Posted on 08/12/2010 3:33:30 AM PDT by calcowgirl
Pacific EthanolPacific Ethanol Madera LLC announced it will participate in the California Ethanol Producer Incentive Program (CEPIP), which will temporarily assist the plant financially.
The CEPIP works essentially like a loan, where the state government will provide financial backing during difficult economic conditions and the participating companies will pay it back when it’s determined the economy has recovered.
Pacific Ethanol Madera LLC is part of Pacific Ethanol Inc., which is the leading West Coast manufacturer of ethanol — a corn-based, low-carbon fuel.
“The state of California continues to lead the nation in supporting the production of low-carbon fuels,” Pacific Ethanol president and CEO Neil Koehler said in a statement. “The recently-approved CEPIP program combined with the state’s low-carbon fuel standard set to begin on Jan. 1, 2011, helps assure that California will meet the low-carbon threshold requirements established by Governor Schwarzenegger.”
In addition to the Madera plant, Pacific Ethanol Stockton LLC will also participate.
The Madera plant is currently not in regular operation since a number of Pacific Ethanol subsidiaries declared bankruptcy last year. In June the company announced its subsidiaries would be exiting bankruptcy protection, though a new startup date for the Madera plant has not been announced.
http://sacramento.bizjournals.com/sacramento/stories/2010/08/09/daily39.html
Pacific Ethanol Inc.’s corn ethanol production plants in Stockton and Madera are eligible to participate in the California Ethanol Producer Incentive Program and could receive temporary financial assistance.
Pacific Ethanol (Nasdaq: PEIX) is a major producer and marketer of renewable fuels, with plants from Madera to Burley, Idaho. Plants in Boardman, Ore. and Burley are operating, while the plants in Madera and Stockton remain idle.
The Stockton and Madera plants have a combined annual production capacity of 100 million gallons.
The California Energy Commission’s incentive program is designed to provide eligible ethanol producers with temporary financial assistance, as funding is available, during periods of difficult economic operating conditions. Under the program, companies will repay the financial assistance when market conditions are favorable.
Funding for the program comes from Assembly Bill 118, the Alternative and Renewable Fuel and Vehicle Technology Program. The statute authorizes the commission to develop and deploy alternative and renewable fuels and advanced transportation technologies to help attain the state’s climate change policies.
The commission has an annual program budget of about $100 million.
The funds are used, for example, to support projects that improve renewable low-carbon fuels.
“The state of California continues to lead the nation in supporting the production of low-carbon fuels,” Neil Koehler, Pacific Ethanol’s president and chief executive officer said in a news release. “The recently approved (California Ethanol Producer Incentive Program), combined with the state’s low-carbon fuels standard set to begin Jan. 1, 2011, helps assure that California will meet the low-carbon fuel threshold requirements established by Governor Schwarzenegger.”
Ahhh... the State bailing out Bill Jones’ ethanol enterprise.
Who’s next? RFKjr’s Brightsource?
““The state of California continues to lead the nation in supporting the production of low-carbon fuels,”
Stoooopid Californians. Throwing good money after bad!
Ahhh... the State bailing out Bill Jones’ ethanol enterprise.
Who’s next? RFKjr’s Brightsource?
Ethanol subsidies belong to the Global Oil Parasites
The weasels need the ethanol to meet automotive emissions standards, but they stick the taxpayers with the extra cost of production while also driving up the cost of our food supply.
In this case, the bogus company went public as the classic pump and dump. They pumped it up to $50/share. The top 4 holders cashed out a huge amount of their stock in 2ndQtr 2006 for a cool $100 million ($40 million went to Bill Jones and his son-in-law, $20 million to Koehler—an ex-Enron dude, etc.). They sold more after that but I wasn’t tracking it. The stock currently trades for pennies on the dollar, hitting a low of 33cents per share this year. And they’re still trying to dump shares anytime they can get the stock up a dollar or two.
The California pension fund (CalPERS) even owns some of this crappy stock.
The state of California continues to lead the nation in stupidity.
LLS
Yeah — no “Democrats.” Although he has done plenty to enable them and even masquerades as one.
Jones is the reason that we’ve had Barbara Boxer in office for the last 6 years. He was her opponent. He got everyone behind him (Arnie and his RINO crowd) to win the primary (beating a decent conservative) and then proceeded to NOT campaign in the general election. ZERO, ZILCH, Nada! It was like he disappeared off the map entirely.
He has been a big supporter of California tax increases, was a big John McCain supporter in 2000, was the architect and enabler of California’s electronic voting debacle as SOS, has received millions in farm subsidies, and is now soaking the state to prop up his ethanol boondoggle after pocketing millions.
What a guy! /s
Real fuels don’t need subsidy.
Ethanol is also a low-energy fuel. Here's how it stacks up against gasoline for energy per carbon content:
Ethanol - 57.5 kJ/g C
Gasoline - 55.1 kJ/g C
That's less than a 4.4% advantage for ethanol. Once you factor in the energy required to manufacture and transport ethanol, that advantage quickly disappears. The truth of the matter is that using ethanol for fuel actually produces more CO2 per energy unit than does gasoline. California is helping to kill the planet!
Nah, I wasn’t wrong about ethanol.
Standing with nose in corner for a ten count...
State Food Stamps for little Billy Jones may keep him down on the farm before he screws up another election...
Barbara Boxer will help him. Because he decided not to challenge her for the Senate seat afterall!!!
That's good!
In the time honored tradition of our political elite in Sacramento...
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