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Jun 1, 2012

The Wheels are coming off the Wind Energy Gravy Train

Authorised by: Viv Forbes, Chairman. The Carbon Sense Coalition.

Marita Noon, writing in "Right Side News", summarises the sad state of the wind industry:

The wind energy industry has been having a hard time. The taxpayer funding that has kept it alive for the last twenty years is coming to an end, and those promoting the industry are panicking. Perhaps this current wave started when one of Big Wind’s most noted supporters, T. Boone Pickens, said in an MSNBC interview, “I’m in the wind business…. I lost my ass in the business.”

Michael Liebreich of the research firm Bloomberg New Energy Finance says, “With a financially stressed electorate, it’s really hard to go to them and say: ‘Gas is cheap, but we’ve decided to build wind farms for no good reason that we can articulate.’”

The Renixx index is the first global stock index of the 30 largest renewable energy companies in the world. This index has lost 90% of its value since 2008. Seventeen companies once in this index have already filed for bankruptcy and fourteen more are teetering on the brink of bankruptcy. This is mainly caused by the progressive withdrawal of subsidies.

Ed comment - There are also the shysters like Solyndria who were never going to make in the open market and effectively went bust before any significant production. Meanwhile the Australian government is expecting huge losses from its $10 billion green energy fund.

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