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EPA Recognizes Volkswagen Chattanooga for 'Green Power'
Volkswagen Chattanooga has received a 2013 Green Power Leadership Award from the U.S. Environmental Protection Agency (EPA). The annual awards recognize the country’s leading green power users for their commitment and contribution to helping advance the development of the nation’s voluntary green power market.
EPA presented Volkswagen Chattanooga with the award at an event held in conjunction with the 2013 Renewable Energy Markets Conference in Austin, Texas on September 23, 2013.
Volkswagen Chattanooga was one of only four organizations nationwide to receive a Leadership Award for the on-site generation of green power. The award recognizes EPA Green Power Partners who distinguish themselves using on-site renewable energy applications, such as solar photovoltaic (PV) or landfill gas. Volkswagen Chattanooga is currently generating more than 13 million kilowatt-hours (kWh) of green power annually from an on-site solar energy system, which is enough green power to meet 12 percent of the organization’s electricity use.
“We are honored that the EPA has recognized us with a Green Power Leadership award for the renewable energy generated by the Volkswagen Chattanooga Solar Park at our LEED Platinum certified factory in Tennessee,” said Frank Fischer, CEO and Chairman of Volkswagen Chattanooga.
“Volkswagen’s worldwide conservation program is called Think Blue and it’s a global call to sustainable ecological action on our blue planet,” Fischer said. “Generating green power onsite is an important part of Volkswagen’s efforts to be responsible for our footprint in everything from powering our factory to powering our cars.”
Volkswagen Chattanooga currently ranks No. 15 on EPA’s Top 20 On-site Generation list, which highlights EPA Green Power Partners that have achieved the highest annual on-site green power generation through July 3, 2013. EPA updates its Top Partner Lists quarterly at http://www.epa.gov/greenpower/toplists/.
Green power is electricity that is generated from environmentally preferable renewable resources, such as wind, solar, geothermal, biogas, biomass, and low-impact hydro. Using green power accelerates the development of new renewable energy capacity nationwide and helps to reduce greenhouse gas emissions from the power sector.
“EPA is pleased to recognize Volkswagen Chattanooga with a Green Power Leadership Award for its distinguished commitment to using on-site renewable energy resources,” said EPA Administrator Gina McCarthy.
“By investing in on-site green power, Volkswagen Chattanooga is generating cleaner electricity and reducing harmful carbon pollution, and providing a clear example of an organization thriving on innovation and sustainability.”
According to the EPA, Volkswagen Chattanooga’s current green power generation of more than 13 million kWh is equivalent to avoiding the carbon dioxide (CO2) emissions of nearly 2,000 passenger vehicles per year, or is the equivalent amount of electricity needed to power nearly more than 1,000 average American homes annually.
The solar installation at Volkswagen Chattanooga is an element of the highly-coveted LEED Platinum certification awarded to VW by the U.S Green Building Council in late 2011. At that time, the Building Council called the Chattanooga manufacturing facility “the world’s greenest auto plant” and noted it was the first automotive manufacturing plant in the world to receive the top LEED certification. Today, the Chattanooga plant remains the only auto plant worldwide to earn the LEED Platinum certification.
The Volkswagen Chattanooga Solar Park occupies 33 acres, or half of the 66-acre land parcel adjacent to Volkswagen’s state-of-the-art manufacturing plant. The solar park contains 33,600 solar modules from JA Solar designed to produce 13.1 gigawatt hours of electricity per year -- equivalent to the energy consumed annually by around 1,200 homes in the area.
The electricity produced from the solar park is expected to meet 12.5% of the energy needs of Volkswagen’s Chattanooga manufacturing plant during full production and 100% during non-production periods. The plant covers 1.9 million square feet and employs around 2,500 people who manufacture the highly-acclaimed Volkswagen Passat sedan. For Volkswagen, the solar park in Chattanooga will rank as the automaker’s largest photovoltaic installation worldwide.
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Last Update on April 24, 2014 07:31 GMT
TOKYO (AP) -- Asian shares lacked a clear direction today as players took a mostly wait-and-see view ahead of talks between Japan's prime minister and visiting President Barack Obama.
The focus is on what Obama and Prime Minister Shinzo Abe may say about negotiations on a wide-reaching trans-Pacific trade agreement, despite resistance from local interests on both sides to wiping out tariffs.
Sentiments on Asian markets were dampened by worries about the U.S. economy, highlighted by a surprise drop in new home sales as well as dismal earnings.
The pessimism overshadowed confirmation from the European Union that Greece achieved a primary surplus in 2013 -- what's left when interest payments are stripped out.
The dollar fell against the euro and was little changed against the yen.
Benchmark crude oil fell but remains above $101.50.
ECONOMY- THE DAY AHEAD
Major business and economic reports scheduled for today
WASHINGTON -- The government's weekly jobless claims report comes out today.
Also, the government will release March durable goods numbers and Freddie Mac will report weekly mortgage rates.
A slew of quarterly earnings reports will be released today.
Before the market opens, investors will hear from Aetna, Starwood Hotels & Resorts Worldwide, Altria Group, General Motors, Southwest Airlines, United Airlines, American Airlines, 3M , Caterpillar, Verizon, and UPS.
