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Introducing the Atlantic City Alternative Energy Authority ACAEA

Introducing the Atlantic City Alternative Energy Authority ACAEA. A Municipal Utilities Authority Pursuant to NJSA 40:62-12. AC Alternative Energy Authority. Develop alternative resources [wind energy] for the benefit Atlantic City taxpayers.

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Introducing the Atlantic City Alternative Energy Authority ACAEA

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  1. IntroducingtheAtlantic City Alternative Energy AuthorityACAEA A Municipal Utilities Authority Pursuant to NJSA 40:62-12

  2. AC Alternative Energy Authority • Develop alternative resources [wind energy] for the benefit Atlantic City taxpayers. • Create a new source of revenue for Atlantic City in the face of declining state support to municipalities. • Secure state and federal grant funding for green energy projects. • Stimulate local investment and employment. • Invigorate the city’s image and skyline to further its emergence as a spectacular resort destination!

  3. How would it work? • The Authority, once initiated, would open a bid competition to Wind Energy developers. • The successful bidder would finance and construct wind turbines on City owned land under a contract with the Authority and approved by City Council. • The Authority would sell the energy generated by the wind turbines to the private energy market. • The Authority would disburse the contracted portion of proceeds toward the developer’s debt service, operating expenses and forward all excess to the City as its revenue.

  4. Strategic Opportunities Isolated, City owned land is available “Duck Island” consisting of partial Atlantic City Expressway and NJ Transit right of way, billboards and utility easements.

  5. Strategic Opportunities • Enables construction of wind turbines with no negative impact upon residential communities • Provides the potential for shipment of wind turbine parts by railroad. • Provides for ongoing observation of a site that has a history of habitation by squatters, crimes, etc.

  6. Steps toward formation • Council passes a Resolution calling for a referendum. • A public referendum goes on the ballot for approval. • Upon approval by the voters, the Authority is created. • Upon NJ Board of Public Utilities (BPU) approval, the Authority may enter into contracts with developers.

  7. Potential additional wind turbine sites include: Rear of Public Works & ACHS buildings

  8. Project Partners include: NJ Board of Public Utilities Atlantic City Electric NJ Division of Taxation Atlantic County Utilities Authority

  9. Growth in Wind Energy In the US in 2007, more than $3B new generating equipment or 2,500 Mw of power was installed in 22 states Last year the US wind energy industry broke all previous records for annual installed capacity, more than any other country. U.S. wind energy industry installations in the first quarter of 2008, totaled 1,400 megawatts (MW) or approximately $3 billion worth of new generating capacity. Source - American Wind Energy Association

  10. Green Energy and the Environment Today nearly 90 percent of the electric generated in the US is derived from fossil fuels and nuclear sources. Generation of energy from these sources results in the challenges of air pollution, nuclear waste storage, etc. Compare this to wind energy which has very low or no environmental impact as an energy generator.

  11. March 15, 2008, 1:01AMAlternatives forms of energy becoming mainstreamHigher revenues show green tech gaining traction, report says By DAVID R. BAKERSan Francisco Chronicle The alternative energy business is starting to make real money. 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. As imposing as those figures may seem, they're small by the standards of the traditional energy business, especially at a time when individual oil companies report annual sales greater than $100 billion. But for green tech, the increasing revenues suggest that the young industry is gaining traction. TOOLS RESOURCES

  12. Wind Energy Today - Wind energy facilities are sited in 30 states - Generate 9,149 Mw of energy in the US, - Enough power for the 2.3 M households - Still less than 1% of the country’s electric needs

  13. New Jersey Energy Master Plan Meet 22.5% of the State’s electricity needs from renewable sources by 2020 Develop New Jersey’s wind energy resources of at least 1000 MW of offshore wind and up to 200 MW of onshore wind by 2020.

  14. Atlantic City Alternative Energy Authority A potential opportunity for responsible economic and community development!

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