Wednesday, March 12, 2008

Green Energy Paying Off

A new report by green energy consulitng firm Clean Edge pegs worldwide revenues of alternative energy companies at more than $77 billion. The San Francisco Chronicle notes that the industry used to be populated by start-ups in various stages of product development, but now heavyweights like GE are in the game and are driving sales.

According to the Chronicle:

"Revenue in the wind power industry alone jumped 68 percent in 2007 to reach $30.1 billion as new wind farms sprouted across the United States and China. Sales of ethanol and biodiesel, together, grew about 24 percent to hit $25.4 billion. Solar photovoltaic sales grew 30 percent, totaling $20.3 billion."

The report points out that the industry's fortunes tend to move inversely with the price of oil and that continued federal support in the form of tax breaks and other regulatory assistance will be necessary to continue the explosive growth.

Green energy is making big money [San Francisco Chronicle]