The new California Power and Conservation Financing Authority, which has been formed to ensure a reliable power supply for the state, has announced that it intends to acquire 1,000 MW of new renewable energy capacity by next summer. The authority is currently negotiating with 14 parties, primarily for wind and biomass projects, to supply the needed capacity.

Governor Gray Davis has set a goal of providing 17% of the state’s electricity supply from renewable energy sources, which the authority estimates will require 3,000 MW of new capacity over the next five years.

Publication date: 11/26/2001