Another Obama-backed energy firm nears insolvency. Hey, is there an echo in here?

posted at 3:01 pm on July 5, 2012 by Erika Johnsen

Breaking news: The Obama administration has once again demonstrated a phenomenal knack for trying to pick economic winners and losers, and invariably picking losers. It’s shocking, I know. (Hint: If the government feels the need to “invest” in a venture, because the private sector hasn’t or won’t… right away, wrong.)

This time, it isn’t solar, but rather a Department of Energy-backed geothermal company that’s having trouble keeping its head above water.

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.”

And before you ask, yes, this is the same company that Senate Majority Leader Harry Reid lauded as a job-creator that would help Nevada tap its potential as the “Saudi Arabia” of geothermal energy. But if Nevada were really the Saudi Arabia of geothermal energy, why the heck would the government need to be dishing out loan guarantees to support it? Even with federal support, NGP is on the struggle-bus — and yet again, the taxpayers are the ones who stand to lose. Thanks for nothing, feds.


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Another Obama-backed energy firm nears insolvency. Hey, is there an echo in here?

…..Noooooooooooooooooooooooooooooooooooo!

KOOLAID2 on July 5, 2012 at 3:03 PM

Lalalalalalalalalalalalala! I can’t hear you!

–BHO

NoFanofLibs on July 5, 2012 at 3:03 PM

Hmmmm……I wonder how much they contributed to Obama’s campaign.

search4truth on July 5, 2012 at 3:04 PM

help Nevada tap its potential as the “Saudi Arabia” of geothermal energy

Re-electing Harry Reid made Nevada the “Saudi Arabia” of douchebaggery.

NoDonkey on July 5, 2012 at 3:05 PM

So f’ing criminal.

tom daschle concerned on July 5, 2012 at 3:05 PM

And before you ask, yes, this is the same company that Senate Majority Leader Harry Reid lauded as a job-creator that would help Nevada tap its potential as the “Saudi Arabia” of geothermal energy. But if Nevada were really the Saudi Arabia of geothermal energy, why the heck would the government need to be dishing out loan guarantees to support it? Even with federal support, NGP is on the struggle-bus — and yet again, the taxpayers are the ones who stand to lose. Thanks for nothing, feds.

…….nothing to see here!

KOOLAID2 on July 5, 2012 at 3:05 PM

I think the idiot could have generated more energy burning the $’s as fuel in a steam generation plant.

Dollar bills are green so “green energy”….right?

Another problem solved.

Tim_CA on July 5, 2012 at 3:06 PM

No kidding its getting old and still the folks have no clue due to the lsm….

cmsinaz on July 5, 2012 at 3:06 PM

It was the right thing ta do….
/bho

ted c on July 5, 2012 at 3:06 PM

…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. …

If only they could print their own money – they’d so totally be solvent.

CycloneCDB on July 5, 2012 at 3:07 PM

Someone should compile a comprehensive list of all of these energy subsidy and loan guarantee boondoggles.

steebo77 on July 5, 2012 at 3:07 PM

Good grief.

TexasDan on July 5, 2012 at 3:07 PM

JohnMcIlveen, a stock analyst at Toronto-based Jacob Securities Inc. who monitors NPG, said he did not think the federally guaranteed loan was in trouble because it “holds all the cards.” But he said he did not see the subordinate lender “getting out whole.”

He said Blue Mountain 1 is not producing as much energy as the company had hoped and needs $20 million to help increase its capacity, which could be difficult to raise.

Also, Reid’s weak tea deflection based response:

Mr. Reid’s spokeswoman Kristen Orthman said NGP has received bipartisan support because “programs and incentives for clean energy have helped create jobs and make Nevada a growing leader in geothermal energy production.”

Difficultas_Est_Imperium on July 5, 2012 at 3:08 PM

But….they’re too green to fail…!?

Tim_CA on July 5, 2012 at 3:08 PM

The only reason this green company failed is because of Republicans being the party of ‘no’.

/sarc

Liam on July 5, 2012 at 3:08 PM

This just steams me . . .

