Dawn of New Era

With so much media attention focused last week on coverage of Michael Jackson’s death, it is not surprising that most Americans are not aware the entire country has entered a new era. Maybe you felt the earth move just a bit last Friday when the vote came in on the so-called “climate change” bill in the House. By passing the comprehensive energy bill by a vote of 219 to 212, the House crossed a threshold never achieved before – one that sets out to change American energy policy.

It's not law yet...but it's moving!

I have been an observer of the many attempts by Congress to address this issue in a substantive way since 1973, and I’ve seen many serious attempts to reform energy policy get sucked into the powerful quicksand of the status quo. Nothing happens to change things. All efforts to do so disappear before your eyes.

But not this time.

Under the bill, greenhouse gases must be trimmed by 17 percent from 2005 levels and all by 2020. Utilities must also generate 15 percent of electricity from renewable energy sources by 2020. Energy efficiency gains of 8 percent are required by the same time. The overall goal is to cut carbon dioxide emissions by 80 percent by 2050.

This bill is a game changer. America’s utilities know it. Some generators of electricity fear the impact on their bottom line and on the economy in general. But they are also aware that if it is accompanied by initiatives to facilitate the development of new technologies in the market, it could work without slowing down economic growth. The growth – real growth – that results from this massive and complex effort could be the beginning of the paradigm shift that awaits this country in its new world leadership role on energy.

Now – on to the US Senate.