It looks like there will be more financial bleeding
of federal tax money for green energy projects. As if the bankruptcy of the
ill-fated Solyndra solar plant weren’t enough, now a government-backed
geothermal plant in Nevada seems headed for insolvency.
According to a
report in The New York Times, Nevada Geothermal Power is struggling with
debt as sales from its output of power fail to cover its operating costs. Its
own auditor concluded there was “significant doubt about the company’s ability
to continue as a going concern.”
Nevada Geothermal has received a federal government
loan guarantee of $79 million, in addition to $66 million in federal grants. At
least taxpayers can take solace in the fact that they’re on the hook for only
$145 million, rather than the $528 million lost on the Solyndra boondoggle.
One has to wonder if the funding of these two green
energy projects was due to the ineptitude of U.S. Department of Energy
officials, or if they were just responding to political pressure to give these
risky projects the green light. In either case, top officials at the Department
of Energy should be fired.
The house of cards built on the foundation of green
energy ideology is collapsing. The Obama administration and Congress should
immediately cease and desist wasting taxpayer money on green energy projects
(congressional “super committee,” take note). Some of these projects may merit
funding, but those investments should be made by private investors risking
their own money — not a political class spending someone else’s money with
little or no repercussions when projects fail.
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