After the closing bell, Amazon.com, Starbucks, Visa and Microsoft will report their quarterly financial results.
Facebook 1Q results soar; CFO to step down
NEW YORK (AP) -- Facebook's first-quarter earnings and revenue grew sharply, surpassing Wall Street's expectations thanks to an 82 percent increase in advertising revenue.
The social network says it earned $642 million, or 25 cents per share, in the January-March quarter, up from $219 million, or 9 cents per share, in the same period a year ago. Adjusted earnings were $885 million or 34 cents per share.
Facebook says its revenue was $2.5 billion, up 71 percent from $1.46 billion in the same period a year ago.
Analysts expected adjusted earnings of 24 cents per share on revenue of $2.36 billion.
Facebook says its finance chief, David Ebersman, is leaving on June 1 after five years. He'll be replaced by David Wehner, currently vice president of corporate finance and business planning.
DALLAS (AP) -- Texas Instruments is giving an upbeat forecast for the current quarter after the chipmaker's first-quarter profit rose 35 percent.
Texas Instruments makes semiconductors used in consumer devices and industrial equipment and is reducing its reliance on chips used in smartphones and tablets. The company said that revenue from chips that convert analog signals to digital ones and from embedded technology such as microcontrollers accounted for 84 percent of first-quarter sales. Both segments grew by double-digit percentages.
Meanwhile, revenue from everything else tumbled by 28 percent.
Net income was $487 million, or 44 cents per share, including a gain of 2 cents per share from a sale that the company had not included in previous guidance to investors. The results compared with year-ago profit of $362 million, or 32 cents per share. Revenue grew 3 percent to $2.98 billion.
For the second quarter, the company predicted that earnings would be between 55 cents and 63 cents per share on revenue of $3.14 billion to $3.40 billion.
BEIJING (AP) -- China's government says it will open 80 projects in eight state-run industries to private and foreign investors as part of efforts to make its slowing economy more efficient.
The Cabinet announcement is the latest in a series of policy changes aimed at carrying out the ruling Communist Party's promises to give entrepreneurs and foreign investors a bigger role in the state-dominated economy.
The statement late Wednesday gave no indication whether private investors would be given any control over the newly opened industries, which include oil and hydro power.
Other industries cited by the statement were wind power, natural gas storage and distribution, solar power, coal, railways and port operations.
LOS ANGELES (AP) -- The Federal Communications Commission is set to propose new open Internet rules that would allow content companies to pay for faster delivery over the so-called "last mile" connection to people's homes.
The proposed rules also call for enhanced scrutiny of such deals so they don't harm competition or limit free speech.
That's according to a senior FCC official familiar with the matter who wasn't authorized to speak publicly and spoke on condition of anonymity. FCC Chairman Tom Wheeler is to present the proposed rules to the other commissioners on Thursday.
The new rules are meant to replace the FCC's open Internet order from 2010, which was struck down by a federal appeals court in January.
While the older rules technically allowed for paid priority treatment, such dealings were discouraged.
TRAIN SAFETY-EMERGENCY ACTION
WASHINGTON (AP) -- The head of the National Transportation Safety Board says the Obama administration needs to take steps immediately to protect the public from potentially catastrophic oil train accidents even if it means using emergency authority.
Deborah Hersman, wrapping up a two-day forum on the rail transport of oil and ethanol, said the Transportation Department shouldn't wait for the usual federal rulemaking process to run its course. She urged regulators to use their authority to issue emergency orders or interim rules to bring about tougher standards for tank cars used to haul oil and ethanol.
She said the risks of such accidents are clear and waiting will only lead to a "higher body count."
Hersman praised Canadian authorities who announced Wednesday that they banning or phasing out older, more dangerous tank cars.
WAL-MART STORES-EXECUTIVE COMPENSATION
NEW YORK (AP) -- The pay of Wal-Mart Stores Inc.'s outgoing CEO fell 73 percent in 2013 because he didn't get stock awards that are given in anticipation of future performance as well as a lower performance-based bonus.
The world's largest retailer gave Mike Duke, 64, a compensation package worth about $5.6 million including a base salary of $1.4 million and a performance-based bonus of $2.8 million for the fiscal year that ended on Jan. 31.
Other compensation totaled $490,090, including retirement contributions and $144,586 for personal use of company aircraft.
The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.
NEW YORK (AP) -- Warren Buffett says he disapproves of Coca-Cola's highly contested pay plan for its executives.
Buffett, the beverage maker's largest shareholder, called the plan "excessive" in an interview on CNBC after the plan was approved at the company's annual meeting.
But Buffett said Berkshire Hathaway abstained from voting against the pay plan because he believes in Coca-Cola's management and CEO Muhtar Kent.
The pay plan came under scrutiny after Wintergreen Advisers took public issue with it last month. Wintergreen CEO David Winters said the plan was a "raw deal" for shareholders that would transfer roughly $13 billion to management over the next four years. He urged Buffett to vote against the plan.
In a statement, Coca-Cola Co. says it respects Buffett's "philosophical stance on equity-based compensation."
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