Green Energy Reporter

On Tuesday in a 52 minute speech to Congress, his Cabinet, and the Supreme Court, President Barack Obama outlined an ambitious agenda that called for energy reforms, an overhaul of the healthcare system and a more accountable financial services industry.

On energy, Obama said it was time for  “America to lead again,” warning, “the country that harnesses the power of clean, renewable energy will lead the 21st century.”

Following up with his speech on Thursday Obama released a budget that provided ample funding to support his green energy agenda. It included funding for the deployment of clean energy generation; for energy efficiency programs; and for the revamp of the electricity grid.  Underscoring its green bias, the budget taxes big oil, a move that could add up to $12.7 billion in extra revenues over a four-year period.

More funding is also expected from the $150 billion cap-and-trade program called for by Obama in his Tuesday speech. Specifically, for the ‘09 fiscal year, on top of the stimulus monies, the budget allocates an extra $33.9 billion to the Department of Energy, which is more than the $24.1 billion allocated in the previous budget.

Supporting this agenda, this week Senate Majority Leader Harry Reid outlined an ambitious legislative program that over the coming year will include three sets of legislation: One supporting a renewable portfolio standard and energy conservation measures; another overhauling the electric grid and a final one establishing a cap-and-trade platform.

North of the border, Ontario, Canada’s most populous province, also rolled out an ambitious green agenda that seeks to create 50,000 new green collar jobs.

On the corporate front, power and energy companies are taking steps to green their generation portfolios.

Princeton, N.J.-based NRG Energy, one of the country’s top coal-burners, announced a $10 million investment with eSolar, a California developer of utility-scale solar generation projects. The investment will give NRG the right to use technology to develop and operate three solar power projects that combined could generate 500 MW of clean electricity.

Pacific Gas and Electric also announced plans to invest $1.4 billion over the next five years to develop up to 500 MW in solar-powered electric generation projects, half of which it will own. In announcing the deal, PG&E CEO Peter Darbee said that the utility with its $35 billion balance sheet was a “green knight” helping carry smaller renewable projects, which have been unable to secure financing because of the ongoing credit freeze.

In Europe Sweden’s Vattenfall bolstered its clean energy portfolio with its $10.9 billion acquisition of Dutch utility Nuon, the continent’s leading owner and developer of offshore wind electric generation.

There was also news of a second, $3.5 billion energy fund being raised by Energy Capital Partners and reports from Australia that Macquarie Funds Management was looking to raise $400 million for a second cleantech fund-of-funds.

Capping the week was the announcement by VantagePoint Venture Partners that Robert Kennedy Jr. would join this leading cleantech venture fund as a partner,  another indication of the environmental movement’s transformation from a fringe community into a main street, sophisticated investor.