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Biden's Green Energy Inflation Reduction Act Needs a Big Bailout Already
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Leroy N. Soetoro
Sep 10, 2023, 6:51:44 PM9/10/23
to
https://mishtalk.com/economics/bidens-green-energy-inflation-reduction-
act-needs-a-big-bailout-already/
The Coming Green Energy Bailout
Taxpayers will soon be on the hook for The Coming Green Energy Bailout
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.
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.
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?
What a hoot.
The speed at which these projects blew up seems stunning. But it really
isn’t.
EVs, solar, and wind projects don’t scale. Heck, they don’t scale even
with subsidies. I have been saying this for months.
Needed minerals and and skilled labor are in short supply. The US is still
dependent on China and other foreign countries for materials.
Biden has escalated trade wars with China, but China hasn’t even
retaliated much yet. It can with rare earth elements.
Everything Biden does leads to more inflation.
Electric Vehicles for Everyone?
On July 19, I asked Electric Vehicles for Everyone? If the Dream Was Met,
Would it Help the Environment?
My follow-up post was What Do MishTalk Readers Think About “Electric
Vehicles for Everyone?”
Math Does Not Add Up
The EV math does not add up in the EU or here. But here we go anyway.
The Shocking Truth About Biden’s Proposed Energy Fuel Standards
https://mishtalk.com/economics/the-shocking-truth-about-bidens-proposed-
energy-fuel-standards/
In case you missed it, please consider The Shocking Truth About Biden’s
Proposed Energy Fuel Standards
The National Highway Traffic Safety Administration NHTSA did an impact
assessment of 4 fuel standard proposals and compared them to the cost of
doing nothing. Guess what.
The NHTSA conclude: “Net benefits [of stricter mile standards] for
passenger cars remain negative across alternatives” vs doing nothing at
all.
See the above link for details and charts.
This post originated on MishTalk.Com
--
We live in a time where intelligent people are being silenced so that
stupid people won't be offended.
Durham Report: The FBI has an integrity problem. It has none.
No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.
Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.
President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.
act-needs-a-big-bailout-already/
The Coming Green Energy Bailout
Taxpayers will soon be on the hook for The Coming Green Energy Bailout
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.
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.
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?
What a hoot.
The speed at which these projects blew up seems stunning. But it really
isn’t.
EVs, solar, and wind projects don’t scale. Heck, they don’t scale even
with subsidies. I have been saying this for months.
Needed minerals and and skilled labor are in short supply. The US is still
dependent on China and other foreign countries for materials.
Biden has escalated trade wars with China, but China hasn’t even
retaliated much yet. It can with rare earth elements.
Everything Biden does leads to more inflation.
Electric Vehicles for Everyone?
On July 19, I asked Electric Vehicles for Everyone? If the Dream Was Met,
Would it Help the Environment?
My follow-up post was What Do MishTalk Readers Think About “Electric
Vehicles for Everyone?”
Math Does Not Add Up
The EV math does not add up in the EU or here. But here we go anyway.
The Shocking Truth About Biden’s Proposed Energy Fuel Standards
https://mishtalk.com/economics/the-shocking-truth-about-bidens-proposed-
energy-fuel-standards/
In case you missed it, please consider The Shocking Truth About Biden’s
Proposed Energy Fuel Standards
The National Highway Traffic Safety Administration NHTSA did an impact
assessment of 4 fuel standard proposals and compared them to the cost of
doing nothing. Guess what.
The NHTSA conclude: “Net benefits [of stricter mile standards] for
passenger cars remain negative across alternatives” vs doing nothing at
all.
See the above link for details and charts.
This post originated on MishTalk.Com
--
We live in a time where intelligent people are being silenced so that
stupid people won't be offended.
Durham Report: The FBI has an integrity problem. It has none.
No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.
Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.
President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.
Scout
Sep 11, 2023, 8:59:31 AM9/11/23
to
"Leroy N. Soetoro" <democrat-...@mail.house.gov> wrote in message
news:lnsB07BA15B89...@0.0.0.2...
> https://mishtalk.com/economics/bidens-green-energy-inflation-reduction-
> act-needs-a-big-bailout-already/
>
> The Coming Green Energy Bailout
>
> Taxpayers will soon be on the hook for The Coming Green Energy Bailout
>
> 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.
Hardly comes as a surprise to anyone that's been following this travesty.
> act-needs-a-big-bailout-already/
>
> The Coming Green Energy Bailout
>
> Taxpayers will soon be on the hook for The Coming Green Energy Bailout
>
> 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.
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