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A package of options under the State Energy Program (SEP) and the Energy Efficient and Conservation Block Grants (EECBG) Program offer local jurisdictions, non-profits and private organizations the opportunity to invest in energy efficiency and photovoltaic energy projects – while helping to stimulate their local economies. Governor Schwarzenegger announced that California was the first state in the nation to apply federally for SEP funding available under the Recovery Act.
“California was the first state in the nation to apply for this [SEP] funding and we encourage local governments and public organizations throughout the state to take advantage of this opportunity,” said California Task Force Director Cynthia Bryant. “This funding will enable organizations to lower energy costs, reduce greenhouse gas emissions and help infuse new jobs in communities throughout California.”
Energy Efficient and Conservation Block Grants (EECBG) Program. More than $36 million in direct allocations to 265 eligible small cities and 44 eligible small counties is available to help implement cost-effective energy efficient projects.
The California Energy Commission estimates that energy efficiency investments from the EECBG Program can save 61.2 million kWh of electricity; reduce CO2 emissions by 22,541 tons, save local jurisdictions in excess of $9 million per year and will save or create over 500 new jobs for communities across the state.
The EECBG Guidelines and a simple application process are now available online. Proposals are due to the Energy Commission by Jan. 10, 2010. Applicants will have until approximately September 2012 to complete their projects.
State Energy Program (SEP): Up to $95 million is available for energy projects focused on residential and commercial building retrofits and on-site photovoltaic system installation. The Energy Commission estimates that retrofitting California’s aged and inefficient residential and non-residential structures through the SEP could save 164.6 million kWh of energy annually and save or create more than 2,100 jobs.
Funding is available under a competitive solicitation process in three areas: the California Comprehensive Residential Building Retrofit Program, the Municipal and Commercial Building Targeted Measure Retrofit Program, and the Municipal Financing Program. The SEP Guidelines, solicitations, and descriptions of the funding areas are now available online. Proposals are due to the Energy Commission by Nov. 30, 2009. Applicants will have until March 31, 2012 to complete their projects.
Additionally, local governments and public entities are encouraged to get the most from any federal funding by combining an EECBG Program grant or SEP funding award with a low interest loan. The SEP Loan Program will offer two interest rates – a new one percent interest loan funded using $25 million in added ARRA monies and the current three percent interest ECAA program funded from the existing state-funded loan program. The simple applications are available online. Four local governments, County of Marin, City of Los Angeles, City of Carlsbad and the Town of Hillsborough have already taken advantage of the one percent interest loan for more than $5.8 million to help leverage their block grants.
For more information about SEP or the EECBG Program, the Low Interest Loan Program or other energy-related federal stimulus funding and programs, visit the California Energy Commission’s Recovery page at http://energy.ca.gov/recovery/index.html .
Governor Schwarzenegger created the California Recovery Task Force to track the American Recovery and Reinvestment Act funding coming into the state; work with President Barack Obama's administration; help cities, counties, non-profits, and others access the available funding; ensure that the funding funneled through the state is spent efficiently and effectively; and maintain a Web site that is frequently and thoroughly updated for Californians to be able to track the stimulus dollars.
The Task Force can be reached through its Web site, www.recovery.ca.gov , or by telephone at 916-322-4688.
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SACRAMENTO – Among the flurry of bills signed by Gov. Arnold Schwarzenegger this month was Senate Bill 17 by Senator Alex Padilla (D-Pacoima).
Co-authored by Senator Patricia Wiggins (D -- Santa Rosa), SB 17 will advance California’s clean energy policies by improving reliability and efficiency in power distribution through the deployment of smart grid technology.
Padilla said that "with SB 17 in place, a 21st century grid could be realized in California within the next five to ten years, allowing for a fundamental change in the way we think about, and use, electricity." Wiggins said that the new law "will help establish green technologies and green collar jobs."
SB 17 establishes deployment of smart grid technology as the policy of the state. It calls on the California Public Utilities Commission to determine the requirements for a smart grid deployment plan by July 2010. The bill also requires investor-owned utilities and municipal utility districts to develop smart grid deployment plans.
The Obama Administration has included $4.5 billion for the Smart Grid Investment Program in the economic stimulus package. SB 17 will make California more competitive when pursuing federal smart grid grants.
In California, 273,000 miles of transmission and distribution lines deliver power to homes and businesses. Yet, the antiquated electrical grid is neither clean, efficient, nor stable enough to meet California’s future needs.
Smart grid technology allows us to manage the electric grid more efficiently, reliably and securely while reducing greenhouse gas emissions. Smart grid also empowers consumers with real-time information so they can better conserve energy and save money.
According to the U.S. Department of Energy, smart grid technology can reduce carbon emissions by as much as 25 percent and electricity usage by 10 percent.
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SACRAMENTO – Seeking to recover more than $200 million in illegal overcharges and penalties, Attorney General Edmund G. Brown Jr. on Tuesday announced that he has filed suit against State Street Bank and Trust – one of the world's leading providers of financial services to institutional investors – for committing "unconscionable fraud" against California's two largest pension funds, CalPERS and CalSTRS.
The suit, which was unsealed Tuesday by a Sacramento Superior Court judge, contends that Boston-based State Street illegally overcharged CalPERS and CalSTRS for the costs of executing foreign currency trades since 2001.
"Over a period of eight years, State Street bankers committed unconscionable fraud by misappropriating millions of dollars that rightfully belonged to California's public pension funds," Brown said. "This is just the latest example of how clever financial traders violate laws and rip off the public trust."
The case was originally filed under seal by whistleblowers - "Associates Against FX Insider Trading," who alleged that State Street added a secret and substantial mark-up to the price of interbank foreign currency trades. The interbank rate is the price at which major banks buy and sell foreign currency.
Subsequently, Brown launched an independent investigation into the allegations.
Brown's investigation revealed that State Street was indeed overcharging the two funds. Despite being contractually obligated to charge the interbank rate at the precise time of the trade, State Street consistently charged at or near the highest rate of the day, even if the interbank rate was lower at the time of trade.
Additionally, State Street concealed the fraud by deliberately failing to include time stamp data in its reports, so that the pension funds could not determine the true execution costs by verifying when State Street actually executed the trades.
Commenting on this deception, one State Street senior vice president said to another executive that "…if providing execution costs will give [CalPERS] any insight into how much we make off of FX transactions, I will be shocked if [State Street] or anyone would agree to reveal the information."
Brown's office estimates that the pension funds were overcharged by more than $56.6 million over eight years. The lawsuit asks for relief in the amount of triple California's damages, civil penalties of $10,000 for each false claim; and recovery of costs, attorneys' fees and expenses. It is estimated that damages and penalties could exceed more than $200 million.
Under California's False Claims Act, anyone who has previously undisclosed information about a fraud, overcharge, or other false claim against the state, can file a sealed lawsuit on behalf of California to recover the losses. They must notify the Attorney General as well.
Such a case is called a "qui tam" case. If there is a monetary recovery, the law provides that the whistleblower "qui tam plaintiff" receives a share of the amount recovered if the requirements of the statute are met.
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