Energy Industry Icon Calls Obama Renewable Energy Plan Threat to Stability of the...

Energy Industry Icon Calls Obama Renewable Energy Plan Threat to Stability of
the U.S. Energy Market

MIAMI, Sept. 7 /PRNewswire/ -- Karl W. Miller, a senior energy executive and
institutional investor today issued the following statement through his
advisors that the Obama administration Energy Plan has become completely
unhinged and is now threatening the long term stability of the U.S. energy
market.

Mr. Miller supports a responsible renewable energy effort. However, Mr. Miller
has increasingly expressed serious concern for the misguided direction that
the Obama administration and the Democratic leadership has been taking during
the last eight months evidenced by the flawed cap-and-trade bill, called the
American Clean Energy and Security Act passed by the Congress and other
multi-billion dollar handouts for a renewable energy industry not equipped to
manage nor deliver any meaningful results.

Mr. Miller who has a long history of implementing bipartisan development plans
in the U.S. energy industry has consistently counseled the current Obama
administration and other industry officials that the multi-billion dollar
stimulus and cap-and-trade bill is leading to disastrous consequences for the
U.S. Energy industry and will not have any meaningful effect for the
re-powering and re-fueling of US power generation industry nor will it deliver
sustainable efficient energy production. Billions of dollars in taxpayer
capital continue to be slated for waste.

A Summary of Mr. Miller's Advice is as follows:
-- Government handouts and mandates do not work -- never have and never
will, in any industry.
-- The energy market is currently experiencing an interim period, from
which a new energy market enigma has emerged; the renewable energy
boom
and bust cycle.
-- The timing, force, and breadth of this renewable energy boom and bust
cycle will be driven by anticipation, greed, and by innovation.
-- Energy supply and demand will not rationalize for many years in the
future, and it is likely, that at that time dependable base load
demand
will again significantly overshoot supply.
-- There will again be energy shortages, increased fuel price volatility,
and a marked need for new power generation, primarily natural gas due
to
its moderate construction time, proven efficiency and security of fuel
supply.
-- The length of time-between now and when the need will again become
evident-corresponds roughly to the design and construction stages of
nuclear and large coal fired plants. Those plants, once in place and
with their lower generation costs, will be very well placed to
participate profitably in the energy markets.
-- This is the opportunity before the energy industry today: to face the
boom and bust cycle head on, with considered and careful strategic
planning, as the industry moves into yet another era.

-- Given the extremely poor state of the U.S. economy and flawed
economics
of the renewable energy sector, there will be hundreds of distressed
energy projects and companies for disciplined investors to pursue, as
history has clearly demonstrated.

To view Mr. Miller's Full report: U.S. Renewable Energy: A Self Inflicted
Crisis in the Making go to:

http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-29-2009/0005052129&EDATE=

About Mr. Miller:

Mr. Miller is a globally recognized energy executive and institutional
investor with a balance of both financial and energy sector expertise. Mr.
Miller began his career on Wall Street during the 1980s and has an extensive
background in banking, commodities trading and risk management.

Mr. Miller has a long history in the global energy business and has held a
variety of executive management positions both within the United States,
Europe and Asia. Mr. Miller has bid on over $25 billion in energy related
assets during his career.

Mr. Miller has built, restructured and managed energy businesses for major
public energy companies on several continents, including PG&E Corporation,
Electricite de France, El Paso Energy, Enron Corporation and JPMorgan Chase.

Mr. Miller holds an MBA in Finance from the Kenan-Flagler Business School at
The University of North Carolina, Chapel Hill. Mr. Miller also holds a B.A. in
Accounting from Catholic University located in Washington DC.

Mr. Miller is currently on medical leave until late 2009.

SOURCE VBCC

Mark Johnson, VBCC, +1-772-223-7700