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ICYMI: Sec. Chu endorses Sen. Coons’ proposal to spark investment in renewable energy projects

The Hill published an article on Wednesday on Energy Secretary Steven Chu’s support for Sen. Coons’ legislation that would open a financial structure for renewable energy.

The Obama administration lent its support Wednesday to a congressional effort that would open a financing structure for renewable energy.

Energy Secretary Steven Chu called on Congress to approve legislation that would let investors utilize master limited partnerships for renewable energy, which he said would spur development.

“It’s a world of difference and it will have a profound effect on capital private investment,” Chu said during an Energy Department event on wind energy.

Master limited partnerships are financing structures that are taxed like a partnership and traded like a stock. The arrangement reduces capital costs by spreading it among a greater number of investors, and by taxing the entity at one level instead of two.

Currently, the mechanism is available only to coal, gas and oil projects. It has been instrumental in funding pipeline construction across the country.

Sen. Chris Coons (D-Del.) is leading the congressional push to expand master limited partnerships to renewable energy. The concept has picked up bipartisan support in the Senate, and he predicted it will pick up more backers from both sides of the aisle next Congress.

Coons said last week that he had raised the issue with senior administration officials, and that he hoped the White House would advocate for the change.

It appears that message has reached Chu.

He said Wednesday that opening master limited partnerships would “level the playing field” for renewables, such as wind, with other energy investments.

“If the cost of financing goes down — guess what — the cost of wind goes down,” Chu said.

Video: Sen. Coons calls for an end to gun violence

U.S. Senator Chris Coons (D-Del.) took to the Senate floor on December 19, 2012 to reflect on the horrific shooting at Sandy Hook Elementary School in Newtown, Conn. and call on Congress and the White House to work together to end gun violence in America.

The Senator’s Week Ahead Schedule: Dec. 17 – Dec. 23

The Week Ahead

Monday, December 17 at 10:30 a.m. — The Senator will speak at a press event on the dredging of the Nanticoke River.  Deepening the Nanticoke River clears the way for increased business and commerce for many industries in Sussex County and other communities along the waterway. Senator Carper and Congressman Carney will also participate. Nanticoke River Yacht Club, 30 N. Market Street, Blades, Delaware – Open to press.

Monday, December 17 at 2:00 p.m. — The Senator will preside over the Senate until 4:00 p.m.  Senate Chamber, U.S. Capitol, Washington, D.C. – Open to press who wish to sit in the Senate Gallery.

Wednesday, December 19 at 10:00 a.m. – The Senator will attend a Senate Judiciary Committee hearing entitled, “The State of the Right to Vote After the 2012 Election.” Senator Coons, an advocate for voters’ rights, introduced legislation last month to help states improve their elections. 226 Dirksen Senate Office Building, Washington, D.C. – Open to press.

Thursday, December 20 at 9:00 a.m. – The Senator will attend a Senate Foreign Relations Committee hearing entitled, “Benghazi: The Attacks and Lessons Learned.” Although Secretary of State Hillary Rodham Clinton is no longer available to testify due to illness, Deputy Secretary of State William Burns Deputy Secretary of State for Management and Resources Thomas Nides will testify. 216 Hart Senate Office Building, Washington, D.C. – Open to press.

Thursday, December 20 at 4:00 p.m. — The Senator will preside over the Senate until 5:00 p.m.  Senate Chamber, U.S. Capitol, Washington, D.C. – Open to press who wish to sit in the Senate Gallery.

Note: Schedule is subject to change

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Senator Coons joins leadership of Democratic Steering and Outreach Committee

Senator Coons will join the leadership of the Democratic Steering and Outreach Committee for the next Congress, leading efforts to help Democratic senators better engage with business leaders across the country.

