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Wednesday, July 4, 2012

The Green Energy Myth

Billions of dollars in U.S. Government funding has been lost on lousy green energy investments. Here is a list of the many bad investments made by U.S. government bureaucrats.

Sterling Burnett / environmentblog.ncpa.org:
Green Energy’s Bankruptcy Blackout -- The Obama administration green energy boosterism is no secret. With big names like Solyndra and Solar Trust of America making headlines every other day, it’s hard to get away from the administrations funding failures. What may come as a surprise is the overall amount of money being thrown away on these green companies that the administration has championed.

Here’s the breakdown of how well green energy is actually doing:

Bankrupt Green Energy Companies that received substantial federal and/or state subsidies:

  • Solar Trust of America (parent company: Solar Millennium): Received $2.1 billion loan guarantee in April 2011 – Bankrupt in April 2012
  • Babcock and Brown: Received $178 million in federal grants in December 2009 (4 months after it went bust) – Bankrupt in early 2009 
  • Solar Trust of America (parent company: Solar Millennium): Received $2.1 billion loan guarantee in April 2011 – Bankrupt in April 2012
  • ... etc.
other Subsidized Green Energy Companies in decline:
  • First Solar: Received $3 billion in federal loan guarantees — Biggest S&P loser in 2011, CEO fired
  • Sun Power: Received $1.2 billion in federal loan guarantees — Debt exceeds assets; French oil company took over last fall
  • BrightSource Energy: $1.6 billion federal loan approved in April 2012 – loan obtained through political connections with the administration; absent the loan, Brightsource’s solar power purchase would have fallen through.
  • ... etc
John Stossel's Take:
The Green Energy Myth -- ... Unlike private investors, bureaucrats aren't guided by profit and loss. Your tax money pays for daydreams, and for projects backed by the bureaucrats' friends.

Sadly, the loan guarantees will continue. Both parties support crony capitalism.

Welfare for the rich is good politics.

But it sure is bad for America.

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