PastorJon on July 5, 2012 at 3:08 PM

Suggest turning this into a weekly or monthly update. We need a running tally…

Youngs98 on July 5, 2012 at 3:08 PM

There will be many, many more. Who is keeping track?

blink on July 5, 2012 at 3:06 PM

Yes; you guys out there with blogs, -someone should be keeping a running list with $$ lost, name of the CEO/bundler, etc.

slickwillie2001 on July 5, 2012 at 3:09 PM

We need to make a roster of all dead “green energy” companies that received tax money and tattoo it on Obama’s back. Then, we should do the same for every following President. That will possibly make them think twice before wasting funds.

Archivarix on July 5, 2012 at 3:09 PM

Insolvency now defines this country. We are headed towards disaster.

OhEssYouCowboys on July 5, 2012 at 3:09 PM

Out of curosity, has anyone done a running tally on the number of firms granted DOE investments and the number that have gone belly up – an interesting side note would be those that were on the financial skids before the DOE bailed the out. As Erika Johnson said, “If the government feels the need to “invest” in a venture, because the private sector hasn’t or won’t… right away, wrong”.

Grumpy Curmudgeon on July 5, 2012 at 3:13 PM

I have a couple of stats that the Obama campaign might want to being tracking and reporting along with the usual hogwash they ask us to consume (yes, tongue in cheek, but I would like so see these numbers):

A. Number of Jobs Un-created (due to failure of bailed-out firms); and

B. Amount of Taxpayer Income “outsourced” to failed businesses.

Outsourcing tasks can make a lot of sense for a company (assuming the President understands what outsourcing means – it’s a business term so chances are slim that he’s ever heard of it).

Outsourcing money (our money) to any firm with a Prius in the executive parking lot or the names of company executives on an Obama donor list does not make sense. At least not to the rest of us.

IndieDogg on July 5, 2012 at 3:13 PM

Liberals don’t care. As long as they are slaves to the state and get their butter, they are happy.

lorien1973 on July 5, 2012 at 3:15 PM

Liberal view: Just because the facts are different from what we say is no reason anyone dare claim we’re wrong.

Liam on July 5, 2012 at 3:16 PM

Another Obama-backed energy firm nears insolvency. Hey, is there an echo in here?

Didn’t somebody just say that?

stukinIL4now on July 5, 2012 at 3:16 PM

OT – Romney raises over 100 million for June surpassing goals

jazzmo on July 5, 2012 at 3:17 PM

Mr. Reid’s spokeswoman Kristen Orthman said NGP has received bipartisan support because “programs and incentives for clean energy have helped create jobs and make Nevada a growing leader in geothermal energy production.”

Difficultas_Est_Imperium on July 5, 2012 at 3:08 PM

Thats the best part. Bankruptcy must be part a of “growth” in Nevada somehow.

BobMbx on July 5, 2012 at 3:17 PM

Hmmmm……I wonder how much they contributed to Obama’s campaign.

search4truth on July 5, 2012 at 3:04 PM

But Mr. Reid has taken the nascent geothermal industry under his wing, pressuring the Department of Interior to move more quickly on applications to build clean energy projects on federally owned land and urging other member of Congress to expand federal tax incentives to help build geothermal plants, benefits that Nevada Geothermal has taken advantage of.

“This project is exactly the type of initiative we need to ensure Nevada creates good-paying jobs,” Mr. Reid said in a statement in April 2010, after he visited the company’s Nevada plant. That was two months before the project even got conditional approval for the Energy Department loan guarantee.

During the tour, Mr. Reid had a chance to see electric generation equipment installed by a company called Ormat Technology, which is a Nevada Geothermal partner. Ormat’s lobbyist in Washington, Kai Anderson, and one of the company’s top executives, Paul Thomsen, are former aides to Mr. Reid.

Just last month, again with Mr. Reid’s support, Ormat secured its own Energy Department loan guarantee, worth $350 million, to help support three other Nevada geothermal projects that are expected to produce 113 megawatts of power.

Mr. Reid has received some support from the industry, in the form of at least $43,000 worth of campaign contributions from the geothermal industry since 2009, according to an analysis of federal campaign finance records. Source

Flora Duh on July 5, 2012 at 3:18 PM

Liberal view: Just because the facts are different from what we say is no reason anyone dare claim we’re wrong.

Liam on July 5, 2012 at 3:16 PM

1 + 1 = 3

OhEssYouCowboys on July 5, 2012 at 3:18 PM

Cheer up folks….it was the Chicoms money, not ours.

Whew…..!

BobMbx on July 5, 2012 at 3:19 PM

Speaking of outsourcing, how much did he give Brazil? $2 billion?

DanMan on July 5, 2012 at 3:20 PM

Who’s up for dissolving the political bands which have connected us with these people?

Lost in Jersey on July 5, 2012 at 3:21 PM

the corrolary question is:

“if a tree falls in the forest, and the LSM decides it does not help owe’bama’s cause, did it make a sound?”

Dr. Demento on July 5, 2012 at 3:21 PM

WOOT!!! Jim Jordan!!!

(He graduated from my high school. Has been one of the most consistently conservative Rep in Congress!)

dominigan on July 5, 2012 at 3:22 PM

“if a tree falls in the forest, and the LSM decides it does not help owe’bama’s cause, did it make a sound?”

Dr. Demento on July 5, 2012 at 3:21 PM

Of course not! Duh.

dominigan on July 5, 2012 at 3:22 PM

Should one of send this to #BettingOnAmerica?

cajun carrot on July 5, 2012 at 3:22 PM

If you haven’t seen this, you need to. If you’ve forgotten it, you need to remember. http://www.youtube.com/watch?v=x_mEzQVWDIc&feature=related

Portia46 on July 5, 2012 at 3:23 PM

But Bill Maher said that we should give Obama a pass for making a mistake. After all he’s trying really hard!

Decoski on July 5, 2012 at 3:23 PM

But Mr. Reid has taken the nascent geothermal industry under his wing,

“Kaye, in five years the Reid family will be completely legitimate.”

BobMbx on July 5, 2012 at 3:24 PM

Another Obama-backed energy firm nears insolvency. Hey, is there an echo in here?

posted at 3:01 pm on July 5, 2012 by Erika Johnsen

You are good at this.

I don’t know about any of the other moderators here. But, seriously, you should seriously consider doing this for a living.

logis on July 5, 2012 at 3:24 PM

Echo?

No. It’s a bottomless pit of failure and waste of taxpayer money.

Cody1991 on July 5, 2012 at 3:24 PM

“if a tree falls in the forest, and the LSM decides it does not help owe’bama’s cause, did it make a sound?”

Dr. Demento on July 5, 2012 at 3:21 PM

Then the tree never fell.

Liam on July 5, 2012 at 3:24 PM

Mr. Reid has received some support from the industry, in the form of at least $43,000 worth of campaign contributions from the geothermal industry since 2009, according to an analysis of federal campaign finance records.

Flora Duh on July 5, 2012 at 3:18 PM

Is it just me, or is the ratio of money money given to money received really lopsided with these pols? I mean for a lousy $43k, dingy harry gives away $98.5 Million of our money. You’d think he’d at least get like a 10:1 ratio … minimum. These jerks don’t even have a good idea of value in their corruption.

Lost in Jersey on July 5, 2012 at 3:25 PM

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. …

They had $98 million in losses and a $98.5 million loan guarantee from Obama&Co. Gee (Oh Thermal), what a coincidence!

Geothermal energy usually works by heating up water, which is rather scarce in the Nevada desert. Did Nobel Chu consider that before he signed off on $98.5 million?

Hey Dirty Harry, we could get lots of electricity from nuclear power plants if you’d just open up Yucca Mountain for the wastes.
Just sayin’…

Steve Z on July 5, 2012 at 3:26 PM

Let’s see…

1. Make a huge deal in first campaign and in first year of Presidency about “Green Energy and Jobs”.
2. Use political pressure to ensure crazy loan guarantees to “Green Energy” companies tied to all your political cronies.
3. Said political cronies see to it that the company goes under…after the loan guarantees are approved of course.
4. Funnel all or a large portion of now LAUNDERED tax payer monies back into the campaign of The One.
5. The One is re-elected and thus is now unaccountable to ANYONE.
6. Continue with money laundering scheme, only now steps 1-3 no longer necessary and replace step 4-6 with PROFIT.

I think that about sums this scheme up.

Meople on July 5, 2012 at 3:28 PM

…and to think President downgrade is taking his bus tour down “bitter clinger” lane to tell everybody how he is the great job creator…..
…..it’s those evil Republicans like Romney that are outsourcing our future.

You have to be a total idiot to buy what Obama is selling.

Baxter Greene on July 5, 2012 at 3:29 PM

Romney ought to beat obamao’s butt with this until he bleeds. If he doesn’t, then we’ll know what we are up against. God Save America!

ultracon on July 5, 2012 at 3:29 PM

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.

anotherJoe on July 5, 2012 at 3:30 PM

For all of the hysterical global warming (oops — climate change) alarmists, here’s a question:

If geothermal energy production caught on in a big way, who’s to say what the consequences would be for precious Mother Gaia?

What if premature release of heat from the earths outer core could negatively effect the physical properties of the inner earth and change the dynamics of plate tectonics? Why wouldn’t bringing heat up from the depths of Mother Gaia to the surface contribute to “global warming”?

Hmmm. Me, I think it’s way too arrogant to assume that the earth will have much of a reaction to anything that mankind can throw at it, but if you buy into the carbon dioxide nonsense, then why are the questions in the previous paragraph at least as valid?

I’ll be holding my breath (thereby saving the planet) waiting for an answer from you Greenies.

hillbillyjim on July 5, 2012 at 3:30 PM

Geothermal energy usually works by heating up water, which is rather scarce in the Nevada desert. Did Nobel Chu consider that before he signed off on $98.5 million?

Steve Z on July 5, 2012 at 3:26 PM

Give him an A-….dam# Chu is smart.

Baxter Greene on July 5, 2012 at 3:31 PM

Hmmmm……how many Obama backed businesses have failed /are failing in the last 3+ years?
How many of the businesses backed by Bain during Romney’s tenure failed?
How many of those left the taxpayers footing the bill?
Which of these two men would you prefer to have “investing” your money?
Romney invested private money and on average was VERY successful. Obama “invests” public money and so far has NO success.
Love to see any liberal out there answer these questions and then try to make the case for Obama.
Hope Romney’s team is paying close attention, and is ready with the ads.

questionmark on July 5, 2012 at 3:33 PM

Is it just me, or is the ratio of money money given to money received really lopsided with these pols? I mean for a lousy $43k, dingy harry gives away $98.5 Million of our money. You’d think he’d at least get like a 10:1 ratio … minimum. These jerks don’t even have a good idea of value in their corruption.

Lost in Jersey on July 5, 2012 at 3:25 PM

During the tour, Mr. Reid had a chance to see electric generation equipment installed by a company called Ormat Technology, which is a Nevada Geothermal partner. Ormat’s lobbyist in Washington, Kai Anderson, and one of the company’s top executives, Paul Thomsen, are former aides to Mr. Reid.

Harry’s just helping out some old buddies. Per the rules set by the media, nothing wrong with that.

As long as there’s a (D) next to your name.

Flora Duh on July 5, 2012 at 3:33 PM

OT – According to Real Clear the VP selection is likely down to the following four names:

Portman
Pawlenty
Jindal
Ryan

jazzmo on July 5, 2012 at 3:33 PM

Thank you, Nevada!

And when you finally become a nuclear waste dumping ground; you can look back and thank Harry Reid! Because when you sent him back to the Senate, you earned it!

GarandFan on July 5, 2012 at 3:33 PM

But if Nevada were really the Saudi Arabia of geothermal energy, why the heck would the government need to be dishing out loan guarantees to support it?

Don’t be silly. Government hacks know more about the energy industry than the people who actually work in it. They’re really smart and have the superhuman ability to see things better than all of us put together. I know that because they keep telling me so.

RadClown on July 5, 2012 at 3:37 PM

“A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — …”

It’s almost like ideology is driving all of their actions without regard to actual real world experience…

… Just throw money at it!

Never understand why they fail, just throw more money at it…!

Seven Percent Solution on July 5, 2012 at 3:39 PM

somebody really needs to make a comprehensive list / matrix of all the companies Chu has dished our tax dollars to, tracking / relating what their performance has been since. And tallying all the misappropriated funds and the Obamunist donor connections.

It’s the next issue the House Oversight committee should dig into.

rayra on July 5, 2012 at 3:40 PM

Ladies and Gentlemen,

It’s time America invests in the energy source with the greatest potential:

Soylentra Green!

Those with money to invest, please stand in this line. Those that will be test subjects, please stand in that line.

chimney sweep on July 5, 2012 at 3:41 PM

But if we all had solar panels, when the storms and heat came through we would just……

look at the damaged panels and say – oooh – we can stimulate the economy by buying new ones!

/

tomg51 on July 5, 2012 at 3:52 PM

How do you make a million dollars in the “green” energy market? Start with at least 2 million and work your way down. Just be sure it is a government loan so you can donate to the re-elect BHO compaign and you also won’t have any of your own skin in the game. Jerks!

Deano1952 on July 5, 2012 at 3:55 PM

This would make a great news story documenting a running total of all the green schemes that have failed, but don’t expect any member of MSM to author it.

bw222 on July 5, 2012 at 3:58 PM

Just tell us which ones are thriving. I have a feeling it would be a much shorter list.

redsweater on July 5, 2012 at 4:00 PM

OK, y’all … time for a scorecard. Can someone put together a quick list of the O’s investment failures, along with the $$’s of grants/loan guarantees (that will never be repaid).
Solyndra $535 million
NGP $ 98.5 million
I know there are more, and I think this would be most telling.

mel23059 on July 5, 2012 at 4:04 PM

Is this the OOTD?I just had a geothermal puke.

docflash on July 5, 2012 at 4:04 PM

Just want to see if these losers have reached the 4 billion that we here from 0 that are oil “subsidies”. lol

mel23059 on July 5, 2012 at 4:06 PM

Here’s a list of “green” scandals I found with a quick Googling. I’m sure it’s in no way comprehensive.

* Beacon Power
* BrightSource
* Brookfield Asset Management
* First Solar
* Fisker Automotive
* Nevada Geothermal
* NextEra Energy
* Solyndra
* SunPower
* Tonopah Solar Energy
* U.S. Geothermal

steebo77 on July 5, 2012 at 4:08 PM

Geothermal works if you live in a place with volcanos.
And it doesn’t hurt if you have LOTS of water around.
Can anyone say, Iceland ?
The problem with geothermal power generation you have the those gawdamed fundamental laws of THERMODYNAMICS to deal with. Efficiency is a ratio of the temperature limits of your ‘power cycle’ … (see Carnot) Geothermal offers steam heat but significantly lower in working temperature to a pressurized water, coal fired boiler power generation system. Nobel Chu should be able to figure this out from his undergraduate days. But then it is obvious that he is no longer using his analytical side of his brain anymore. His job is to help get King Putt re-elected. And President Downgrade need$ moola.

Missilengr on July 5, 2012 at 4:09 PM

Speaking of outsourcing, how much did he give Brazil? $2 billion?

DanMan on July 5, 2012 at 3:20 PM

How many jobs went with the oil rigs that little Bammie chased out of the Gulf of Mexico? Why isn’t that called “offshoring”?

slickwillie2001 on July 5, 2012 at 4:17 PM

Here’s a partial list with the dollar amounts.

Tharn on July 5, 2012 at 4:20 PM

Missilengr on July 5, 2012 at 4:09 PM

Nevada does have geothermal energy and the private sector is doing just fine without subsidies where this is appropriate.

One of the problems with using geothermal heat is that the water is saturated with dissolved minerals. If you are going to drive steam turbines you must first have steam generated from demineralized/deionized water in a sealed loop. Instead of using fire to heat the water in boilers, tubes with geothermal produced hot water/steam must constantly be cleaned of mineral scale.

There are maintenance issues which cost money.

Kermit on July 5, 2012 at 4:21 PM

Should one of send this to #BettingOnAmerica?

cajun carrot on July 5, 2012 at 3:22 PM

No wonder Obama tells people not to go to Las Vegas.

scrubjay on July 5, 2012 at 4:51 PM

File this one under the “Oldie but Goodie” file…

A billion here, A billion there. Pretty soon we’re talking ’bout some real money

I guess like sh!t thru a goose, we’ll just have to wait for all the end products to come out.

CiLH1 on July 5, 2012 at 4:56 PM

I wonder if any employees of Nevada Geothermal Power have since made sizable contributions to Democrat politicians? That would make NGP a money-laundering scam.

HeckOnWheels on July 5, 2012 at 5:00 PM

Another boondoggle funded by stimulus funds and Michigan taxpayers and pension funds: Michigan Cuts Tax Incentives; Movie Studio Bubble Pops

I’m sure the liberal Dems who run the studios appreciated the tax break.

PattyJ on July 5, 2012 at 5:02 PM

Breaking news: The Obama administration has once again demonstrated a phenomenal knack for trying to pick economic winners and lo$er$, and invariably picking lo$er$.

-
Can we add this fix to spell check?

RalphyBoy on July 5, 2012 at 5:21 PM

OT – According to Real Clear the VP selection is likely down to the following four names:

Portman
Pawlenty
Jindal
Ryan

jazzmo on July 5, 2012 at 3:33 PM

If I were a betting man, I’d put my money on Romney picking Pawlenty because he is the “safe choice” (boring).

Decoski on July 5, 2012 at 5:33 PM

Reid and Nevada can you say corporatism writ large.

chemman on July 5, 2012 at 5:37 PM

Maybe a calculator could help.

Let ,me see, green energy, err does that exist?

tarpon on July 5, 2012 at 5:47 PM

* Beacon Power
* BrightSource
* Brookfield Asset Management
* First Solar
* Fisker Automotive
* Nevada Geothermal
* NextEra Energy
* Solyndra
* SunPower
* Tonopah Solar Energy
* U.S. Geothermal

steebo77 on July 5, 2012 at 4:08 PM

I wonder how many of them are campaign bundlers from Obama’s 2008 campaign? Okay, I don’t really wonder.

Dr Evil on July 5, 2012 at 5:49 PM

OT – According to Real Clear the VP selection is likely down to the following four names:

Portman
Pawlenty
Jindal
Ryan

jazzmo on July 5, 2012 at 3:33 PM

*Jindal is the only conservative southern governor on that list.

The only other person on that list that makes sense is Portman, because Ohio is a swing state.

Dr Evil on July 5, 2012 at 5:52 PM

When Sugar Daddy Obama shookdown the gubment and funneled 50 million to Rezco, I predicted years ago he would do it again and again.

seven on July 5, 2012 at 6:59 PM

Dr. Evil, that list would make a great campaign commercial, with amounts wasted next to each.

PattyJ on July 5, 2012 at 7:41 PM

This time, it isn’t solar, but rather a Department of Energy-backed geothermal company that’s having trouble keeping its head above water.

Dang Erika – I thought you might have said “… geothermal company that’s in hot water.” Get it? Hot water – geothermal? Eh. Never mind. :)

Does anybody remember how an earthquake in the Yellowstone area altered the timing and magnitude of “Old Faithful”? Most geothermal sites are located along fault zones – so who’s to say that an earthquake wouldn’t have an adverse affect on the reliability of a given site? Sink a bunch of money into building a power plant, then have an earthquake or tremblor drastically reduce the output of said power plant. Hmmm – not good.

Hill60 on July 5, 2012 at 8:11 PM

Increasingly it sounds like the only “green” jobs Obama has created are jobs for bankruptcy lawyers.

RJL on July 5, 2012 at 8:44 PM

Breaking news: The Obama administration has once again demonstrated a phenomenal knack for trying to pick economic winners and losers, and invariably picking losers. It’s shocking, I know. (Hint: If the government feels the need to “invest” in a venture, because the private sector hasn’t or won’t… right away, wrong.)

One of the other problems with the government picking winners and losers is that it might be motivated to tilt the playing field in favor of those companies and/or technologies it has chosen to support. So, let’s say that Obama wants this to succeed, you think cap and trade and other emission control regimes might make the competing energy more expensive so this technology is competitive.

Never a good idea to have the ones making the rules funding some of the teams as well.

AZfederalist on July 5, 2012 at 9:26 PM