Posted on 10/15/2011 12:32:24 PM PDT by NormsRevenge
As Republican lawmakers pound the Obama administration for pouring a half-billion dollars into now-bankrupt solar panel maker Solyndra, a much bigger federal government bet on green energy looks to be quietly paying off for California.
Six large solar power plants to help the state meet its ambitious clean electricity goals are proceeding on schedule, according to their developers. Like Solyndra, these projects carry federal loan guarantees — $7 billion worth in total — .. considered key to attracting private investment in alternative energy.
The plants are expected to create nearly 4,000 construction jobs over the next five years and an additional 250 permanent jobs after they're up and running. .. power generated will be sold to California utilities at fixed prices under long-term contracts already approved by state regulators.
U.S. taxpayers could still be forced to make good on the debt if any of the projects go awry. Still, the prospect of a financial meltdown similar to Solyndra's appears unlikely, experts said. In contrast to the Fremont, Calif.-based panel maker, which was battered in part by low-cost competition from foreign manufacturers, the power plants are benefiting from state mandates for home-grown clean energy.
"It's like building a hotel and having 100% occupancy pre-booked for 20 years before the ground is broken," Damien LaVera, a spokesman for the U.S. Department of Energy, said of the long-term contracts.
Still, Solyndra's collapse has left the renewable-energy sector on the defensive. Congressional committees and cable television pundits have questioned the viability of green technology, its need for subsidies, and whether the federal government should be picking winners and losers in energy markets.
Green advocates counter that global fossil fuel subsidies totaled almost a half-trillion dollars last year, according to the International Energy Agency. Much of the world's oil comes from unstable or undemocratic regimes.
(Excerpt) Read more at latimes.com ...
So then why would these companies need $7 Billion in subsidies and loans?
They will all collapse when the government gravy train runs out. Nothing but crony venture government largesse.
Oct 8 piece also at LaTrine (Old news to most)
Obama fundraiser took active interest in Solyndra loan, emails show
(Steve Spinner at DOE, whose wife worked for law firm representing Solyndra)
http://www.latimes.com/business/la-fi-solyndra-white-house-20111008,0,481886.story
The Govt of CA is mandating that utilities buy their power..so why do you need Federal loan guarantees? I thought all this technology was proven.
The fact is..this is all really expensive power and when the people start getting their new higher utility bills they will revolt and drive these companies out of business by ending the state mandate or reducing the power purchase prices.Investors are smart enough to know what the govt doesn’t.
So then why would these companies need $7 Billion in subsidies and loans?
Obviously, private investors don't have the foresight to see such a wonderful investment opportunity. Only the government has the expertise needed to recognize such an attractive business opportunity. </sarcasm>
“As Republican lawmakers pound the Obama administration for pouring a half-billion dollars into now-bankrupt solar panel maker Solyndra, a much bigger federal government bet on green energy looks to be quietly paying off for California.....Six large solar power plants....”
Apples to oranges. The article is based on a false comparison.
After reading this article , I could here the stupendous stampede of investor feet rushing to purchase stock in California Green energy corporations./s
Texas has built up wind to the nth degree, billions and billions of dollars. We are pretty much guaranteed blackouts next summer as a result.
No kidding.
Talk about playing hide the pea.
This was a news article intended for an uneducated public.
The renewable energy sector is on the defensive because most, if not all of the profits come from government loans and subsidies to developers who just happen to be crony partners of Obama and Democrats.
Case in point is the Shepherd Flats Wind Farm in Oregon, which is owned by GE.
Not only is this whole industry nothing but a money laundering scheme for the Obama administration, most of the projects were built in states that do not need any more energy production, to satisfy the voracious appetite of California residents, burdening the other states with the cost of transmission lines and the unsightly wind projects.
“Partisan Media Shill At Work” ping.
Thanks NormsRevenge.
Socialyndra.
LOL!
The Democrat LA Times to the rescue.
Yep.
Crony socialism.
I think that we already pay in California about three times what my daughter pays in Oregon.
It is not the cost that will trigger problems in California. It will be the inability to pay the costs. The economy will have to decline even more severely in order to create regrets in the majority of Californians. They are quite convinced that they understand how to organize the world. Nothing short of hunger and pain will convince them otherwise.
Unfortunately, I see hunger and pain just around the corner.
You notice they neglected to mention what that price was . Probably about 15 cents per kW Hr - about 3 times the going rate.
No risk involved to the owners of the plants. That's why they are all cronies Obama, Pelosi or Reid.
The state passes a law requiring utilities to have 30% of their energy portfolio from renewables. Even that can't make the technologies affordable or the companies viable. So the feds waste our tax money on these boondoggles to attempt to keep the companies afloat until the unit price comes down to the a competitive level.
We get screwed twice. First by the state requiring we pay a LOT more for this crappy "green" energy. Second by paying higher taxes for loan guarantees to nonviable companies. Crony socialism stinks to high heaven.
I, for one, feel better knowing that the tax payers of California won't only get raped at the federal level to support these corrupt enterprises up and running, but will subsequently get cornholed at the state level to keep them afloat. It is their bad voting habits that are largely responsible for the scam's existence in the first place.
It just hit me that investing in companies in California with their fees and taxes is a back door subsidy. They are propping up the failed state with US tax dollars. That is why they went forward with the plan, not a search for new forms of energy.
Does anyone know how much tax was paid by Solyndra both directly and indirectly???
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