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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Renewable Green Energy Bankruptcies

Politics / Renewable Energy Dec 02, 2015 - 10:12 AM GMT

By: BATR

Politics

With the approach of the much ballyhooed Paris Climate Summit, the world is being conditioned to accept the spread of the renewable energy gospel. As shams go this one is a doozy. Absent from the filtered media coverage is the actual record of failure and fraud that produces more bankruptcies than usable energy. Hold onto your socks, the waste of public money is about to accelerate. All these projects will enrich the few, while soaking the multitude. Aye, global warming is such a blessing . . .


The latest news states, Not again! A green energy company that got billions from feds is teetering. “Abengoa, a renewable energy company based in Spain that has received nearly $3 billion in loans and grants from the U.S. Department of Energy, is teetering on the edge of solvency.”

You say what! How does a foreign company personally picked by President Obama get all these loans from the DoE? The answer will become obvious as this saga unfolds.

The Washington Times examines, Obama green energy project Abengoa on verge of bankruptcy; demise recalls Solyndra.

“The government money fueled Abengoa’s growth. They fueled their desire to take on more debt. It’s now obvious they have a very serious debt problem,” Mr. Simmons added. “What is troubling is that if there are large projects that private-sector people think they’ll be able to make money on, there’s no need to take those projects to a government. That’s where these projects go wrong: thinking governments will necessarily make good investment decisions.”

Refresh your memory about the Solyndra fiasco. Hey, the cheerleaders who have assimilated their own identity with the save the planet from a modern energy productive economy will hail the loss of some public funds as the price of underwriting progress.

The fact that the US Has Wasted $154 Billion on 'Renewable Energy', is never given a second thought. This report goes back two years.

“The worst part is that these crony subsidies and loan guarantees aren’t even going to particularly sound companies or innovative forms of technology. Twenty-two out of the 26 projects funded through the Section 1705 program were rated “junk” level investments. Yet, they were given millions in taxpayer dollars. To date, only four of the projects have been completed and three of the companies receiving Section 1705 loan guarantees have already gone bankrupt. Several other recipients, including SoloPower and the Spanish company Abengoa Solar, are in the process of laying off workers, selling off equipment, and are not paying contractors for services provided.”

Note that same overseas enterprise was in trouble back then and will certainly end up on the scrap heap. But do not fret; they are in good company as 36 Of Obama’s Taxpayer-Funded Green Energy Failures. Read the list and see how many of these fine investments were part of your retirement nest egg, especially if you are in a union or a government employee.

The merry-go-round of Quid Pro Quo is the staple of government favoritism.  Under the zealots in the EPA the conversion to higher cost and unreliable energy has geared up. Under Obama hysteria, the wrecking crew determined to destroy our domestic energy infrastructure is hell bent on serving the interests of the corporatist donor class.

The latest method used the fascist model between corporatists and government technocrats see Obama Lines Up Crony Capitalist Support for Climate Pact.

“So the president is now calling all hands on deck. He’s lining up the biggest corporate welfare drones on the planet for what could be the biggest bailouts and handouts in history. And they are answering the call: Goldman Sachs, Bank of America, Berkshire Hathaway Energy, Cargill, Coca-Cola, General Motors, General Electric, Microsoft, PepsiCo, Google, Facebook, and dozens more of the biggest corporate names on the planet lined up with President Obama to “Take the Pledge.”

As the White House press office proudly proclaimed on October 19: “Today, the White House will announce new commitments from companies from across the American economy who are joining the American Business Act on Climate Pledge."

If the glassy eye dogmatist and out of touch environmentalist are still enamored with the solar rays that reflect upon photoelectric cells, why not pay for the technology without forcing the taxpayer to subsidize your cost?

The Forbes article, Is The Cleantech Bubble Over? The Reality Of Solar Economics, gets down to the nub of the economics.

“Consider: two prominent solar companies have run into serious difficulties. Hanergy Thin Film Solar has seen its stock suspended from trading and SunEdison has seen its stock price fall 85% recently. Both had been industry darlings and provided strong gains to ETFs that held them—those same ETFs now suffering the price of their exuberance.

And despite claims that government subsidies are unimportant, solar providers are reeling from cutbacks in government aid. Projects in the UK have been cancelled as the offered prices for power were cut, and hundreds laid off. Supporters make it sound as if the government is working against the industry, rather than cutting assistance, apparently not wishing to admit the technology remains uncompetitive.”

The difficulty of basing energy policy on true “sustainable” economic principles is that the globalists are not bound by the metaphysics of mere mortals because they control the coercive tribute that comes out of imposing destructive public policy on a docile society.

Renewable scams are intrinsically schemes to fleece the ratepayer, founded upon a fool’s errand, to solve a contrived problem, based upon forged science. Renewal company bankruptcies will continue because the technology is far too costly both in energy unit generation but in the price that countries must pay to rescue the criminals that bribe the politicians.

The Paris Summit is a direct attempt to impoverish the masses and ruin economies so that the super elite can extend their rule over the global economy. The proof is evident when energy policy refuses to boost cheap natural gas, oil and coal. Shove Obama’s “Take the Pledge” con job to a place where the sun does not shine.

James Hall

Source: http://www.batr.org/corporatocracy/120215.html

Discuss or comment about this essay on the BATR Forum

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors

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