Chu Lays Out Strategy to Spend Stimulus Funds on Energy

Secretary of Energy Steven Chu announced "sweeping" new procedures to spend his department's stimulus funds fast, including a streamlined loan guarantee program. The program has adopted a rolling application process, up-front costs have been reduced and staff have been added. Chu said DOE plans to disperse 70 percent of the energy-related stimulus funds - including investments in renewable energy, energy efficiency, creation of a "smart" power grid, and carbon capture and storage - by the end of next year. To help oversee the spending, Chu hired Matt Rogers, a former senior partner at McKinsey & Co., an expert on electric power, oil and gas and private equity. Read more at Washington Post