24 September 2010 - The US Department of Energy (DOE) will shell out up to $1bn of its Recovery Act cash each month for 18 months, while speeding up loan guarantees across all projects.
The pace of disbursement of the DOE's $32.7 bn Recovery Act funds for clean energy and energy efficiency will be maintained until early 2011, said Matt Rogers, the department's chief of economic stimulus spending.
"The Department of Energy will continue to outlay $800m to $1bn every month for the next 18 months before this portfolio of projects really begins to ramp down," he told the Platts Energy Podium newsmaker event in Washington, DC, on 23 September.
So far, the DOE has spent $7.3 bn of its 2009 American Recovery and Reinvestment Act funds, but only $1bn has yet to be obligated to specific projects, he added.
Meanwhile, spending in the DOE's loan guarantee programme, for which department has about $66 bn in authority, is set to accelerate.
Three or four awards of these funds – mainly non-stimulus spending – will soon be issued every month, said Rogers. The DOE has selected 14 projects for loan guarantees since the programme, which dates back to 2005, got under way in early 2009.
Loans for only three of these projects have been finalized, but the rate should pick up with new procedures and the return of private capital to the market, he added.
Applications for several large wind, solar and biofuel projects are now moving through the system, he said.
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