Culver: Give Power Fund Flexibility
By George C. Ford, The Gazette, Cedar Rapids, Iowa
Mar. 30–CEDAR RAPIDS — Standing in a plant that manufactures state-of-the-art wind turbines, Gov. Chet Culver on Thursday unveiled details of his proposed $100 million Power Fund to encourage development of renewable energy.
Culver, in remarks at the Clipper Windpower plant, 4601 Bowling St. SW, said he will introduce legislation very shortly to set up the fund with an initial $25 million, an oversight board and a cabinet-level office of renewable energy.
“This immediate investment of $25 million will tell the world that Iowa is serious about investing in the cutting-edge research and development required in the new energy economy,” Culver said. “The Iowa Power Fund and the renewable energy office represent a new vision for how state government will operate in the 21st-century bio-economy.”
Culver said the director of the Iowa Power Fund will need the ability to coordinate efforts throughout state and federal government. He said that flexibility must extend to the management of the fund.
“I am proposing the creation of a Power Fund board, made up of the most experienced, knowledgeable and capable stockholders,” Culver said. “The citizen board will make recommendations about the most appropriate use of Power Fund research and development funds.”
Culver said the board will be appointed by the governor, confirmed by the Iowa Senate and subject to the state’s open records laws.
Culver cautioned against earmarking the Power Fund for specific projects, saying priorities will change over time. He said discretion should be given to the Power Fund board.
“The Power Fund needs to be built for the long haul and administered as close to the ground as possible,” Culver said. “Changes in code and rule-making take a long time to implement. We will miss opportunities if we put too many restrictions on the fund or the board.”
Culver said Iowa is off to a great start in renewable energy, leading the nation in ethanol and biodiesel production.
“Our natural resources do not begin and end with corn and beans,” Culver said. “Why can’t Iowa be the leader in all forms of renewable energy?”
Culver said Iowa cannot afford to wait to focus on renewable energy.
“We aren’t the only state in this race. Other states are competing,” he said.
“Fortunately we have existing economic development tools like the Iowa Values Fund that will complement the Iowa Power Fund.”
Culver said Iowans will be asked to make a contribution to the state’s leadership position in energy self-sufficiency. He said that could be something as simple as arranging for a home energy audit or as expensive as purchasing a flex-fuel vehicle.
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Copyright (c) 2007, The Gazette, Cedar Rapids, Iowa
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