The Steering and Outreach Committee is what’s known as a “leadership committee” and exists effectively to strengthen the engagement between individual Democratic senators and community leaders.”Engaging directly with community leaders gives senators the opportunity to thoughtfully exchange ideas, hear concerns, and collaborate on our nation’s policy priorities,” Senator Coons said. “Building bridges is what the Steering and Outreach Committee is all about, and I’m honored to be asked to play a role in shaping the direction of the committee in the next Congress. Businesses play an important role in our economy, and at this critical time in our economic recovery, we need to continue to work with business leaders to help them create jobs and strengthen our communities. I look forward to making the most of this opportunity and helping our caucus continue to engage constructively and productively with the business community.”

This week, the Steering Committee hosted 14 leaders from the labor movement for a frank discussion with senators about job creation and the fiscal cliff. In September there were separate meetings with LGBT leaders on the state of the equality movement and housing leaders on mortgage refinancing, affordable housing, and financial literacy. There have been quite a few meetings with business leaders about job creation.

Senator Coons seeks applicants for Senate Page Program

U.S. Senator Chris Coons is now accepting applications from qualified high school juniors for the Senate Page Program’s spring 2013 session.

“The Senate Page Program is a tremendous opportunity for juniors in high school to learn about the inner workings of the legislative branch first-hand,” Senator Coons said. “The Senate Page Program is steeped in history and helps encourage young people to be engaged, lifelong participants in America’s civic and political systems.”

The spring session runs from January 28 through June 7, 2013.  The deadline for submitting applications is December 21, 2012.  To be considered for the program, an applicant must be a United States citizen or subject to agreements of the Department of State and must have a Social Security number. Applicants must be a junior in high school who will be 16 years old on or before January 28, 2013. Applicants must verify a minimum grade point average of 3.0 or a home school transcript and a certification of immunization to qualify for attendance at page school. Applicants are required to be covered by health insurance; if not covered, they will be required to enroll in the Federal Employees Health Benefits Program.

Pages have served in the United States Congress for more than 175 years. Thirty pages – all of them high school juniors at least 16 years old — serve in the upper chamber at any one time and are selected by sitting Senators. Their duties consist primarily of delivering correspondence and legislative material within the Capitol complex, as well as taking messages for Members, preparing the chamber for Senate sessions, and carrying bills and amendments to the Senate desk.

The Senate enrolls its pages in the Senate Page School, which is accredited by the Middle States Association of Colleges and Schools and convenes classes in the early morning before the Senate convenes. The pages are paid a salary, from which automatic deductions are made for taxes, Social Security, and a fee for housing and meals.

Students interested in applying should contact Senator Coons’ Wilmington office at 302-573-6345 or email Latisha Bracy at latisha_bracy@coons.senate.gov to obtain an application and for additional information about the Senate Page Program.

Senator Coons leads bipartisan, bicameral letter to President Obama on MLPs, REITs

The sponsors of the Senate and House versions of the Master Limited Partnerships Parity Act will hold a press conference on Wednesday morning to discuss a letter they and more than two-dozen of their colleagues are sending to President Obama this week calling for Master Limited Partnerships and Real Estate Investment Trusts to be a priority in the federal government’s “all of the above” energy strategy. 

Their letter is below:

December 12, 2012
The President
The White House
1600 Pennsylvania Avenue, NW
Washington, DC 20500

Dear Mr. President,

Over the past four years, the renewable energy sector has seen major reductions in technology costs, including a 75 percent decline in the price of solar panels and about a 25 percent decline in the price of wind turbines. But even as technology costs have dropped, the cost of capital required to deploy those technologies has remained stubbornly high – inflating overall project costs and presenting a major barrier to wider deployment.

Minor changes to the federal tax code could provide the renewable energy industry access to large pools of low-cost private capital. Already, oil, gas, and coal infrastructure projects raise cheap capital by selling shares of Master Limited Partnerships (MLPs), as do energy transmission projects using Real Estate Investment Trusts (REITs). Wind, solar, and other renewable energy projects cannot use these investment tools and, therefore, suffer from high costs of capital.

