Another Taxpayer supported alternative energy failure
BackstoryThis time a geothermal energy company, taking nearly 100 million taxpayer dollars down the tubes with it.
As might be expected, this was pushed by Harry Reid since it pumped other states dollars into Nevada, and the EPA which has a dismal record of picking viable technologies.
'A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid — faces financial problems, and the company’s auditors have questioned whether it can stay in business.
…Nevada Geothermal Power (NGP) has incurred $98 million in net losses over the past several years, has substantial debts and does not generate enough cash from its current operations after debt-service costs, an internal audit said. …
But Rep. Jim Jordan, Ohio Republican and chairman of the House Oversight and Government Reform subcommittee on regulatory affairs, stimulus oversight and government spending, is concerned about NGP’s finances and the timing of the loan guarantee.
“The company was in danger of defaulting on its financial obligation, and the [Department of Energy‘s] assistance served as a de facto bailout,” Mr. Jordan said. “After receiving a taxpayer-backed $98.5 million loan guarantee, the company is still struggling.”'
Gee, who would have thought that alternative energy companies can live only on taxpayer handouts.
Alternative energy, let us never forget, is just that, an alternative to energy. *James Delingpole