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Energy Industry Icon Provides Bi-Partisan Advice to Democrats and Republicans Regarding Implementing an Effective and Credible U.S. Energy Policy

Posted on: Monday, 21 September 2009, 01:53 CDT

MIAMI, Sept. 21 /PRNewswire-USNewswire/ -- Karl W. Miller, a senior energy executive and institutional investor today issued the following statement through his advisors regarding his bi-partisan advice to democrats and republicans regarding implementing an effective and credible U.S. energy policy.

Mr. Miller, whom many regard as the de-facto energy czar in the U.S., has a long history of implementing bipartisan energy policy in the U.S. and global energy industry. He has consistently counseled the current democratic administration, republican leadership and industry officials that the multi-billion dollar stimulus and proposed terms of the cap-and-trade bill is leading to disastrous consequences for the U.S. Energy industry and will not have any meaningful effect for the re-powering and re-fueling of the U.S. power generation industry nor will it deliver sustainable efficient energy production.

A Summary of Mr. Miller's Advice is as follows:

• Billions of dollars in taxpayer capital continue to be wasted and more is slated for waste.
• We are still in a recession regarding demand for energy in the U.S.
• Government handouts and mandates do not work -- never have and never will, in any industry.
• The energy market is currently experiencing an interim period, from which a new energy market enigma has emerged; the renewable energy boom and bust cycle.
• The timing, force, and breadth of this renewable energy boom and bust cycle will be driven by greed and by innovation, which requires private capital, not government funding.
• Energy supply and demand will not rationalize for many years in the future, and it is likely, that at that time dependable base load energy demand will again significantly overshoot supply.
• There will again be energy shortages, increased fuel price volatility, and a marked need for new power generation, primarily natural gas due to its moderate construction time, proven efficiency and security of fuel supply. This is several years off and Natural gas is currently overpriced in the U.S.
• The length of time-between now and when the need will again become evident-corresponds roughly to the design and construction stages of nuclear and large coal fired plants. Those plants, once in place and with their lower generation costs, will be very well placed to participate profitably in the energy markets.
• Given the extremely poor state of the U.S. economy and flawed economics of the renewable energy sector, there will be hundreds of distressed and failed energy projects, as history has clearly demonstrated.
  

To view Mr. Miller's Full report: U.S. Renewable Energy: A Self Inflicted Crisis in the Making go to: http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-29-2009/0005052129&EDATE=

About Mr. Miller:

Mr. Miller is a globally recognized energy executive and institutional investor with a balance of both financial and energy sector expertise. Mr. Miller began his career on Wall Street during the 1980s and has an extensive background in banking, commodities trading and risk management.

Mr. Miller has a long history in the global energy business and has held a variety of executive management positions both within the United States, Europe and Asia. Mr. Miller has bid on over $25 billion in energy related assets during his career.

Mr. Miller has built, restructured and managed energy businesses for major public energy companies on several continents, including PG&E Corporation, Electricite de France, El Paso Energy, Enron Corporation and JPMorgan Chase.

Mr. Miller holds an MBA in Finance from the Kenan-Flagler Business School at The University of North Carolina, Chapel Hill. Mr. Miller also holds a B.A. in Accounting from Catholic University located in Washington DC.

Mr. Miller is currently on medical leave until late 2009.

SOURCE VBCC

Source: PR Newswire

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