Opening MLPs and REITs to renewable energy would level the playing field by giving renewables the same access to low-cost capital enjoyed by oil, gas, coal and transmission infrastructure projects. Small tweaks to the tax code could attract billions of dollars in private sector investment to renewable energy deployment, reduce the cost of renewable electricity by up to one third, and dramatically broaden the base of eligible investors. In fact, bipartisan legislation has already been introduced in both the House and the Senate (H.R. 6437 and S. 3275 respectively) to allow renewable energy projects to raise low-cost capital through the MLP structure. In the case of REITs, a straight forward ruling by the Treasury Department would allow access to this investment vehicle for renewable energy projects.

We strongly support moving America towards energy independence using an “all of the above” energy strategy. Renewable energy can play a critical role in accomplishing that goal. We ask that your administration move to unlock capital markets for broad-scale investment in renewable energy and help move our country towards cleaner, more efficient energy. We stand ready to work with you to accomplish this goal.

Sincerely,

Senator Coons (D-DE)
Senator Moran (R-KS)
Representative Poe (R-TX-2)
Representative Thompson (D-CA-1)
Representative Welch (D-VT)
Representative Carney (D-DE)
Representative McCollum (D-MN-4)
Representative Moran (D-VA-8)
Representative Garamendi (D-CA-10)
Representative Schakowsky (D-IL-9)
Representative Clay (D-MO-1)
Senator Begich (D-AK)
Senator Harkin (D-IA)
Representative Kissell (D-NC-8)
Senator Murkowski (R-AK)
Senator Bennet (D-CO)
Senator Tester (D-MT)
Representative Lujan (D-NM-3)
Senator Brown (R-MA)
Representative Grijalva (D-AZ-07)
Representative Capps (D-CA-23)
Representative Connolly (D-VA-11)
Senator Franken (D-MN)
Representative Matsui (D-CA-5)
Senator Shaheen (D-NH)
Representative Watt (D-NC-12)
Representative Carson (D-IN-7)
Representative McIntyre (D-NC-7)
Representative Carnahan (D-MO-3)

Senator Coons inspired by Pearl Harbor survivor

Senator Coons talks with veteran Thomas Morris

MILFORD — To mark the 71st anniversary of the day our nation was attacked at Pearl Harbor, Senator Coons spent the afternoon of December 7th visiting the Delaware Veterans Home in Milford. 

While he was there, Chris was deeply moved by the harrowing story of Thomas Morris, a World War II veteran who survived the Japanese attack on Pearl Harbor.  Now over 90 years old, Mr. Morris shared his inspirational story of courage and determination from December 7, 1941.

Originally from Cecil County, Maryland, Mr. Morris joined the Navy and was serving aboard the USS California on the day Pearl Harbor was bombed.  After a torpedo hit his ship, he rushed to rescue his fellow service members and fetch ammo. While he was below deck, a second strike blew him back 100 feet and burned him across his body.

After making it onto one of the last lifeboats and finding his way to shore, Mr. Morris was told by a triage doctor at the Honolulu aid station that there was no way to save his life. The doctor ordered him wrapped in gauze to make him more comfortable, and urged him to prepare for death. The next morning, the astonished doctor found that Mr. Morris was in fact, very much alive – and ready to get back in the fight.

Mr. Morris spent two full months recovering from his injuries, motivated by his desire to fight for his country at a time it needed him. He made a remarkable recovery and immediately joined the crew of a destroyer, where he worked his way up to the rank of gunner’s mate, third class. After fighting honorably, eventually, skin damage caused by his burns required him to return home to his family farm.

“Extraordinary stories of courage from our military veterans are key threads in the rich fabric of our nation’s history,” Chris said.  “Mr. Morris’ story was touching and inspirational, and I am deeply honored to have had the opportunity to hear him describe that terrifying day aboard the USS California first-hand.  His lasting legacy of service and sacrifice will continue to inspire Americans for generations to come.”

The Delaware Veterans Home provides long-term care services to Delaware veterans and it is the only facility of its kind in the state.