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On Tuesday, California lawmakers passed a bill that will require
a third of the state's power to come from renewable sources by 2020. California
is the first state to pass such a law, and many hope that it will set a trend
for other states. Joe Simitian, state senator for California and the author of
the bill, says that the new legislation "sends a signal to renewable energy
providers that California wants them here."
The new law is seen as the most aggressive adoption of
renewable energy, considering the amounts that will be required. As a result, the project will draw investor capital
and create opportunities for new tax revenues, while providing jobs in the
fields of solar, wind, and geothermal power. The Wall Street Times reports that
the new law will have "mixed results" for power generators and that they are
likely to take a serious hit.
Do you think California is making the right move?
Source: The
Wall Street Journal
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