The morning of March 24th, FACC members and guests from such notable agencies as the New York Power Authority, NYC Economic Development Corporation and the Office of the NY Attorney General, gathered at FACC member firm Arnold & Porter LLP for a panel on Renewable Energy Projects in New York: Opportunities & Incentives.

Offering opening remarks, Frederick Fucci, Partner, Arnold & Porter LLP, explored the numerous federal subsidies and grants that are available in support of renewable energy projects, including wind and solar. Explaining the opportunities surrounding financial investment in renewable energy, Mr. Fucci drew distinctions between the Production Tax Credit and the Investment Tax Credit, and the incentives offered by both.  He also focused on the Department of Energy's Loan Guarantee Program, which promotes federal support of clean energy projects that use innovative technologies.

Providing a quantitative analysis of Capital Subsidies for Renewable Energy, James Guidera, Managing Director & Group Head, Natural Resources, Infrastructure & Power, Crédit Agricole CIB, discussed how federal subsidies impact renewable energy economics. He also outlined the benefits of renewable energy investment, explained how companies can best take advantage of subsidies and cash grant programs, and offered his insights on the future of U.S. legislation in this regard, including the possible development of federal Renewable Portfolio Standards.

John Saintcross, Program Manager, Energy & Environmental Markets, NYSERDA, discussed the agency's management of the Renewable Portfolio Standard in support of renewable energy projects and clean technology in New York. Taking a public policy angle, Mr. Saintcross explained how NYSERDA helps New York state reduce energy consumption, promote the use of renewable sources and implement the Regional Greenhouse Gas Initiative. He also explained how NYSERDA's R&D strategies support market-driven innovation in a number of areas, including technology and business models. With a nod to the future, Mr. Saintcross stated that NYSERDA's goal is to ensure that 30% of the power consumed in NY comes from renewable sources by 2015 (in comparison to a 19.5% baseline in 2003).

Turning towards solar energy and the city of Manhattan, Christopher Raup, Project Manager, State Regulatory Affairs, Consolidated Edison, discussed the potential challenges of renewables in a dense, urban environment. Cautioning how updating the grid can be expensive and time-consuming, he did state that there is a large technical potential for solar in NYC. While costly, the city's greatest resource comes from its many buildings, including 1.65 billion square feet of roof space, of which 900 billion would be suitable for solar. Con Edison has put forward a solar proposal with the Public Service Commission for a solar energy pilot program which could result in 80+ megawatts of solar in the area by 2015.

The panel closed with special remarks by The Hon. Robert E. Curry, Commissioner, New York State Public Service Commission, who remarked on the policies surrounding renewable energy in New York.

A dynamic and informative question-and-answer session followed, guided by panel moderator Frederick Fucci.

The French-American Chamber of Commerce would like to express its thanks to Arnold & Porter LLP for hosting and sponsoring the event.