In the News: Global Warming Update

- The Western Climate Initiative led by California’s Gov. Schwarzenegger has laid the foundation to cut greenhouse emissions by 15 percent by 2020 to decrease the effects of global warming. The collective is made up of six Western states (Arizona, California, New Mexico, Oregon, Washington and Utah) and two Canadian provinces (Manitoba and British Columbia). They have agreed to design a market-base program similar to cap-and-trade, with a deadline of August 2008 to present the plan. The Bush administration has opposed such mandatory cuts, favoring a voluntary approach.

- The Bush administration has been called on the carpet by a federal court for failure to issue global warming assessment reports. District Court Judge Saundra Armstrong ruled that the administration was in violation of a 1990 law and must issue a research plan by March 1, 2008. Federal law mandates an updated plan every three years. The last plan was issued in 2003. In addition, national assessment reports are required every four years. The last such report was issued in 2000 by the Clinton administration.

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Reuters
ABC News

global-warming
environment

GHG Emissions Bill Introduced

Yesterday (July 11th) Senator Jeff Bingaman (D-New Mexico) and Arlen Specter (R-Pennsylvania) introduced legislature to cut greenhouse gas emissions 20% by 2030. The bill presents new rules for power plants, refineries and steelmakers, allowing half of carbon credits for industries to be issued by the government and the other half to either be purchased or reduced by the corporations themselves.

Although the proposed “cap-and-trade” system has environmental critics, who point out that the legislation would create a market for trading greenhouse gas permits, the bi-partisan effort may be more likely to pass as it is considered “mainstream”.

According to John Rowe, chief executive of Exelon, the bill sets aggressive, yet attainable goals, and at the same time builds bridges in order to achieve those goals.

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Reuters
Bloomberg

current issues
environment

Green Energy Resources ('GRGR') to Sponsor Bioenergy North America Conference in April

New York, NY -- March 15, 2007 -- Green Energy Resources (PINKSHEETS: GRGR) will sponsor the Bioenergy North America 2007 Conference. The conference will be held in Chicago on April 16 and 17 in conjunction with Environmental Finance Magazine of the UK. Green Energy Resources CEO Joseph Murray will speak at the event. The two-day forum will host a variety of speakers on various topics regarding bioenergy and biomass including ethanol, co-firing and direct burn . Green Energy Resources will utilize the opportunity to unveil its new UTCS trade board and sell carbon offset credits. Info is available at www.environmental-finance.com

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Environmental Finance

Green Mountain Power Generating Sources Among Lowest in Emissions

COLCHESTER, Vt.-- Green Mountain Power Corporation (NYSE:GMP) announced today that only two percent of its fuel mix for 2006 was from carbon dioxide emitting sources, compared to a national average of nearly 70 percent from emitting sources, according to the Energy Information Administration. More than half of Green Mountain Power’s sources came from water, wood or wind.

“We have consistently worked to reduce emissions at Green Mountain Power, both in our operations and in the fuels we use to supply our customers with electricity,” said Christopher L. Dutton, president and chief executive officer of Green Mountain Power. “In 2006, we achieved the lowest proportion of emission-producing fuels that we’ve had in decades. We were able to take advantage of additional hydro power resources from Hydro Quebec and we experienced near record-breaking production at our own hydro facilities, which helped reduce the use of fossil fuels,” he added. Green Mountain Power uses no coal and in 2006 sold more power into the New England market than it purchased.

Green Mountain Power owns and operates eight hydroelectric plants in Vermont. Hydro generation in 2006 was 30 percent greater than the 20-year average, with several plants recording the highest annual generation in 31 years of record. Overall production was the third highest total in 31 years of record, producing 161,937 megawatt hours. At a 2006 cost of 3.6 cents per kilowatt hour, Green Mountain Power’s own hydro generation is its second lowest cost source. Power generated at Green Mountain Power’s wind generating station is its lowest cost source, at 3.1 cents per kilowatt hour.

“With the world focused on how to combat global climate change, we are proud that this year our carbon footprint is so small,” said Mr. Dutton. “Our challenge in the future will be how to keep our emissions low as we replace the contracts for power from Vermont Yankee and Hydro Quebec, which expire in 2012 and 2015, respectively.”

The complete breakdown of Green Mountain Power’s fuel mix in 2006 is: hydro 50.4%, nuclear 43%, wood 4.3%, oil/natural gas 2.2%, and wind 0.1%. Water, wood and wind together produced 55 percent of the total. (Renewable Energy Credits, or RECs, were sold for a portion of the energy generated at Green Mountain Power’s wind facility in Searsburg. Energy associated with the RECs sold is not claimed as wind and is 0.5% of the total energy in 2006.)

Green Mountain Power Corporation is a Vermont-based energy services company serving 90,000 electric customers.

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Green Mountain Power Corporation

The Urban Tree Certification System (UTCS) and Green Energy Resources' "Carbon Offsets" Can Combat Climate Change by Planting Millions of Trees a Year

NEW YORK, NY – March 5, 2007 -- Green Energy Resources launches "Carbon Offset" credits sales. The company's goal is to remove a million tons of carbon annually from the atmosphere. Green Energy Resources plans to sell the carbon offset credits in Blocks of 100 tons known as carbon financial instruments (CFIs). The price will most resemble the European Trading Scheme at around $30 per ton. Carbon offsets are open to the public, businesses and the investment community.

Green Energy Resources Urban Tree Certification System (UTCS) reduces carbon and methane from the atmosphere by planting trees and taking wood waste from landfills. UTCS renewable energy platform includes cellulostic ethanol, brownfield redevelopment and other sustainability programs. UTCS is designed to create a self-sustaining and revenue generating mechanism to plant millions of trees a year to create carbon sequestration in U.S. cities and suburbs. UTCS potential, if readily adopted throughout the U.S., could remove millions of tons of carbon from the atmosphere annually. UTCS is designed to replace all other existing urban forest management schemes and the need for environmental organizations support because the plan does not require monetary donations or federal grants. UTCS is a web-based software system offered to local, city and state governments to help combat climate change at no charge. Details about UTCS are available at http://www.utcs.com/

Green Energy Resources cited a newly released internal Bush Administration report indicating the United States will increase its share of Global warming emissions by nearly 20% by 2020. The United States already contributes 25% of the world's total green houses gases and is the single largest emitter. The United States according to the report, will increase emissions from 7.7 billion tons per year to 9.2 billion tons per year.

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.

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Green Energy Resources