Lights go dim on another energy project-Geo Thermal this time

Discussion in 'Energy' started by Trajan, Jul 5, 2012.

  1. Trajan
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    Trajan conscientia mille testes

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    different sources, same old story.........if Chu were a betting man he'd be living under a bridge.




    A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid — faces financial problems, and the company’s auditors have questioned whether it can stay in business.

    …Nevada Geothermal Power (NGP) has incurred $98 million in net losses over the past several years, has substantial debts and does not generate enough cash from its current operations after debt-service costs, an internal audit said. …

    But Rep. Jim Jordan, Ohio Republican and chairman of the House Oversight and Government Reform subcommittee on regulatory affairs, stimulus oversight and government spending, is concerned about NGP’s finances and the timing of the loan guarantee.

    “The company was in danger of defaulting on its financial obligation, and the [Department of Energy‘s] assistance served as a de facto bailout,” Mr. Jordan said. “After receiving a taxpayer-backed $98.5 million loan guarantee, the company is still struggling.”








    Lights go dim on another energy project - Washington Times
     
  2. Ernie S.
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    Ernie S. Platinum Member

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    How much has NGP and it's investors contributed to obama 2012?
     
  3. Trajan
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    Trajan conscientia mille testes

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    hey hey hey you know it doesn't matter..CHENEY/BUSH!!!!!!!!!!!!!!!!!!!!!!!
     
  4. Ernie S.
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    Ernie S. Platinum Member

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    Injecting chemical laden water deep into the earth is good if the purpose is making electricity from unicorn farts, but bad if an energy company is trying to recover natural gas.
     
  5. RoadVirus
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    RoadVirus <insert pithy title here>

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    Another multi-million dollar failure by the Obama admin.
     
  6. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    It's time to consider building a monument to these green boogers.. I suggest a carved marble CFL squiggly with the names of the deceased and what we paid carved in Green Jade.. Don't tell me we can't afford the Jade..

    :badgrin:
     

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