The worldwide financial crisis has upended the energy industry, slashing oil prices by two thirds and bedeviling financing for wind, solar and other renewable-energy projects.
But it's not all doom and gloom. From Big Oil to renewable-energy startups, energy industry players who spoke at the recent Wharton Energy Conference reported that they are hustling to find a silver lining in today's trying conditions.
Experts in renewable-energy sources bemoan the effects of the credit crisis, which has made financing for new ventures scarce. Loans that can be obtained come with very restrictive covenants. Public companies have found it nearly impossible to raise money by selling bonds or new shares of stock, and private-capital sources have shriveled as well.
According to Jason Hicks, managing director of Washington, D.C.-based Persimmon Tree Capital Management -- which makes private investments in companies that develop renewable fuels, energy conservation systems and environmentally friendly technology -- the values of privately held firms tend to adjust more slowly than those of public ones.
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