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4 January 2007 -- Laidlaw Energy Group, Inc. announced that it is planning the sale of the Federal Renewable Energy Production Tax Credits (PTCs) to be generated by its New York biomass energy project. Laidlaw Energy has received expressions of interest from several major financial institutions seeking to enter into a transaction for the purchase of the PTCs.
The PTCs are currently equal to $.01 per kWh for renewable energy generated from open loop biomass facilities such as Laidlaw Energy's New York facility, with the amount of the credit adjusted annually for inflation. Congress recently extended the date for renewable energy facilities to come online in order to qualify for the PTC to December 31, 2008. Laidlaw Energy's New York facility is expected to commence operations in 2007 and to generate approximately 50 million kWh per annum. PTCs are generated during the first 10 years of operations.
Laidlaw Energy recently received qualification for its New York facility from the Massachusetts Division of Energy Resources, qualifying the facility as eligible to sell Renewable Energy Credits (RECs) in Massachusetts. The facility is also expected to qualify to sell RECs in New York. The anticipated sale of the PTCs is expected to create an additional source of revenue for the facility, in addition to energy and REC sales, as well as revenue from hardwood lumber drying.
Laidlaw Energy's New York project involves the conversion of a natural gas fired power plant to utilize 100 percent wood biomass chips as its fuel source. It is the only power plant in the Buffalo, New York area that is specifically designed to utilize wood biomass fuel.
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