3,925,637 Median Project: $56,457 Projects < $20m 1318 Projects > $20m 69 Wind continues to be the dominant renewable energy source. Wind energy

accounted for about 92% of the annual installed renewable electricity capacity in 2009 and over 85% of the 1603 Grants award through November 10, 2010.

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The volatility related to the extension and expiration of the PTC is best depicted in the American Wind Energy Association (AWEA) 2009 Annual Report as to the wind power growth rate:6

Source: American Wind Energy Association U.S. Wind Industry Annual Market Report – Year Ending 2009

GROWTH OF U.S. WIND POWER CAPACITY

The five-year average annual growth rate for the industry (2005-2009) is now 39%, up from 32% between 2004 and 2008.

As annual installations have doubled twice in the last three years, the five-year annual growth rate continues to increase.

The volatility in this chart in the early 2000s reflects the strong effect that on-again, off-again tax policy had on the market.

And the most recent AWEA U.S. Quarterly Installations (MW) Chart for the first quarter of 2007 through the third quarter in 2010:7

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The PTC Program and 1603 Grant Program both provide incentives to renewable energy project developers “with few strings attached.” If built and placed into service, the developer who meets the statutory requirements earns the tax credits or the cash grants associated with the applicable program. Neither program requires the developer to compete for the tax credit or the cash grant; and neither program have an annual cap amount per program or developer. Both programs have limited annual reporting requirements beyond the filing of a tax return. For example, the 1603 Grant Program only requires a two (2) page Annual Performance Report and Certification.8 Both programs are in stark contrast to the IRC Section 42 Low Income Housing Tax Credit Program (LIHTC Program) and the IRC 45D New Markets Tax Credit Program (NMTC Program). The LIHTC Program and NMTC Program are both competitive performance based programs subject to annual cap amounts per program and per developer; and both the LIHTC and NMTC programs have extensive annual reporting requirements that provide detailed transparency and accountability on an ongoing basis..

The LIHTC Program is implemented at the state level by each state. See California Tax Credit Allocation Committee website for an example of the LIHTC Program.9 The NMTC Program is implemented nationwide by the Community Development Financial Institutions Fund as a part of the U.S. Department of Treasury.10 As of November 10, 2010, twenty-five (25) wind energy developers of the top sixty (60) 1603 Grant Program wind energy developments received 79.31% ($4,318,156,063) of the 1603 Grants made. Just eight (8) wind energy developers received over 55% ($2,997,565,443) of the total 1603 Grants made through November 10, 2010.

Rank

Wind Energy

Develop (Headquarters)

Number of Developments

Total 1603 Grants as of 11/10/10

1 Iberdola Renewables (Spain) 12 $944,296,042 2 E.On (Germany) 5 $474,566,974 3 NextEra (United States) 7 $451,040,170 4 Horizon Wind Energy (Portugal) 6 $388,305,830 5 First Wind (United States) 5 $254,566,974 6 Noble Environmental (U.S.) 3 $221,422,053 7 Invenergy (United States) 3 $133,003,677 8 Eurus Energy (Japan) 2 $130,524,470

Total $2,997,565,443

It is quite obvious that wind energy development in the United States is controlled by a select few.

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With the wide open structure of the current 1603 Grant Program and the

concentration of foreign awardees, the program has gained an unusual level of notoriety when compared to other Recovery Act Programs over the last twenty (20) months: October 29, 2009 – Investigative Reporting Workshop, Russ Choma, “Overseas Firms Collecting Most Green Energy Money;”11

