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Moniz Claims DOE Loan Program Successes Underreported

13 Aug , 2014  

DOE chief Moniz defends loans

The Hill, July 23, 2014

Energy Secretary Ernest Moniz defended the Department of Energy’s (DOE) loan programs Wednesday, saying the program’s successes are greatly underreported.

The loans and loan guarantees aim to encourage the development and commercialization of advanced energy technologies, like solar energy components and electric cars. But they’ve been scrutinized in recent years as some companies that have received them, including Solyndra Corp. and Fisker Automotive Inc. went bankrupt, causing DOE to lose some of its investments.

“Of the $30 billion plus in play, there’s been a just slightly over 2 percent default rate,” Moniz said Wednesday at an event on energy innovation hosted by the Bipartisan Policy Center. DOE has only used 10 percent of the loan loss reserve fund that Congress appropriated, a statistic Moniz said is “even more telling.”

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