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Energy Industry Icon Calls Obama Renewable Energy Plan Threat to Stability of the U.S. Energy Market
Monday, September 07, 2009 9:51 PM


(Source: PRNewswire)trackingMIAMI, Sept. 7 /PRNewswire/ -- Karl W. Miller, a senior energy executive and institutional investor today issued the following statement through his advisors that the Obama administration Energy Plan has become completely unhinged and is now threatening the long term stability of the U.S. energy market.

Mr. Miller supports a responsible renewable energy effort. However, Mr. Miller has increasingly expressed serious concern for the misguided direction that the Obama administration and the Democratic leadership has been taking during the last eight months evidenced by the flawed cap-and-trade bill, called the American Clean Energy and Security Act passed by the Congress and other multi-billion dollar handouts for a renewable energy industry not equipped to manage nor deliver any meaningful results.

Mr. Miller who has a long history of implementing bipartisan development plans in the U.S. energy industry has consistently counseled the current Obama administration and other industry officials that the multi-billion dollar stimulus and 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 US power generation industry nor will it deliver sustainable efficient energy production. Billions of dollars in taxpayer capital continue to be slated for waste.

   A Summary of Mr. Miller's Advice is as follows:   --  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 anticipation, greed, and by innovation.   --  Energy supply and demand will not rationalize for many years in the       future, and it is likely, that at that time dependable base load       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.   --  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.   --  This is the opportunity before the energy industry today: to face the       boom and bust cycle head on, with considered and careful strategic       planning, as the industry moves into yet another era.    --  Given the extremely poor state of the U.S. economy and flawed       economics of the renewable energy sector, there will be hundreds of       distressed energy projects and companies for disciplined investors to       pursue, 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/06-2 9-2009/0005052129&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.

VBCC

CONTACT: Mark Johnson, VBCC, +1-772-223-7700

Web Site: http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-29-2009/0005052129&EDATE=

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