Green Energy Fiasco
1. Abound SolarNow, a bit about details:
Government’s Bad Bet: $ 790.3 million
2. Solyndra
Government’s Bad Bet: $570 million
3. A123 Systems
Government’s Bad Bet: $377.1 million
4. Ener1 (EnerDel, subsidiary)
Government’s Bad Bet: $182.8 million
5. Range Fuels
Government’s Bad Bet: $162.3 million
6. Azure Dynamics
Government’s Bad Bet: $119.1 million
7. Energy Conversion Devices (subsidiary, United Solar Ovanic)
Government’s Bad Bet: $110.3 million
8. Evergreen Solar, Inc.
Government’s Bad Bet: $84.9 million
9. Beacon Power
Government’s Bad Bet: $77.4 million
10. Raser Technologies
Government’s Bad Bet: $33 million
11. Nordic Windpower
Government’s Bad Bet: $24.6 million
12. SpectraWatt
Government’s Bad Bet: $20.5 million
13. Konarka Technologies
Government’s Bad Bet: $13.6 million (Heritage’s calculations), $20 million according to Konarka’s website
14. Satcon Technology Corporation
Government’s Bad Bet: $17 million
15. Olsen’s Crop Service and Olsen’s Mills Acquisition Co.
Government’s Bad Bet: $10.8 million
16. Stirling Energy Systems, Inc.
Government’s Bad Bet: $10.5 million
17. Thompson River Power, LLC
Government’s Bad Bet: $6.5 million
18. Cardinal Fasteners and Specialty Co., Inc.
Government’s Bad Bet: $480,000
19. Mountain Plaza, Inc.
Government’s Bad Bet: $424,000
20. ReVolt Technology
Government’s Bad Bet: $10 million
These numbers do not reflect the amount of government funding the company necessarily received or used—these are amounts the government was willing to risk. These figures do offer estimations of assistance provided by local, state and/or federal governments. This assistance could have been promised to the companies in a variety of ways, including tax credits, loans, loan guarantees, grants, and other forms of financial incentives and support. The numbers below are the best calculations possible given the incomplete, at times even inconsistent, information from the government and other sources.The problem here is not that green energy is forever and always a losing proposition. It’s that when politicians get to spend other people’s money, they lack the normal market incentives to spend it wisely.
Additionally, during bankruptcy proceedings, these companies could very well be purchased by another company and be brought back to life. However, their tombstone in the Green Graveyard will remain as a reminder of the darker days.
It goes to things that sound good. It goes to political cronies. It goes to promote an ideological agenda.
If a given project can’t hack it in the market, that’s a signal that it’s not economically viable. Throwing taxpayer money at it isn’t going to make it viable.
Labels: Government waste, Green Energy, Subsidies
0 Comments:
Post a Comment
<< Home