This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Hawaiian Electric Receives Approval For Biodiesel Contract With Renewable Energy Group

Hawaiian Electric Company has received approval from the Hawaii Public Utilities Commission for an additional three-year biodiesel contract with Renewable Energy Group (REG), the nation’s largest biodiesel producer.

This is REG’s third awarded contract for sustainable biodiesel for Hawaiian Electric’s 110-megawatt combustion turbine generator at Campbell Industrial Park Generating Station. The new contract will take effect when the present contract ends in July 2012.

Under the new contract, REG will continue to annually supply three to seven million gallons of high quality biodiesel processed from used cooking oil and waste animal fats for the Campbell Industrial Park Generating Station. The plant is the nation’s first utility-scale combustion turbine run entirely on 100% biodiesel.

As with previous contracts, REG must conform to environmental guidelines for sustainable production and use of biofuels that were developed by Hawaiian Electric in partnership with the Natural Resources Defense Council.

“Biodiesel utilization in electric power generation is an important step in helping our country make a move to renewable-based electricity. Most U.S. states now have policies or goals for electric power to be sourced from renewable resources or advanced biofuels, like biodiesel,” said Gary Haer, Vice President, Sales and Marketing at Renewable Energy Group. “We applaud Hawaiian Electric Company for serving as the leading example in transforming the way Americans think about electric power.”

Hawaii is among 37 states and Washington, D.C., to have Renewable Portfolio Standard (RPS) requirements or goals currently in effect. These policies are designed to replace annually increasing proportions of energy with renewable resources. Hawaii’s current RPS requirement is to reach 40 percent renewable energy by 2030.

“Renewable biofuel is an important part of our diverse mix of clean energy resources,” said Robbie Alm, Hawaiian Electric executive vice president. “This contract allows us to continue running one of our own generating stations on a green fuel and further establishes Hawaii as a serious biofuel market.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs