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 Chuand Senate Majority Leader Harry Reid — faces financial problems, and the company’s auditors have questioned whether it can stay in business.
Much like Solyndra LLC, a California solar-panel manufacturer with a $535 million federal loan guarantee that went bankrupt, 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.
h/t to tckev
Now that one is a real dissapointment. Those geothermal projects have nasty seismic side affects. If this had gone full scale, California might slid into the ocean and we’d no longer be subjected to backdoor California laws creaping across the nation>
and the beat goes on…
i believe someone posted here a while back a list of all the ‘failed’ alternatives…time to update it again…
Those good old days with lots of co2 producing cheap energy power plants.
Obama Black outs
Something like the ‘ Gore effect ‘
Interesting how the total guarantee stayed just under $100 million. No more three figure mega thousand debacles to pollute the public dole!
How can Obama and his administration keep making such mind-numbing blunders with energy technology? After all, Obama employs this guy as his Science Czar:
http://reason.com/archives/2009/07/15/science-fiction-czar
And this guy (who doesn’t own a car) as his Secretary of Energy:
http://nation.foxnews.com/stephen-chu/2012/03/08/obama-energy-secretary-chu-i-don-t-own-car
No wonder these guys keep wasting money on green schemes – one is a fraud, one is a kook, and one is a fool.
Has there been a success yet? Quite a few failures, though.
Reblogged this on Climate Ponderings.
Related, on the boondoggle solar, a Forbes comment:
Gen Clark’s unmentioned recent election to the board of a solar manufacturer may explain why he’s spewing marketing drivel…
Essentially no solar projects would exist without Massive subsidies. It’s no accident that these posters are calling for “elected officials”, rather than consumers, to rescue solar power; private industry and consumers won’t touch solar without a “gold rush” of government incentives. (http://www.nytimes.com/2011/11/12/business/energy-environment/a-cornucopia-of-help-for-renewable-energy.html) Despite technology advances, and heavy subsidies, utility-scale solar thermal power still costs (on a level, unsubsidized, delivered basis) about 4x nat gas power. Disbursed PV is on the order of 10x.
The solar industry is in decline because it is built on a mountain of unsustainable subsidies, and has no prospects without even more.
http://www.youtube.com/watch?v=CWsJcg-g1pg
He is well on his way to making blackouts possible, and over the years of looking at the AGW alarmists, I’ve learned that their ultimate goal is to crash the US economy, because they’ll use any weather event to raise alarm and get people’s attention, then they’ll tell you to reduce energy consumption. That’s fine and dandy, but I think what some people fail to realize is that the economy depends on energy, and as soon as you significantly reduce it, expect worsening economic conditions, similar to what we’ve been seeing of recent, but of course it has been working together with other factors in the economy as well, and has led to a slowdown and complete halting of an improving economic recovery, if not led to worsening conditions.
Same dreary old Conservative BS & whining. Ever hear of R&D you morons. Apollo 1 failed. Did you squeal? Three Mile island melted. Did you squeal? But, it’s Obama, right? Sverything his admin does is wrong. You Conservatives are bigots & need professional help.
You have no idea what you are talking about. I worked on Geothermal energy and synthetic fuels for Jimmy carter probably before you were born.
Obama is making a complete mess of the US energy future, and you are the bigot for assuming things about other people’s motivations
I wonder what’s going on, they are coming out of the wood works like termites running from a pesticide lately! 😆
It must be the nice weather we are having and they don’t like it when other people are enjoying it, errrr something!