November 10, 2009 – E&E News PM, Michael Burnham, “Schumer Calls for Review of Stimulus Awards;”12 November 17, 2009 – New York Times; Michael Burnham, “China’s A-Power to Build U.S. Wind Turbine Factory;”13 November 20, 2009 – Facebook Notes Department of Energy Secretary Steven Chu, “Section 1603;”14 February 8, 2010 – Investigative Reporting Workshop, Russ Choma, “Most Wind Grants Go to Overseas Firms;”15 February 8, 2010 – Investigative Reporting Workshop, Russ Choma, “Foreign Companies Control Wind Manufacturing;”16 March 3, 2010 – U.S. Senate Press Release, Charles E. Schumer (N.Y.-D) “Schumer, Casey, Brown & Tester Urge Obama Administration to Suspend Stimulus Program Funneling Billions Overseas;”17 March 3, 2010 – U.S. Senate Bill, Charles Schumer (N.Y.-D) Sponsor, S.3069 – American Renewable Energy Jobs Act;18 March 3, 2010 – Times Union Capitol Confidential, Jennifer D. Louhy,” Schumer Seeks ‘buy American’ Requirements for Wind Turbines;”19 May 25, 2010 – Renewable Energy World, Allan Chen, Berkley Lab, “Treasury Grant Program Yields Positive Results for Renewables;”20 June 2, 2010 – Climate Change Report, Fred Greguras/K & L Gates, “Will the Recovery Act Section 1603 Cash Grant Be Extended Beyond 2010?;”21 June 10, 2010 – U.S. Senate Press Release, Sherrod Brown (OH-D), “Sen. Brown Joins Steelworkers, American Wind Energy Association As They Announce New Partnership;”22 June 10, 2010 – PR Newswire, “USW, AWEA Announce Plan to Make U.S. Leader in Wind Energy;”23

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June 28, 2010 – United Steel Workers, Press Release, “Blue Green Alliance, American Wind Energy Supply Chain and Create U.S. Manufacturing Jobs Energy Association and USW Provide Manufacturing Blueprint to Build Out Domestic Wind;”24 July 22, 2010 – U.S. Partnership for Renewable Energy Finance, Press Release, “Financial Expert Express Alarm; U.S. Renewable Energy Market Momentum Threatened; Federal Treasury Grant in Lieu of Tax Credits Due to Expire 12/31/10;”25 July 26, 2010 – Novogradac & Company, Renewable Energy Tax Credit Resource Center, Breaking News, “Draft of Domestic Manufacturing and Energy Jobs Act of 2010 Released;”26 July 26, 2010 – Oil Price, Gloria Gonzalez, “US Renewables Financing Set to Collapse Without Grant Extension;”27 September 10, 2010 – Guardian Environmental Network, Sara Stroud, “Thousands of Green Energy Jobs Under Threat from End of US Grant;”28 September 22, 2010 – Green Energy Reports, Breaking New, “Senate Considers Tax Refund to Replace Popular 1603 Cash Grants;”29 September 27, 2010 – Investigative Reporting Workshop, Russ Choma, “Workshop’s Wind Stories Kicking Up Political Dust;”30 September 30, 2010 – Solar Energy Industries Association, “The Crisis in the Tax Equity Market and the Need to Extend the Treasury Grant Program;”31 October 14, 2010 – GreenWire, Anne C. Mulkern, “Stimulus Cash Flowed to Completed, Underway Projects;” 32 October 14, 2010 – Climate Progress, Richard W. Caperton & Kate Gordon, “Recovery Program’s Cash Grants Create American Jobs and American Energy:”33 October 21, 2010 – Investigative Reporting Workshop, Blow Away, Russ Choma, “Millions in Grants Went to Wind Farms Built Before Stimulus Passed;”34 October 20, 2010 – American Progress, Richard W. Caperton & Kate Gordon, “Generating clean Energy Jobs Key Recovery Act Program Deserves Renewal;”35 October 21, 2010 – American Wind Energy Association, Newsroom, Press Release, “American Wind Energy Association Response to Investigative Reporting Workshop Story on Wind Tax Incentive;”36

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October 25, 2010 – Greenwire, Anne C. Mulkern, “Campaign Ads Slam Stimulus bill Program;”37 October 25, 2010 – The New York Times, Anne C. Mulkern, “Campaign Ads Slam Stimulus Bill Program For Renewable Energy;” 38 October 25, 2010 – White House, Memo, Carol Browner, Ron K. Lain, Larry Summers, Renewable Energy Guarantees and Grants;39 November 2, 2010 – The Wall Street Journal, Paul Glader, “Campaigns Rap Wind Power and ‘Failed Stimulus’;40 November 4, 2010 – Climate Progress, Daniel J. Weiss, “A Hypothetical Clean Energy Agenda - if the GOP Choose Cooperation, Rather Than Confrontation;” 41 November 5, 2010 – Power-Gen Worldwide, Up In the Air, Linsay Morris, “The Big?: the Future of Wind;”42 November 10, 2010 – Climate Progress, Richard W. Caperton, “Biden: congress should extend Treasury Cash Grants For Renewable Projects;”43 November 12, 2010 – The Wall Street Journal, Editorial, “Wind Jammers at the White House a Larry Summers Memo Exposes The High Cost of Energy Corporate Welfare;”44 November 16, 2010 – Clean Technica, Susan Kraemer, “Senator Max Baucus Might be Able to Extend Section 1603 Cash Grants for Wind Power Development;”45 November 15, 2010 – Master Resource, Lisa Linowes, “Government Gluttony at the American wind Energy Association (Summers/Browner/Klain memo indicates ‘Wind Fatigue’);”46 November 15, 2010 – Power-Gen Worldwide, Up In the Air, Lindsay Morris, “What Lame Ducks May Do For Power;”47 November 17, 2010 - Novogradac & Company, Renewable Energy Tax Credit Resource Center, Breaking News, “Section 1603 Grant Program could Be extended in Lame Duck Congress;”48

Notwithstanding the “start, almost stop and stop” PTC policy and the rough public perception of the 1603 Grant Program, the development of Wind as a renewable energy source has been extremely successful in the United States. In 2009 the United States maintained its global status as the largest wind development market at 35,159 accumulative MW.

Most importantly, 85,000 Americans were employed by the wind industry by the end of 2009. Approximately 66,500 (78.25%) were workers employed in construction, operations, maintenance and other non-manufacturing jobs (collectively referred to as non-manufacturing jobs); and around 18,500 (21.75%) in manufacturing jobs. While wind industry employment did

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not grow in the United States in 2009, in 2008 the industry added 35,000 new workers. However, 1,500 manufacturing jobs were lost in 2009. As a basis of comparison, the European Wind Energy Association recently reported in 2008 that a the end of 2007 approximately 108,000 workers were employed in the wind industry in Europe of which 44,280 (41%) were employed in non-manufacturing jobs and 63,720 (59%) were employed in manufacturing jobs49

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The U.S. has a 30 year history of importing goods and exporting manufacturing jobs!

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Manufacturing employment in the U.S. peaked in June 1979 with 19,553,000 jobs and by July, 2008, manufacturing employment had fallen to 11,817,000, the lowest level of manufacturing jobs since April 1941. As a percent of the total labor force, manufacturing employment fell below 9% in July 2009, the lowest level in BLS history (back to 1939).

The U.S. has also had a trade deficit dating back to late 1960s that has been increasing at a large rate since 1997; and set a record high of $817.3 billion in 2005. The U.S. last had a trade surplus in 1975. Every year there has been a major reduction in economic growth, it is followed by a reduction in the U.S. trade deficit.

The U.S. wind turbine imports substantially increased after 2005, peaking in 2008 and declining slightly in 2009. U.S. imports of wind-powered generating sets (the provision in the Harmonized Tariff Schedule of the United States (HTS) that includes nacelles) and, if they are imported with the nacelle, other components) increased from $482.5 million in 2005 to $2.5 billion in 2008, then decreased to $2.3 billion in 2009. Denmark was the leading source of imports in 2009, accounting for 34.5 percent of imports. Japan accounted for 25.5 percent, Spain 13.3 percent, India 10.7 percent, and Germany 8.9 percent. Each of these countries is home to a significant wind manufacturing industry.

