Basically, Steven Chu was picked by Barack Obama to be his Energy Secretary because he was a climate change zealot who wanted to eliminate all fossil fuels. So, like any zealot, he never saw a green business or green technology that he didn't like. Even if that business or technology made no operational or economic sense. As a result, the list of failed companies that he recommended while in office continues to grow. So too, do the billions of taxpayer dollars lost to his bad judgement.
Recently we learned of the biggest of the Chu losers: The Ivanpath Thermal Solar Power Plant. Built at a cost of $2.2 billion, Obama and Chu -- actually the taxpayers -- footed $1.6 billion dollars of that cost as a loan, but the plant is only producing a quarter of the energy output promised and that means that it is losing money big time. As result, that loan is looking a lot like another $1.6 billion taxpayer loss.
On top of the loss of money, thermal solar technology is literally incinerating any birds that gets near it.
That fact that this plant is 75% short of its power output just proves that Chu, and the people who reported to him, didn't do an adequate scientific or engineering review of the project. It is simply more proof that ideology is being put ahead of all else in Obama's failed presidency. What the new Congress needs to do in 2015 is to cut off funding to the President's Energy Department so this kind of abuse of funds is put to an end.
References:
At Ivanpah Solar Power Plant, Energy Production Falling Well Short of Expectations: http://breakingenergy.com/2014/10/29/at-ivanpah-solar-power-plant-energy-production-falling-well-short-of-expectations/
Ivanpah Solar Power Facility: http://en.wikipedia.org/wiki/Ivanpah_Solar_Power_Facility
Steven Chu: http://en.wikipedia.org/wiki/Steven_Chu
List of Failed Obama Green Energy & Solar Companies in the Billions: http://www.freerepublic.com/focus/f-bloggers/2930442/posts
Green Energy Failures: https://www.gop.com/topic/government-accountability-green-energy-failures/canonical/
Showing posts with label Steven Chu. Show all posts
Showing posts with label Steven Chu. Show all posts
Friday, December 19, 2014
Wednesday, April 4, 2012
Another Obama-funded Green Tech Company Bites The Dust
Yesterday, another Obama-funded solar company went bankrupt. This time it was Solar Trust and they managed to get a $2.1 billion loan guarantee from Obama's Department of Energy. Out of the eight that since failed in the last year after having been funded by taxpayer money, this one is even more laughable than the rest.
The first joke is its name: Solar Trust. Trust what? Trust that they stay in business. Trust that they won't waste taxpayer money. Trust that their technology is sound.
Then, the other joke is Solar Trust's original parent company, was a German company with the name of Solar Millennium. They went bankrupt last December. Wow! Millennium! They could barely stay in business for 13 years; much less a millennium.
Finally, there's the second parent company who took over "Trust" after "Millennium" died. They were another German company named: Solarhybrid. They too went bankrupt just last month; leaving Solar Trust to fend for itself. Of course, we now know that Solar Trust couldn't even survive a month on its own.
Obviously, there's a pattern here that is no joking matter. More than $3.5 billion dollars of taxpayer money has been thrown away on unsound green companies. Yet, neither Obama nor Energy Secretary Chu are being held responsible for this Madoff-equivalent irresponsibility.
The first joke is its name: Solar Trust. Trust what? Trust that they stay in business. Trust that they won't waste taxpayer money. Trust that their technology is sound.
Then, the other joke is Solar Trust's original parent company, was a German company with the name of Solar Millennium. They went bankrupt last December. Wow! Millennium! They could barely stay in business for 13 years; much less a millennium.
Finally, there's the second parent company who took over "Trust" after "Millennium" died. They were another German company named: Solarhybrid. They too went bankrupt just last month; leaving Solar Trust to fend for itself. Of course, we now know that Solar Trust couldn't even survive a month on its own.
Obviously, there's a pattern here that is no joking matter. More than $3.5 billion dollars of taxpayer money has been thrown away on unsound green companies. Yet, neither Obama nor Energy Secretary Chu are being held responsible for this Madoff-equivalent irresponsibility.
Thursday, March 1, 2012
Obama Administration Thinks High Oil Prices Will Make Amerrica Green
Yesterday, in a Congressional hearing on the current rise in oil and gasoline prices, Secretary of Energy, Steven Chu, basically said that he and Obama are OK with high oil prices because it will help "wean U.S. off oil." This despite the fact that lower income working families and people on fixed incomes are getting clobbered by high fuel prices; probably forcing some of those working families to cut back on food and other essentials so they can still get to work.
But, the logic on the part of Chu is flawed. And, you only need to look to Europe to see why. In Europe, the prices at the pump are basically double that of the U.S. at any given time. Yet, that hasn't forced people into buying greener hybrids or electric cars. In fact, despite having had high oil prices for years, 94% of the autos being sold in Europe, today, are still strictly gasoline-powered. On top of that, Europeans hang onto their old gas-guzzlers 40% longer than do Americans. For an average of 13 years. Thus, electing to ignore the higher mileage economies that any newer vehicle would afford them.
What people choose to drive is generally decided by what they need the vehicle for. Beyond that, economics generally forms their final buying decision. Most people understand that gasoline prices at the pump would have to go a lot higher to make it worthwhile for them to buy an expensive green vehicle. But, Chu and his boss can't seem to understand this; proving, again, that economics is not their strong suit. That was obvious from Chu's idiotic decision to blow a half billion dollars in taxpayer money on a failing green energy company: Solyndra.
