A nominee to head a cutting-edge research program in the US Department of Energy (DOE) is personally invested in various natural gas-based utilities and gas pipeline companies.
In July, the Trump administration announced the nomination of Lane Genatowski to head the Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E), which tries to bridge the gap between basic research and the commercialization of breakthrough energy technologies and is modeled after the Department of Defense program that led to the Internet and GPS.
While prior ARPA-E directors have usually been established scientists, Genatowski is an investor with virtually no technical background in energy technology development.
Genatowski, who is awaiting final Senate confirmation, formerly worked at J.P. Morgan Chase and currently runs Dividend Income Advisors LLC, a Houston-based company that invests heavily in utilities. According to his personal financial disclosure, which was obtained by DeSmog, Genatowski is invested in a variety of gas and electric utilities, as well as companies promoting gas pipelines.
According to the disclosure, Genatowski received dividends last year through an IRA from a dozen companies in the energy industry: American Electric Power, Ameren Corp, Avista Corporation, CMS Energy, Consolidated Edison, Entergy, Eversource energy, One Gas Inc., Southwest Gas Holdings, Vectren Corp, Excel Energy, and Alliant Energy. Genatowski also profited from investments in New Jersey Resources and UBI Corporation, two partners in the PennEast gas pipeline. UBI currently has several other Marcellus shale pipeline projects and liquefied natural gas (LNG) facilities.
In his ethics agreement, Genatwoski has vowed to divest these stocks within 90 days of his…