Similarly, U.S. imports in the HTS provisions that include towers and blades increased from 2005 to 2008, then declined in 2009. Imports of other parts of generators and other engines and motors, which includes turbine blades and other components such as hubs, increased from $562.7 million in 2005 to $1.8 billion in 2008, then declined to $1.3 billion in 2009. The top five

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sources of these imports in 2009 were Brazil (21.2%), Mexico (17.5 percent), Germany (14.1%), India (8.6%), and Denmark (8.1 %).51

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The charts above indicate both rising production and rising imports of wind turbines in the United States since 2005, though both were depressed by the financial crisis and recession in late 2008 and 2009.

Yet, foreign manufactures continue to play a dominant role in the United States with 46.7% (per BTM Consult 2009 World Market Update) to 54% (per AWEA 2009 Wind Industry Annual Market Report) of the U. S. turbine manufacturing market.

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In an attempt to cast the domestic U.S. turbine manufacturing sector in the best light, the International Trade Commission has determined that the combined value of imported wind powered generating sets, blades and towers as a percentage of the total of value of the U. S. wind turbine market has declined to approximately 32% in 2009.

The Department of Energy has applied a similar method to determine value of the imported wind turbine component percentage to be 39%.

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Though the new method of determining the level of imported and domestic U.S. wind turbine manufacturing may be aggressive, it may be a reasonable estimate. With a market share of only 17.5% of the 2009 global wind turbine manufacturing market and topping 30.0% of the 2009 global installed turbine capacity, the U. S. (which dominates most of the “Americas”) could supply approximately 58% of wind turbine demand in the “Americas.”

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In any event, the United States continues to import at least of 40% of the value of its installed wind turbine capacity; and foreign manufactures continue to control 46%-54% of the total U.S. installed wind turbine manufacturing market.

No other major wind turbine market allows such foreign penetration and dominance, except Canada.

In China over 87% of wind turbine manufacturing market is controlled by Chinese manufacturers. In Spain over 88% of wind turbine manufacturing market is controlled by Europeans. In Germany over 93% of the market is controlled by Europeans; and over 76% of the wind turbine manufacturing market is still controlled by Germans. In India over 80% of the wind turbine manufacturing market is controlled by Indians. See charts below.

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With only 28.2% of the 2009 installed wind turbine capacity Europe has over 56% of the 2009 global wind turbine manufacturing market. Obviously, Europe is well positioned to export with manufacturing capacity that is approximately 200% of its own demand. With five of the top ten global wind turbine suppliers that have over 37% of the global market Europe has achieved global dominance.

GE Wind, the dominant U.S. supplier, is at best an emerging regional supplier. GE Wind dominates North America with approximately 40% of the market in the United States and 32.8% of the market in Canada.

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In 2009 GE Wind only supplied 9.15%% (total 434 MW) of its total turbines supplied (global total: 4,741 MW) outside of the United States (total: 3,995 MW) and Canada (total: 312 MW); and has only 1.59% of global market share outside the United States and Canada.

2009 Global Installed MW

Total Global Market: 38,103 United States: 9,922 Global Market Excluding U.S.: 28,181 Canada: 950 Global Market Excluding U.S. & Canada: 27,331

2009 GE Wind Supplied MW

Supplied MW Percentage

Total: 4,741 100%

United States: 3,995 84.26%

Outside U.S.: 746 15.74%

Canada: 312 6.58%

Outside U.S. & Canada: 434 9.15%

G.E. Wind Percentage of Global Market Excluding U.S. & Canada:

1.59% To further confirm that all major markets are outperforming the United States in

wind turbine manufacturing, the BTM consults 2009 Forecast of Global Manufacturing 2009 Capability clearly shows that the United States (the dominate market force in the Americas) is dead last in existing and forecasted manufacturing capacity.

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2009 Actual

Installed MW

Announced Turbine O.E.M.

Manufacturing Capability

Capability As a Percentage of Installed MW

Europe 10,738 21,228 197.69%

Americas(US 87%) 11,433 7,729 67.76%

China 13,750 13,660 99.35%

India 1,172 4,750 405.29%

2012 Forecast

Installed MW

Announced Turbine O.E.M.

