Tuesday, October 23, 2012

Layoffs, failures test Colorado's "new energy economy"

The resilience of Colorado's vaunted "new energy economy" is being tested after a series of job cuts, financial setbacks and political firestorms. The latest loss was Phillips 66's announcement last week that it is pulling the plug on a major alternative-fuels research-and-development center that was planned on the former StorageTek site in Louisville. That followed the recent news that Vestas Wind Systems was making its biggest round of Colorado layoffs, bringing the job-cut tally to about 500. The Weld County district attorney's office is investigating the failure of Colorado solar-panel manufacturer Abound Solar, and congressional Republicans are asking tough questions about Abound's federal loan guarantees. Also in the loss column is General Electric's recent decision to suspend development of the proposed $300 million PrimeStar Solar plant in Aurora that would have employed 355 workers. At the least, the setbacks are a speed bump in Colorado's effort to maintain a leadership status in renewable energy. At worst, they could significantly impair growth of the industry. The combined layoffs, plant closure and mothballed projects in Colorado represent the loss of more than 1,000 existing and projected jobs, plus millions of dollars of tax revenue and spinoff economic activity...more

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