Investors run from Bluewater Wind

Jon Boone, of Stop Ill Wind, sent over an interesting article this morning.  He highlighted this quote from the piece, “Support for the energy sector, and in particular energy innovation, is of course essential. But we need to distinguish between supporting innovation and subsidising commercial-scale energy production. Significant subsidies for production consume economic resources that could help deliver future energy innovation.

Beyond starving research, taxpayer funding of for-profit businesses promotes a corporate welfare system which, it could be argued, the industrial wind business is the poster child.  It has grown to expect the steady influx of taxpayer dollars without which the companies hawking wind turbines as the savior of the planet, will fail.  Like an alcoholic begging for one last drink before heading off to re-hab, we are told that this oldest “infant” business on record will be on its feet with just a little more time and a little more money.

Well folks …it’s time the baby learns to walk.  It’s time for industrial wind to live up to the hype.  It’s time for this profit based business to earn its keep.

I know they’re afraid to go out on their own.  They should be!  Their product doesn’t work.

Let’s face it!  The wind business can’t survive without legislation demanding people buy their product.  They can’t expand without investors and, with a failed product, investors looking for a good return won’t exactly be beating down their door.  Heck, the only reason anyone has invested in the industrial wind business in the past is because the taxpayers have made the venture profitable.  Take the taxpayer subsidy away and … poof … no investors!

Proof of that came in the second item to hit my desk this morning:  Bluewater Wind ends contract.  Seems NRG Energy has cancelled its offshore wind power contract with Delmarva Power, which, according to the article, “was considered an essential ingredient in building a wind farm off the coast of Delaware.

Calling this a “setback,” Delaware’s natural resources secretary said, “no one wanted to put any money at risk with critical federal subsidies for wind power uncertain in a bitterly divided Congress.”  Even the Europeans and Asians wouldn’t come on board without taxpayer money insuring profits.

Oh, it’s not over, I’m sure.  The massive wind lobby has been beating down the doors of Congress and state capitals for years in order to keep its bottomless feed bag full of taxpayer dough.  These folks won’t give up the freebies without a fight.  They’ll be knocking down doors in DC with pledges of campaign funding … an excellent door opener in an election year.

But I think this year might be a little different.  Politicians realize that, with the debt crisis we’re facing, taxpayers are going to be watching every move and if folks find out critical governmental programs are being cut so a for-profit business can line its pocket, they’ll have hell to pay.

Let your Senators, Congressional Representatives and the White House know that it’s time to cut the corporate welfare cord for all for-profit businesses and let them fail or succeed on the merits.  Any available energy funding should be spent on research into truly innovative ideas.

Oh, and by research I don’t mean a scam like this one – “I don’t even know where to start!

This entry was posted in Jon Boone, offshore industrial wind, Politicians and Wind Energy, Wind Power subsidies and tagged , , , , , . Bookmark the permalink.

1 Response to Investors run from Bluewater Wind

  1. WVhighlands says:

    Well stated: “it’s time the baby learns to walk. It’s time for industrial wind to live up to the hype. It’s time for this profit based business to earn its keep.”

    For another political, spin view on this story:

    “The governor has argued that implementing offshore wind energy will reduce dependence on such non-renewable energy as coal and attract firms to the state, creating thousands of jobs. The state as of last summer got about 5.5 percent of its energy from such renewable sources as wind and solar, but officials want to increase that number to 20 percent by 2022.”

    1) Jobs, 2) reduce dependence on coal and 3) 5.5% of its energy from such renewable sources.

    “But officials want to increase that number to 20 percent by 2022″

    Could those ‘officials’ represent the AWEA?

    What the Governor and the “officials” is supporting is a Corporate Welfare Program sponsored by the Maryland Taxpayers and consumers. Thanks but no thanks. Its time to for industrial wind to stand on its own.

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