Obama's Green Energy Crusade Screwing Tax Payers...Again

[easyt65]

The latest example is the $2.2 billion Ivanpah solar thermal plant in California. (Note: Solar thermal plants do not use solar panels to directly convert sunshine to electricity; they use sunshine to boil water that then drives conventional turbines.)

Here’s the story so far. Ivanpah…

• is owned by Google, NRG Energy, and Brightsource, who have a market cap in excess of $500 billion.
• received $1.6 billion in loan guarantees from the Department of Energy.

(The Department of Energy does not have any money of their 'own' - unless they took up a collection at the office. Ivanpah was handed loan guarantees funded by tax payer dollars in the amount of $1.6 BILLION.)

• is paid four to five times as much per megawatt-hour as natural gas-powered plants.
• is paid two to three times as much per megawatt-hour as other solar power producers.
• has burned thousands of birds to death.
• has delayed loan repayments.
• is seeking over $500 million in grants to help pay off the guaranteed loans.
• burns natural gas for 4.5 hours each morning to get its mojo going.

Brightsource, which is privately held, is owned by a virtual who’s who of those who don’t need subsidies from taxpayers and ratepayers.

Ivanpah has fallen woefully short of its production targets. The managers’ explanation for why production came up 32 percent below expected output is the weather. In addition to raising questions about planning for uncertainty, it is not all that clear how a nine-percent drop in sunshine causes a 32-percent drop in production.

More bizarrely, the natural gas used to get the plant all warmed up and ready each day would be enough to generate over one quarter of the power actually produced from the solar energy.

The problem for Ivanpah’s customers (California power utilities) is that they planned on all those solar watt-hours to meet California’s renewable power mandates, which require that renewables produce a large and rising fraction of California’s electricity. That is why they pay so much more for Ivanpah’s output than for conventionally powered electricity.

Breaching their contracts with these California utilities threatened to shut down Ivanpah. More likely than permanently shutting Ivanpah down would have been a change of ownership at a price that came closer to reflecting reality.

But this would have been bothersome for Ivanpah’s investors and the Department of Energy’s ridiculous Section 1703 Loan Program, so the California Public Utilities Commission saved the day (for the fat-cat owners, of course, not for actual the electricity consumers) by granting the company an extension to meet the production targets.

-------------

So, once again - as with what happened with Solyndra and 12 other 'Green Energy' companies going bankrupt, which threatened all the millions invested by 'big time' Obama donors - tax payers are called upon (yet not consulted) to take in the proverbial shorts - losing millions of THEIR money so rich investors do not lose THEIR money.

So exactly how much is this going to cost tax payers? In the immortal words of Nancy Pelosi, discussing what was in the ACA legislation edict they were ramming into law against the will of the majority of Americans who opposed it at the time, 'You don't have the right to know.'

"ESTIMATED COST: Actual cost of the Forbearance Agreements are confidential at this time."

So if you woke up this morning, feeling a little sore like you had been 'violated' in your sleep....now you know why.

Got to love our government and those who can just reach into our pockets any time they want for any reason they want...

 

[Wilbur Right]

His conclusions echo a yearlong ProPublica investigation into Afghanistan reconstruction that found a widespread failure to apply lessons from Iraq was in part to blame for upwards of $17 billion in waste.



17 billion WASTED on economic development in Afghanistan.
And you don't write a word.

Lose a couple billion HERE trying to start a business and create jobs for Americans and it's the end of the world as we know it.

Fuck you easy.

 

[easyt65]

His conclusions echo a yearlong ProPublica investigation into Afghanistan reconstruction that found a widespread failure to apply lessons from Iraq was in part to blame for upwards of $17 billion in waste.

17 billion WASTED on economic development in Afghanistan.
And you don't write a word.

Lose a couple billion HERE trying to start a business and create jobs for Americans and it's the end of the world as we know it.

Fuck you easy.

1. There wasn't a news story today about $17 Billion wasted in Afghanistan, Wilbur.

2. 'Lose a Couple Billion'.... Spoken like a true fiscally criminal liberal who doesn't care about using OTHER PEOPLE'S money to ensure their rich donors don't lose a dime while gambling on investments

3. Big talk from a tiny person hiding behind a keyboard. Such behavior is a sign of intellectual surrender in a debate...I accept your surrender, Wilbur.

 

[gipper]

The latest example is the $2.2 billion Ivanpah solar thermal plant in California. (Note: Solar thermal plants do not use solar panels to directly convert sunshine to electricity; they use sunshine to boil water that then drives conventional turbines.)