The reality is that, world-wide, there are 600 million vehicles. Less than three-quarters of one percent of them are hybrids or electrics. In this country, hybrids and electrics only account for 3% of vehicles sales. And, with the average age of vehicles going up each year, it's going to be a long, long time before anyone will be "weaned" off of oil.
But, the logic on the part of Chu is flawed. And, you only need to look to Europe to see why. In Europe, the prices at the pump are basically double that of the U.S. at any given time. Yet, that hasn't forced people into buying greener hybrids or electric cars. In fact, despite having had high oil prices for years, 94% of the autos being sold in Europe, today, are still strictly gasoline-powered. On top of that, Europeans hang onto their old gas-guzzlers 40% longer than do Americans. For an average of 13 years. Thus, electing to ignore the higher mileage economies that any newer vehicle would afford them.
What people choose to drive is generally decided by what they need the vehicle for. Beyond that, economics generally forms their final buying decision. Most people understand that gasoline prices at the pump would have to go a lot higher to make it worthwhile for them to buy an expensive green vehicle. But, Chu and his boss can't seem to understand this; proving, again, that economics is not their strong suit. That was obvious from Chu's idiotic decision to blow a half billion dollars in taxpayer money on a failing green energy company: Solyndra.
The reality is that, world-wide, there are 600 million vehicles. Less than three-quarters of one percent of them are hybrids or electrics. In this country, hybrids and electrics only account for 3% of vehicles sales. And, with the average age of vehicles going up each year, it's going to be a long, long time before anyone will be "weaned" off of oil.
Sunday, October 23, 2011
Obama Spent A $Billion To Lose -- Not Gain -- 1100 Jobs
This week's "green jobs" scandal for the Obama Administration is all about a $529 million loan to a start-up electric car company, Fisker, who took that money and then decided to build their new Karma automobile in Finland. Prior to this, there was the Solyndra scandal who, when given a similar amount of money, spent like there was no tomorrow; first class on everything. Ultimately, they closed their doors and 1100 people lost their jobs. So, our "net" in an investment of over a billion dollars: A loss of 1100 jobs in America and a gain of 500 manufacturing jobs in Finland.
Both these debacles fall under the purview of Obama's Energy Secretary Steven Chu. And, my guess is that this won't be the end of these kinds of screw ups. That's because you can see a trend in Chu's inability to understand the business plans and potential marketplace of the products of these two companies.
Take for example, the lack of thought that went into the Fisker loan. First, its a $90,000 automobile that only has an expected annual sales goal of 15,000 units worldwide. Its target is the super rich. Is that the best use of a half-billion dollars in taxpayer money? Worse yet, it is an automotive styling showpiece (And that's all it is!) which is no engineering marvel. It only has an all-electric range of 35 miles; after which, it runs on gasoline and only gets around 20 miles to the gallon. The Fisker website states that the Karma is "Pure Driving Passion" and goes on to say that it will be distributed by a "network of retailers...handpicked to give owners unparalleled service while making them part of an exclusive club". Not hardly a "people's car" that is designed to save the planet. For that reason, alone, the government should never have funded this company. But, it did anyway; leaving the only reason for the loan: Crony Capitalism due to pressure from political donors.
The bottom line is that the Obama Administration, through its ineptness, has thrown away more than $1 billion in taxpayer money. If either of these companies were proven to be good investments, the corporate community, now sitting on nearly $2 trillion, or some venture capitalist would have been more than happy to give them the needed seed money. Instead, both companies failed to find adequate private sector funding and wound up suckering the Obama Administration for the cash. Believe me, if this had been anything other than a Democrat Administration, the media would be calling for heads to roll.
Both these debacles fall under the purview of Obama's Energy Secretary Steven Chu. And, my guess is that this won't be the end of these kinds of screw ups. That's because you can see a trend in Chu's inability to understand the business plans and potential marketplace of the products of these two companies.
Take for example, the lack of thought that went into the Fisker loan. First, its a $90,000 automobile that only has an expected annual sales goal of 15,000 units worldwide. Its target is the super rich. Is that the best use of a half-billion dollars in taxpayer money? Worse yet, it is an automotive styling showpiece (And that's all it is!) which is no engineering marvel. It only has an all-electric range of 35 miles; after which, it runs on gasoline and only gets around 20 miles to the gallon. The Fisker website states that the Karma is "Pure Driving Passion" and goes on to say that it will be distributed by a "network of retailers...handpicked to give owners unparalleled service while making them part of an exclusive club". Not hardly a "people's car" that is designed to save the planet. For that reason, alone, the government should never have funded this company. But, it did anyway; leaving the only reason for the loan: Crony Capitalism due to pressure from political donors.
The bottom line is that the Obama Administration, through its ineptness, has thrown away more than $1 billion in taxpayer money. If either of these companies were proven to be good investments, the corporate community, now sitting on nearly $2 trillion, or some venture capitalist would have been more than happy to give them the needed seed money. Instead, both companies failed to find adequate private sector funding and wound up suckering the Obama Administration for the cash. Believe me, if this had been anything other than a Democrat Administration, the media would be calling for heads to roll.
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