Fails to produce as promised — now applying for federal grant to pay off federal loan
(Fox News) – After already receiving a controversial $1.6 billion construction loan from U.S. taxpayers, the wealthy investors of a California solar power plant now want a $539 million federal grant to pay off their federal loan.
“This is an attempt by very large cash generating companies that have billions on their balance sheet to get a federal bailout, i.e. a bailout from us – the taxpayer for their pet project,” said Reason Foundation VP of Research Julian Morris. “It’s actually rather obscene.”
The Ivanpah solar electric generating plant is owned by Google and renewable energy giant NRG, which are responsible for paying off their federal loan. If approved by the U.S. Treasury, the two corporations will not use their own money, but taxpayer cash to pay off 30 percent of the cost of their plant, but taxpayers will receive none of the millions in revenues the plant will generate over the next 30 years.
“They’re already paying less than the market rate,” said Morris, author of a lengthy report detailing alleged cronyism and corruption in the Obama administration’s green energy programs. “Now demanding or asking for a subsidy in the form of a grant directly paying off the loan is an egregious abuse.”
NRG doesn’t see it that way, telling Fox News the money is there for the taking.”NRG believes in a clean and sustainable energy future and therefore participates in available government programs to develop and expand the use of clean energy to accelerate America’s energy independence.” In 2013, the Obama administration handed out $18.5 billion in renewable energy grants, with $4.4 billion going to solar projects.
Ivanpah is the largest concentrated solar power plant in the world. It was unveiled in February with great fanfare. Dr. Ernest Moniz, the U.S. Secretary of Energy, justified taxpayers’ investment at the time, saying, “We want to be technology leaders. It’s good for our economy and it’s also good for helping stimulate the global transition to low carbon.”
no. they are a subsidy of Bechtel and NRG (among Google and other investments including the state of New Jersey - don't like that Governor - he's got some strange notions of what a "free market" is) with contracts in place to sell off 2/3 of power to P&E (within a very corrupt California Regulatory Commission). anyway, this is another game of billionaire corps screwing up their own costs - usually via bonuses and payoffs and then making the taxpayers reimburse them again; then - last but not least: pass on even further costs for private profit via rate increases that cripple most Americans financially while they continue to rake it in. And: this is a very Democratic pushed procedure - remember the CA Energy Crisis. I believe the litigation is only still ongoing because it wouldn't look good politically [had] the then newly-elected AG not been counseled by the SAAG (at the time) - after the AG arrived at work one morning asking if there was a way to just settle the lawsuit for his friends, who'd had dinner with him the night before.
Also - same areas? unsure if DiFi's wishes for Obama to EO huge acerages of land as publicly protected in that area has anything to do with this (also)? Her husband lost out on the rail deal when a CA Superior Court Judge rejected the plan until the govt (for once!) did everything legally.
Remember a monopoly board? Public Utilities? That is exactly why they are to be public. It is a necessity that the public pays to create in the first place (like the internet). then why is it that executives can turn publicly paid for companies into private equity without paying back the investors first? (those would be the taxpayers.) Kind of the same thing with those multi-billion dollar ball teams - and the stadiums built not on their nickel, but on the public's... then as unions, they demand multi billions more every year, then overcharge the public (who were the initial investors) for everything from entry into, to the $15 for a hot dog and coke. and then ask for more public funds to bail them out too.
If the nation is to reform, doing the same ol same ol isn't going to cut it.
so - it is either "public util" or privately funded and owned... which is what I prefer. Free Market Capitalism (with way reduced taxes if not, no taxes whatsoever, for private companies to make huge profits and everyone will be happy!)
if giving billions away to bailout financial institutions didn't work (except for their own bonuses), then why would anyone believe this would be any different. They screwed up, let them be responsible to fix it themselves. If they can't another investor/biz will come in and do it better for less money (take it over) and that is good for the Freeeeeeeeeeeeeeeeeeeeeeeeeeee Market and our economy. But it's Bechtel and Google, etc.. They got the bucks, they just don't want to spend it.
NO more BAILOUTS PERIOD!!
OH HELL NO! That's the price YOU pay when you gamble and it didn't pay off like you thought. It's YOUR problem....NOT OURS!!!!
NO MORE MONEY.
EVERYBODY NEEDS TO FLOOD THE HOUSE AND SENATE AND MAKE IT LOUD AND CLEAR ABSOLUTELY NO MORE BAILOUTS.
THE CAPITOL HILL SWITCHBOARD # 202-224-3121
Any United States federal grants should not be given to failing companies. Any grant money should be given to U.S. citizens who are struggling to survive. Especially given to our struggling Veterans. Our government has to stop bailing our their buddies. They need to invest "our" money into the citizens of the United States. After all it is our money !!
Obama is the Bell out president! He will bailout then give the crook CEO a job as his czar!
TIME HAS COME FOR A RECKONING with this Tax Payer Bailout scheme!!!!!
GOP: STOP THIS NOW! NO BAILOUT FOR ANY BIG BUSINESS! NO MORE!!!
Bailouts under Obama: General Motors, AIG and other Insurances Cos., BIG BANKS, and others!! TIME FOR THE BIG SPENDERS TO FAIL!!! Stop bailouts on the backs of US INCOME TAX PAYERS!!!
Congress STOP THE EXECUTIVE ORDER PRIVILEGE!!
NO more Executive bailouts!!!
!!! no more, not one more bailout!!!
unfortunately, CA's Public Utilities Commission has become so good at the fraud, other states are modeling after...
a friend where I live set up solar panels - ample energy for their own use - they paid for the panels without any government help. They were threatened with criminal charges. Ultimately, with minor attorney fees to help them, they were only fined and then charged to hook up to this area's local energy company... they are not allowed to produce their own electricity unless they do it through the power company? So a really expensive device to channel all of their electricity their panels produce goes back to the energy company and then they use the energy company's electricity... for which each month a bill is generated, showing they owe no money and have a credit (which she conceded her "credit" is growing, but the energy company refuses to pay them for the energy they've technically bought off of them.) Go figure!
forgot - the stupidest part of the bill is: once they transfer the energy they've produced and then "use" the energy they provided the energy supplier(?), they do get a credit each month and a zero balance due: BUT - there are multiple taxes and regulatory fees billed (canceled out by the energy they provide) every month.
We have insane systems that cost way too much to only steal from everyone who are only trying to be independent/honest.