Here’s the story so far. Ivanpah…

• is owned by Google, NRG Energy, and Brightsource, who have a market cap in excess of $500 billion.
• received $1.6 billion in loan guarantees from the Department of Energy.

(The Department of Energy does not have any money of their 'own' - unless they took up a collection at the office. Ivanpah was handed loan guarantees funded by tax payer dollars in the amount of $1.6 BILLION.)

• is paid four to five times as much per megawatt-hour as natural gas-powered plants.
• is paid two to three times as much per megawatt-hour as other solar power producers.
• has burned thousands of birds to death.
• has delayed loan repayments.
• is seeking over $500 million in grants to help pay off the guaranteed loans.
• burns natural gas for 4.5 hours each morning to get its mojo going.

Brightsource, which is privately held, is owned by a virtual who’s who of those who don’t need subsidies from taxpayers and ratepayers.

Ivanpah has fallen woefully short of its production targets. The managers’ explanation for why production came up 32 percent below expected output is the weather. In addition to raising questions about planning for uncertainty, it is not all that clear how a nine-percent drop in sunshine causes a 32-percent drop in production.

More bizarrely, the natural gas used to get the plant all warmed up and ready each day would be enough to generate over one quarter of the power actually produced from the solar energy.

The problem for Ivanpah’s customers (California power utilities) is that they planned on all those solar watt-hours to meet California’s renewable power mandates, which require that renewables produce a large and rising fraction of California’s electricity. That is why they pay so much more for Ivanpah’s output than for conventionally powered electricity.

Breaching their contracts with these California utilities threatened to shut down Ivanpah. More likely than permanently shutting Ivanpah down would have been a change of ownership at a price that came closer to reflecting reality.

But this would have been bothersome for Ivanpah’s investors and the Department of Energy’s ridiculous Section 1703 Loan Program, so the California Public Utilities Commission saved the day (for the fat-cat owners, of course, not for actual the electricity consumers) by granting the company an extension to meet the production targets.

-------------

So, once again - as with what happened with Solyndra and 12 other 'Green Energy' companies going bankrupt, which threatened all the millions invested by 'big time' Obama donors - tax payers are called upon (yet not consulted) to take in the proverbial shorts - losing millions of THEIR money so rich investors do not lose THEIR money.

So exactly how much is this going to cost tax payers? In the immortal words of Nancy Pelosi, discussing what was in the ACA legislation edict they were ramming into law against the will of the majority of Americans who opposed it at the time, 'You don't have the right to know.'

"ESTIMATED COST: Actual cost of the Forbearance Agreements are confidential at this time."

So if you woke up this morning, feeling a little sore like you had been 'violated' in your sleep....now you know why.

Got to love our government and those who can just reach into our pockets any time they want for any reason they want...

More government corruption and nothing is done to stop it. Hell....few Americans even know about it, since much of the media won't report it.

 

[washamericom]

great thread. i watched this last night about climate change. i haven't heard the expression cap and trade in a long time on the tv.




i made this video years ago.

i think the liberals will do whatever they have to to keep themselves in cushy research jobs.

did you hear it !!?? Emails again.

 

[SassyIrishLass]

Obungles energy crusade is a flop much like his entire reign of error

 

[Wilbur Right]

Big talk from a tiny person hiding behind a keyboard. Such behavior is a sign of intellectual surrender in a debate...I accept your surrender, Wilbur.

LMAO. You stupid sucker.
To bad you are too fucking stupid to use Google. Like I did to.find that info about the WASTED 17 billion in Iraq.
That you have no problem with.

What a dumb fuck you pretending to be both a bad ass and intelligent, all the while hiding on the internet. Funny shit you post.

And don't forget this time to post your address if you want me to stop by. You pussed out the last time.

 

[BluesLegend]

Obama is a retard, no prior business experience, no executive experience, he's the last guy who should be making investment decisions. I wouldn't hire the loser to manage the night shift at a 7-11.

 

[gipper]

This case is yet another example of Obama and our central government protecting and enriching the extreme wealthy.

Is this NOT Fascism? Well it is worse than Fascism. More accurately it more like the operations of the Mafia. It is an extortion scheme and a protection racket.

When will Americans wake up?

 

[Wilbur Right]

This case is yet another example of Obama and our central government protecting and enriching the extreme wealthy.

Is this NOT Fascism? Well it is worse than Fascism.

We live in a plutocracy. Look it up if you don't know what that is.

 

[easyt65]

We live in a plutocracy. Look it up if you don't know what that is.

A 'Plutocracy' is not a license to pillage, plunder, steal, and to impose/indulge in fraud, waste, and abuse of citizen's money for personal financial gain by elected officials.