Manufacturing Capability

Capability As a Percentage of Installed MW

Europe 18,025 38,825 215.40%

Americas 18,400 10,329 56.14%

China 15,400 34,980 227.71%

India 3,500 8,790 251.14%

The United States (with 86.7% of the Americas market) is and will be the only major market that has to import turbine manufacturing capability to meet its current and forecasted market demand.

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It is clear that the business plan for Europe is to continue to supply the U.S. market and emerge deeper in the market in China; and that China will continue to dominate its market and seek to dramatically expand its exports to the United States as China emerges as the lowest cost supplier with recently acquired European technology.

There are numerous reasons why the United States has lost approximately 8,000.0000 manufacturing jobs over the last 30 years; and why equal or higher cost supplier countries like Denmark and Germany or lowest cost suppliers countries like China have increased their manufacturing capabilities. However, one of the most recently well documented cases of “Why” has been put forth by the United Steel Workers union.

On September 9, 2010, the United Steelworkers (USW) union filed a comprehensive trade case under Section 301 of the trade law identifying a broad array of Chinese policies and practices that threaten the future of America’s alternative and renewable energy sector. The case alleges that China has utilized hundreds of billions of dollars in subsidies, performance requirements, preferential practices and other trade-illegal activities to advance its domination of the sector.

The USW filed the petition with the office of United States Trade Representative. The 5,800-page submission identifies five major areas of protectionist and predatory practices utilized by the Chinese to develop their green sector at the expense of production and job creation here in the United States.

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The case addresses China’s illegal activities in five key areas:

• Restrictions on access to critical materials • Performance requirements for investors • Discrimination against foreign firms and goods • Prohibited export subsidies and prohibited domestic content subsidies • Trade distorting domestic subsidies

The USW WTO case is being filed under Section 301 of U.S. trade laws. The petition was prepared by the Washington, D.C.-based law firm of Stewart and Stewart, a well-regarded law firm in the customs and international trade area.52

1 Go to: http://green.blogs.nytimes.com/2009/01/21/fixing-the-tax-problems-of-renewable-energy/?emc=eta1 . 2U.S Dept. of Treasury 1603 Grant Program; go to: http://www.ustreas.gov/recovery/1603.shtml . 3 U.S. Treasury List of 1603 Grants Awards; go to: http://www.ustreas.gov/recovery/docs/Web%20Posting.xls 4DSIRE, Production Tax Credit; go to: http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US13F 5 Go to: http://www1.eere.energy.gov/maps_data/pdfs/eere_databook.pdf 6 Go to: http://www2.grist.org/pdf/AWEA.pdf 7 Go to: http://www.docstoc.com/docs/36497743/AWEA-3rd-Quarter-2009-Market-Report 8 Go to: http://www.novoco.com/energy/resource_files/hot_topics/sample_annual1603report_082610.doc 9 Go to: http://www.treasurer.ca.gov/ctcac/ 10Go to: http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=5 11 Go to: http://investigativereportingworkshop.org/investigations/wind-energy-funds-going-overseas/story/overseas-firms-collecting-most-green-energy-money/ 12 Go to: http://www.eenews.net/eenewspm/2009/11/10/archive/2?terms=1603 13 Go to: http://www.eenews.net/Greenwire/2009/11/17/archive/4?terms=1603 14 Go to: http://www.facebook.com/notes/steven-chu/section-1603/198830991856 15 Go to: http://investigativereportingworkshop.org/investigations/wind-energy-funds-going-overseas/story/most-wind-grants-go-overseas-firms/

