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WSJ: The Coming Green Energy Bailout
Posted on 9/5/23 at 7:24 am
Posted on 9/5/23 at 7:24 am
quote:
The Inflation Reduction Act (IRA) includes hundreds of billions of dollars in subsidies for green energy, yet now renewable developers want utility rate-payers in New York and other states to bail them out.
According to a report late last month by the New York State Energy Research and Development Authority (Nyserda), large offshore wind developers are asking for an average 48% price adjustment in their contracts to cover rising costs. The Alliance for Clean Energy NY is also requesting an average 64% price increase on 86 solar and wind projects.
The IRA includes federal tax credits that can offset 50% of a project’s costs. But renewable developers say their costs are increasing faster than inflation and that the projects will “not be economically viable and would be unable to proceed to construction and operation under their existing pricing,” says Nyserda.
Irony alert: One reason is that the government-forced green energy transition is driving up demand for equipment, material and labor. “Growing demand for renewable energy projects nationwide ‘has exacerbated inflation for renewable project cost components relative to broader inflation levels,’” Nyserda says, citing the Alliance for Clean Energy NY.
Green energy developers are blaming Russia’s invasion of Ukraine for increasing demand for renewable energy and its components. But the real culprits are government mandates and subsidies, which they lobbied for. Developers also blame rising interest rates for increasing project costs.
quote:
The climate lobby says power from wind and solar is cheaper than from fossil fuels, but that’s true only with generous subsidies and near-zero interest rates. Price adjustments that renewable developers want in New York would make solar and wind two- to five-times more expensive than natural gas power.
Another irony: The IRA’s prevailing wage and domestic content conditions for bonus tax credits, which are necessary to make projects viable, inflate costs. That means U.S. taxpayers will pay more for the green corporate welfare, and utility ratepayers will pay more for renewable power. The climate lobby hits you coming and going.
Nyserda adds that “requests for inflationary relief on clean energy projects” have also been submitted in California, Connecticut, Hawaii, Indiana, Maine, Maryland, Massachusetts, Michigan, New Jersey, New Mexico, and Rhode Island, among other states. Electric customers will get no such relief when their bills increase.
Meantime, the computer chip maker Micron Technology recently disclosed that its planned factories in upstate New York, which are set to receive up to $5.5 billion in state subsidies, will consume as much power as New Hampshire and Vermont combined. Where will all the power come from?
Don’t be surprised if the state eventually asks New Yorkers to turn down their thermostats or turn off the lights at some hours of the day. The green energy crunch and bailout are coming.
LINK
Posted on 9/5/23 at 7:32 am to ragincajun03
quote:
The IRA includes federal tax credits that can offset 50% of a project’s costs. But renewable developers say their costs are increasing faster than inflation
So an industry that is a direct benefactor of the Inflation Reduction Act is saying it needs to increase their prices significantly because of inflation?
Posted on 9/5/23 at 7:38 am to ragincajun03
It’s almost like the Biden administration is trying to actively ruin this country. Someone please list one positive policy these jokers have implemented.
Posted on 9/5/23 at 7:43 am to BigPerm30
quote:
It’s almost like the Biden administration is trying to actively ruin this country. Someone please list one positive policy these jokers have implemented.
They created Trans Visibility Day
Posted on 9/5/23 at 7:46 am to ragincajun03
I wish I had a relative in the Senate, I'd be rich.
We need to bring back stockades, and start charging lobbyists and politicians with treason.
We need to bring back stockades, and start charging lobbyists and politicians with treason.
This post was edited on 9/5/23 at 7:47 am
Posted on 9/5/23 at 7:49 am to Paddyshack
quote:
They created Trans Visibility Day
These attention whores have no trouble being visible.
Posted on 9/5/23 at 7:53 am to ragincajun03
quote:
their costs are increasing faster than inflation
Everyone's costs are increasing faster than the stated rate of inflation. It's why nobody believes the stated rates.
The inflation reduction act reduces inflation about as much as antifa is against facism.
This post was edited on 9/5/23 at 7:54 am
Posted on 9/5/23 at 7:59 am to BigPerm30
quote:
It’s almost like the Biden administration is trying to actively ruin this country. Someone please list one positive policy these jokers have implemented.
957 days since they took office.
What’s Built?
What’s Back?
What’s Better?
Posted on 9/5/23 at 8:03 am to ragincajun03
This is why you let the free market work this out. Government ruins everything.
Posted on 9/5/23 at 8:14 am to ragincajun03
at least the scary orange man is in jail
Posted on 9/5/23 at 8:14 am to ragincajun03
This green energy shite sure is costing me lots of money
Posted on 9/5/23 at 8:17 am to danilo
quote:
This green energy Grift sure is costing me lots of money
Fixed it
Posted on 9/5/23 at 8:37 am to BigPerm30
quote:
It’s almost like the Biden administration
You misspelled Obama administration.
Posted on 9/5/23 at 8:41 am to CatfishJohn
quote:
This is why you let the free market work this out. Government ruins everything.
How will the big guy get his 10% though?
Posted on 9/5/23 at 8:43 am to Klark Kent
quote:Nothing
957 days since they took office.
What’s Built? Progressive Crook politicians bank accts
What’s Back? Inflation, High interest rates, war, child trafficking
What’s Better?
Posted on 9/5/23 at 8:45 am to ragincajun03
You mean gov't manipulation of the market has negative, unintended consequences?
Posted on 9/5/23 at 8:46 am to ragincajun03
quote:
The climate lobby says power from wind and solar is cheaper than from fossil fuels, but that’s true only with generous subsidies and near-zero interest rates.
It's not true at all. It never has been true and never will be true. Both are, at this time, not serious, economical solutions. They require large, central government spending. Which requires a large, central government. Which requires a powerless citizenry. Which requires a lack of property and individual wealth... which is required for the large government spending, large government and subsidized, uneconomical energy. And then everyone is poor and miserable.
Which is how a very few WANT THINGS TO BE.
Posted on 9/5/23 at 10:23 am to ragincajun03
Texas just paid $3.4 billion to bail out natural gas producers.
Posted on 9/5/23 at 11:00 am to Zappas Stache
quote:
Texas just paid $3.4 billion to bail out natural gas producers.
1- It’s not for natural gas PRODUCERS. Utility gas providers like Atmos and CenterPoint do not drill for and produce oil & gas.
2- It is a loan bond, for the utility gas providers, so that they aren’t sending bills for $3,000 to utility consumers. They can spread those bills out over time.
LINK /
In fact, MY UNDERSTANDING, someone correct me please if I’m wrong, it’s more a bailout for consumers who rolled the dice for months/years on fluctuating, at the moment of demand rate contracts and finally lost on the gamble during that 48 hour period. Those folks did well years prior likely paying lower utility bills than the rest of us who lock in fixed rates. Then suddenly, now’s the once over 10 year time to pay up, and shocker…they hadn’t been collecting those savings to have available to pay their bills. Well, many of them didn’t. I know some who did have it available.
At least I think that’s why this bond is helping spread the bills out over months.
But alas, no natural gas producers are getting bailed out by that $3.4 billion. Those who drill for and produce natural gas were already paid for the commodity further up the stream.
This post was edited on 9/5/23 at 11:07 am
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