In 2005, the state controller hailed the development of a renewable energy sector, citing research showing that it created more jobs per megawatt than conventional (fossil-based) energy. NYSERDA estimated that each megawatt-hour (MWh) of utility-scale wind energy would generate approximately $10 of economic impact in the area in which a generation facility would be located5. In addition, under the assumption that 25% of New York’s power would come from renewable sources by 2013 consultants for NYSERDA estimated that between 2005-2030 wind facilities would create 6,400 job-years directly and 15,500 indirectly. Wind Power Experts believe that community input is vital to the project’s success. In developing its proposal, Wind Power Experts met with government officials and community and environmental leaders to answer questions and receive input from a wide range of stakeholders. We heard from fishermen, homeowners, business leaders, preservationists, and others to ensure that we designed a wind park that is in harmony with Long Islanders’ seascape and their experience of the south shore beaches. On March 31, 2009, NYSERDA released a draft report intended to evaluate progress halfway between the 2004 RPS order and the goal of 25% renewable power by 2013. The agency’s consultants concluded that its incentive program has effectively encouraged the development of main-tier renewable energy projects in the state. Wind Power Experts are committed to a strong public-private partnership that ultimately secures a safe, clean energy future for New York State.
State Controller of the Renewable Energy Sector
Blackstone Group Upbeat despite Crisis
In all likelihood, the future of the entire financial industry is bleak, with firms suffering gigantic losses and showing slow recuperation following the global financial meltdown.
However, the New York-based Blackstone group, one of the world’s largest private equity firms, may defy the doomsday forecasts and come out of the crisis alive and kicking. In spite of sky-high losses reaching $1.33 billion in 2008, recent figures presented by Blackstone Chief Executive Officer Steve Schwarzman indicate that the firm is upbeat despite the crisis.
After volunteering a 99% salary cut, employing debt reduction and cost-cutting policies, layoffs, and management adjustments, Steve Schwarzman announced that the firm now has a “rock-solid balance sheet”, and profitable opportunities in hedge funds and financial advising for businesses on restructuring. He further explains that the company remains stable because of ’sticky assets’ - investors allow the firm to keep their money for longer periods until conditions are ripe for investing.
As a result, Blackstone Group’s fee-paying assets have grown to $91 billion, a 10% growth. With over $13 billion in cash reserves, Steve Schwarzman announces it is more than ready to exploit new market opportunities. Other source of revenues expected to flow will come from hedge funds Blackstone clients want the firm to invest on. As another sign of stability, the firm paid off a revolving loan and is currently operating on a zero net debt.