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Up Next is the Battle Over the Clean Energy Bill

If the 2009 Clean Energy Bill passes, it is going to pave the way for major structural changes to the US economy, which few of the non-engineering types voting for it in Congress understand. The bill encourages electric power utilities to switch to renewables, upgrade the electric power grid, and put in place a cap and trade system which places an enormous burden on the power industry to go green (click here for background report). The bill is expected to sail through the House, but faces a major fight in the Senate, where the administration is going to have to get all of their ducks in a row for it to pass. The bill provides the legal structure to spend that $100 billion for alternative energy already passed in the stimulus bill. In his cheerleading press conference for the bill, Obama correctly declared that dependence on hydrocarbons was jeopardizing our national security. He also cleverly described this as a massive creator of high tech jobs that can’t be exported.  I’m not highlighting this because I live in California, wear sandals all year, drive a Prius, or have a refrigerator stuffed with organic greens as if a giant gerbil does my shopping. Since this economic crisis started, the key has been to buy whatever the government is buying, and since they are going into alternatives in a big way, you want to be right ahead of them (click here to see my solar piece at www.madhedgefundtrader.com/June_25__2009.html). Time to add more alternative energy names to your list to buy on the bigger dips. Look at American Superconductor (NASDAQ:AMSC), which is involved in advanced wind turbine designs and electric power grid upgrades. Also take a peek at Covanta (NYSE:CVA), an established business that profitably burns trash to create electricity.