Trajan
conscientia mille testes
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 companys 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 NGPs finances and the timing of the loan guarantee.
The company was in danger of defaulting on its financial obligation, and the [Department of Energys] 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
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 companys 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 NGPs finances and the timing of the loan guarantee.
The company was in danger of defaulting on its financial obligation, and the [Department of Energys] 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