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16 Go to: http://investigativereportingworkshop.org/investigations/wind-energy-funds-going-overseas/story/foreign-companies-control-wind-manufacturing/ 17 Go to: http://schumer.senate.gov/new_website/record.cfm?id=322732 18 Go to: http://www.opencongress.org/bill/111-s3069/show 19 Go to: http://blog.timesunion.com/nypotomac/category/energy/page/5/ 20 Go to: http://www.renewableenergyworld.com/rea/news/article/2010/05/berkeley-lab-treasury-grant-program-a-positive-for-renewable-energy 21 Go to: http://www.climatelawreport.com/2010/06/articles/government-policy/united-states-will-the-recovery-act-section-1603-cash-grant-be-extended-beyond-2010/ 22 Go to: http://brown.senate.gov/newsroom/press_releases/release/?id=4b308e97-9beb-4cf6-b303-af0c477d2745 23 Go to: http://www.prnewswire.com/news-releases/usw-awea-announce-plan-to-make-us-a-leader-in-wind-energy-96068754.html 24 Go to: http://www.bluegreenalliance.org/press_room/press_releases?id=0094 25 Go to: http://www.uspref.org/press-releases/ 26 Go to: http://www.novoco.com/energy/index.php 27 Go to: http://oilprice.com/Alternative-Energy/Renewable-Energy/US-Renewables-Financing-Set-to-Collapse-Without-Grant-Extension.html 28 Go to: http://www.guardian.co.uk/environment/2010/sep/10/green-energy-jobs-us-grant 29 Go to: http://www.aweber.com/archive/greenenereport/1Kqre/h/Breaking_News_Senate.htm 30 Go to: http://investigativereportingworkshop.org/blogs/shop-notes/posts/2010/sep/27/workshops-wind-stories-kicking-political-dust/ 31 Go to: http://www.seia.org/galleries/pdf/TGP_09.10.10.pdf 32 Go to: http://www.eenews.net/Greenwire/2010/10/14/1/ 33 Go to: http://climateprogress.org/2010/10/14/recovery-program-wind-american-jobs-china/ 34 Go to: http://investigativereportingworkshop.org/investigations/wind-energy-funds-going-overseas/story/wind-farms-built-before-stimulus/ 35 Go to: http://www.americanprogress.org/issues/2010/10/clean_energy_jobs.html 36Go to: http://97.74.195.121/newsroom/releases/10-21-10_AWEA_Responds_to_Investigative_Report.html

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37 Go to: http://www.eenews.net/Greenwire/print/2010/10/25/3 38Go to: http://www.nytimes.com/gwire/2010/10/25/25greenwire-campaign-ads-slam-stimulus-bill-program-for-ren-8138.htm 39 Go to: http://www.ascension-publishing.com/BIZ/WH-loan-guarantee.pdf 40 Go to: http://online.wsj.com/article/SB10001424052702304316404575580391213779782.html 41 Go to: http://climateprogress.org/2010/11/04/cooperation-or-confrontation-on-clean-energy/ 42 Go to: http://www.powergenworldwide.com/index/blogs/lindsay-morris/blogs/pgww-blogs/lindsay-morris/post987_6614322042879783510.html 43 Go to: http://theenergycollective.com/josephromm/46960/biden-congress-should-extend-treasury-cash-grants-renewable-projects 44Go to: http://online.wsj.com/article/SB10001424052748704635704575604502103371986.html 45 Go to: http://cleantechnica.com/2010/11/16/senatormax-baucus-says-he-can-extend-section-1603-cash-grants-for-wind/ 46 Go to: http://www.masterresource.org/2010/11/government-gluttony-awea/comment-page-1/#comment-14445 47 Go to: http://www.powergenworldwide.com/index/blogs/lindsay-morris/blogs/pgww-blogs/lindsay-morris/post987_3392314735020706279.html 48Go to: http://www.novoco.com/energy/index.php 49 Go to: http://www.ewea.org/fileadmin/ewea_documents/documents/publications/reports/Jobs_pamphlet_lr.pdf 50 Go to: http://assets.usw.org/releases/misc/bga-report-062510.pdf 51 Go to: http://usitc.gov/publications/332/working_papers/ID-25.pdf 52 Go to: http://assets.usw.org/releases/misc/section-301.pdf