Posts Tagged ‘green energy’
Source: Heritage Foundation
It is no secret that President Obama’s and green-energy supporters’ (from both parties) foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press. Sure, single instances garner attention as they happen, but they ignore past failures in order to make it seem like a rare case.
The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market. (more…)
Source: Wash Times
Banking on green energy
How do you know a bank is in trouble? When it suddenly jacks up fees or imposes new ones capriciously, that’s usually a flashing red light. For example, last year, Bank of America (BOA) suddenly announced it would charge customers a $5 fee for using their debit cards. Though the bank backed off that plan after a public outcry, the Wall Street Journal reported in March that the bank was still considering requiring “many users of basic checking accounts to pay a monthly fee unless they agree to bank online, buy more products or maintain certain balances.”
As if that weren’t bad enough, earlier this year, mortgage giant Fannie Mae, that paragon of fiscal prudence, announced it was cutting off Bank of America from selling loans because the bank was failing to honor repurchase requests in a “timely” fashion. When an institution that contributed to the 2008 financial meltdown with its profligate lending calls you out, you know you’ve got problems. (more…)
While Ivy league pundits sit comfortably in their intellectually sanitized world of academia and discuss the possible virtues and boldness of Germany’s fast-track energy transition to renewable energy (80% less CO2 by 2050), Germany’s media, business and political leaders are now sounding the alarms for disaster.
FOCUS cover story title: “Energy End! Why it it unaffordable and threatens to ruin the country.”
This week’s cover story of Germany’s print news magazine FOCUS carries the title:Energy End. If you can read German, by all means pick up a copy.
One year ago Germany, in a fit of hysteria, ordered 8 nuclear power plants closed immediately and the remaining 9 closed by the year 2022. By 2050 it’s energy supply must be at least 80% supplied by renewable sources – costs be damned. (more…)
The German government no longer believes in the green energy transition. Doubts are growing in the ruling coalition government that the ecological project can succeed. –Berliner Morgenpost, 27 May 2012
Rising electricity prices are a growing worry for North Rhine-Westphalia’s Prime Minister Hannelore Kraft (Social Democrats, SPD). “I am very concerned about the competitiveness of our energy-intensive industry,” Kraft told the newspapers of the WAZ-Group. For many industries, including chemical, steel, aluminium or cement, the electricity price is a key cost factor. The SPD politician pleaded for the construction of new coal-fired power plants. “We will continue to need fossil fuel plants as a bridge technology,” she said. After all, the Social Democrats had strengthened their vote in the recent state election because of the SPD’s very aggressively support for industry. –Die Welt, 25 May 2012 (more…)
Renewable-loving Los Angeles is showing that even the power of billions of dollars in taxpayer “stimulus” cannot overcome the dominant hand of government regulation, and ironically it’s costing President Obama more green jobs.
One of the darlings of the Department of Energy’s Loan Guarantee Program, First Solar, has seen its stock price take a drubbing, laid off thousands of workers, and left its leadership – with significant influence from Walmart’s Walton family – scrambling to save the company. The latest stumble has led to another setback of worker inactivity at First Solar’s Antelope Valley Solar Ranch One project in California, approximately 75 miles north of downtown Los Angeles, despite $646 million in taxpayer-guaranteed loans. At issue is a disagreement with Los Angeles County safety inspector over electrical installations and whether they meet standards. (more…)
A recent study, co-authored by Fraser Institute energy economist Gerry Angevine, found that Ontario residents will pay an average of $285-million more for electricity each year for the next 20 years as a result of subsidies to renewable energy companies.
By the end of 2013, Ontario household power rates will be the second-highest in North America (after PEI), and they will continue to accelerate while they level off in most other jurisdictions. Even more alarming for Ontario’s economic competitiveness, businesses and industrial customers will be hit by almost $12-billion in additional costs over the same period.
Such is the legacy of the provincial government’s 2009 decision to establish feed-in rates, ranging from 44.5 cents to 80.2 cents per kilowatt-hour (kWh) for solar power, and 13.5 cents/kWh for wind power. These solar feed-in rates average 11 times the 5.6 cents/kWh paid for nuclear-generated power, and 18 times the 3.5 cents/kWh for hydro-generated power. The wind-power rates are more than twice as high as nuclear, and four times those of hydro. (more…)
FREMONT (CBS 5) — After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.
At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week. They are the latest, most cutting-edge solar technology, and they are being thrown into dumpsters.
Forklifts brought one pallet after another piled high with the carefully packaged glass. Slowly but surely it all ended up shattered.
And it’s not a few loads. Hundreds of thousands of tubes on shrink-wrapped pallets will meet a similar demise. (more…)
Cameron J. Potter worked for the Southern Alliance for Clean Energy.
Assistant U.S. Attorney Frank Dale told U.S. District Judge Thomas Phillips on Tuesday that Potter concocted a scheme in 2006 to skim $400,000 in Department of Energy grant money by creating phony invoices – a plot that he carried out for three years.
In a plea agreement, Potter pleaded guilty to fraud and money laundering, according to The Knoxville News-Sentinel (http://bit.ly/nErcg7).
Potter must also reimburse the government with money from him personal and retirement accounts. He will be sentenced in January.
The group he worked for is a critic of TVA’s coal-fired power plants.
Information from: The Knoxville News Sentinel, http://www.knoxnews.com
The new Kerry-Lieberman climate bill mandates a 17% reduction in US carbon dioxide emissions by 2020. It first targets power plants and refineries that provide reliable, affordable electricity and fuel for American homes, schools, hospitals, offices and factories – and then, in six years, further hobbles the manufacturing sector itself.
The House-passed climate bill goes even further. It requires an 80% reduction in CO2 emissions by 2050. Once population growth and transportation, communication and electrification technologies are taken into account, this translates into emission levels last seen around 1870!
House Speaker Pelosi says “every aspect of our lives must be subjected to an inventory,” to ensure that America achieves these emission mandates. This means replacing what is left of our free-market economy with an intrusive Green Nanny State, compelling us to switch to unreliable wind and solar power, and imposing skyrocketing energy costs on every company and citizen.
Meanwhile, the Environmental Protection Agency is implementing its own draconian energy restrictions, in case Congress does not enact punitive legislation.
It’s time to ask these politicians some fundamental questions. (more…)