The supposed panacea of wind energy is pretty much a bust and many of these companies that have already been subsidized by tax dollars are going bankrupt. Now they want the federal government to hand then billions more in bailout cash.
These companies should be allowed to fail and disappear. They have always been useless boondoggles that were only funded by tax dollars so left-wing Democrats could claim they are “saving duh earf” from climate change.
The technology is simply neither cost effective, nor ready from prime time.
And now they have their hands out again as they lose billions.
Per Just the News:
Mounting financial losses in the wind industry over the last few months are taking a toll on the Biden administration’s clean energy drive. Despite the billions in subsidies that came down the pipeline in 2022 before the Inflation Reduction gave away even more money, energy experts don’t expect that the need for more money will deter the nationwide momentum to build more wind and solar farms.
Writing in his “Energy Absurdity” Substack, David Blackmon, an energy analyst with over 40 years of experience in the oil and gas industry, said that the lobbying for more renewable energy dollars is likely near.
“Everyone should prepare themselves to see an effort in Washington, DC to allocate billions more dollars to bail out Big Offshore Wind developers soon,” Blackmon wrote.
Since the Obama administration, the federal government has been pouring billions into projects to meet environmental goals, only to have the companies go bankrupt.
In 2009, the Obama administration co-signed $535 million in loans to solar panel manufacturing startup Solyndra. Two years later, the company went bankrupt, laying off 1,100 workers.
Another solar manufacturing startup, Abound Solar, received $400 million in federal government-backed loans to expand its Colorado and Indiana facilities. The company received further support from the U.S. Export-Import Bank, as well as property tax rebates in Colorado and Indiana.
Just the News has far more at its report.
But the fact remains, these companies are not worthy of more tax dollars.
Let them die.
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