Alabama Right News: Green subsidies falling prey to economic reality across the globe

Wednesday, December 8, 2010

Green subsidies falling prey to economic reality across the globe

Across the world, unsustainable subsidies for wind and solar are being cut back.

The realities of the economic failure of alternative 'green' energy may do what the disclosure of the global warming hoax has not. Countries are reining in spending on heavily subsidized wind and solar energy facilities as they seek ways to cut spending and borrowing to head off financial collapse. ~ Editor

Lawrence Solomon at FINANCIAL POST

EXCERPTS:

On Friday, Spain slashed payouts for wind projects by 35% while denying support for solar thermal projects in their first year of operation.

France announced a four-month freeze on solar projects and a cap on the amount of solar that can be built, to nip a "veritable speculative bubble" by its rapacious renewables industry.

German government announced it may discontinue the solar industry's sweetheart tariffs in 2012. This latest announcement follows a surprise reduction in 2009 and another reduction to start in 2011. More is in the offing.

New South Wales, Australia's most populous state, slashed by two-thirds the revenue that homeowners who had installed solar panels would receive, from 60¢ per kilowatt-hour to 20¢.

the U.K. government announced that withering spending cuts were coming to renewable projects, many of which have already been withering, and not just due to government austerity measures, or to the consumer backlash against rising power rates.

The coming collapse of the renewables industry — largely a creature of backroom lobbying for government favours by multinationals — is also evident on this side of the ocean. In the U.S., state regulators in Florida, Idaho, Kentucky, Rhode Island and Virginia have either cancelled or delayed renewable-energy projects that would raise rates on consumers, even when the rate hike that would have resulted was well under 1%.

With rising sentiment against renewables, new wind-power installations in the U.S. were down by more than 70% in the first three quarters of 2010, when compared with 2009.

HEADLINES

Wednesday, December 8, 2010

Green subsidies falling prey to economic reality across the globe

Across the world, unsustainable subsidies for wind and solar are being cut back.

Lawrence Solomon at FINANCIAL POST

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