So, our Community Organizer-in-Chief just announced that we’re giving $2 billion in subsidies (a.k.a., “prepaid bailouts”) to a couple of companies to build some state-of-the-art solar powered money vaporizing plants.
Okay, I realize they’ll also generate some electricity as a byproduct. But it’s dead certain they’ll create way more red ink than kilowatts. A little Googling shows the construction cost per megawatt to be 265 percent what the new Dallman plant cost CWLP [Springfield’s city-owned, coal-fired power plant].
Be thankful burning taxpayer dollars never seems to increase our carbon footprint.
The US renewable energy sector apparently hasn’t developed the level of economic incompetence required to waste money on this scale (no offense to the FutureGen folks, we know you’re trying). I say this because our government awarded three quarters of the boodle to the Spanish company Abengoa.
Spain’s bureaucracy excels at this type of resource mismanagement, having spent a couple of decades underwriting solar, wind, biomass, and anything else that qualified as both politically correct and financially insane.
They’ve been rewarded with a loss of 2.2 jobs for every “sustainable” job created at a cost of over $700 thousand per job, and their bankrupt economy gets lumped in with Greece as one of the aptly named, basket-case “PIIGS” (the others are Portugal, Italy, and Ireland). But at least they’re sustainably bankrupt.
Just remember – it’s hopeless, but not serious.