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The Failed Energy Record Obama Wanted To Ignore Last Night

- October 4, 2012

Obama Is Ignoring The Billions He Showers On Green Energy To Produce Far Less Power:

After "The $90 Billion Earmarked For Clean-Energy Efforts," The Millions Of Green Energy Jobs Obama Promised Have Been Slow To Sprout. "But the millions of 'green jobs' Obama promised have been slow to sprout, disappointing many who had hoped that the $90 billion earmarked for clean-energy efforts in the recession-fighting federal stimulus package would ease unemployment - still above 8 percent in March." (Andy Sullivan, "Analysis: Obama's 'Green Jobs' Have Been Slow To Sprout," Reuters, 4/13/12)

In FY2010 Under The Obama Administration, The Oil And Gas Industry Received Only $2.8 Billion While The Wind Industry Received $5 Billion. "There certainly is a subsidy choice in the election, but the facts are a lot different than Mr. Obama portrays them. What he isn't telling voters is how many tax dollars his Administration has already steered to wind and solar power, and how much more subsidized they are than other forms of electricity generation. The facts come in a 2011 report from Mr. Obama's own Department of Energy. The report-'Direct Federal Financial Interventions and Subsidies in Energy in Fiscal Year 2010'-identifies $37.16 billion in federal subsidies. These include special tax breaks, loans and loan guarantees, research and development, home heating assistance, conservation programs, and so on. The natural gas and oil industry received $2.8 billion in total subsidies, not the $4 billion Mr. Obama claims on the campaign trail, and $654 million for electric power. The biggest winner was wind, with $5 billion." (Editorial, "The Energy Subsidy Tally," The Wall Street Journal, 8/17/12)

  • "Per Megawatt Hour, Natural Gas, Oil And Coal Received 64 Cents, Hydropower 82 Cents, Nuclear $3.14, Wind $56.29 And Solar A Whopping $775.64." "The folks at the Institute for Energy Research used the Energy Department data to calculate a subsidy per unit of electricity produced. Per megawatt hour, natural gas, oil and coal received 64 cents, hydropower 82 cents, nuclear $3.14, wind $56.29 and solar a whopping $775.64." (Editorial, "The Energy Subsidy Tally," The Wall Street Journal, 8/17/12)
  • Under Obama, "For Every Tax Dollar That Goes To Coal, Oil And Natural Gas, Wind Gets $88 And Solar $1,212." "So for every tax dollar that goes to coal, oil and natural gas, wind gets $88 and solar $1,212. After all the hype and dollars, in 2010 wind and solar combined for 2.3% of electric generation-2.3% for wind and 0% and a rounding error for solar. Renewables contributed 10.3% overall, though 6.2% is hydro." (Editorial, "The Energy Subsidy Tally," The Wall Street Journal, 8/17/12)
  • The Solar Industry's Subsidies Have Increased Six- Fold, And The Wind Industry's Subsidies Are Up 10-Fold. "Between 2007 and 2010, total energy subsidies rose 108%, but solar's subsidies increased six-fold and wind's were up 10-fold." (Editorial, "The Energy Subsidy Tally," The Wall Street Journal, 8/17/12)

While Wind And Solar Are Net Drains On The Treasury, Coal, Oil, And Natural Gas Industries Paid More Than $10 Billion Of Taxes In 2009 . "By the way, these subsidy comparisons don't consider that the coal, oil, and natural gas industries paid more than $10 billion of taxes in 2009. Wind and solar are net drains on the Treasury." (Editorial, "The Energy Subsidy Tally," The Wall Street Journal, 8/17/12)

"In 2009 Fossil Fuels Accounted For 78% Of U.S. Energy Production But Received Only 12.6% Of Tax Incentives. Renewables Accounted For 11% Of Energy Production But Received 77% Of The Tax Subsidies." "Zooming out for all energy, the Congressional Research Service did its own analysis of tax incentives last year. It found that in 2009 fossil fuels accounted for 78% of U.S. energy production but received only 12.6% of tax incentives. Renewables accounted for 11% of energy production but received 77% of the tax subsidies-and that understates the figure because it leaves out direct spending." (Editorial, "The Energy Subsidy Tally," The Wall Street Journal, 8/17/12)

Obama's Has Sunk Taxpayer Money On Green Energy Duds:

Obama's Clean Energy Investments Are "A Case Study Of What Can Go Wrong When A Rigid Government Bureaucracy Tries To Play Venture Capitalist." "The Obama administration's vaunted initiative to catalyze the U.S. clean-energy industry - under attack for betting half a billion dollars on the solar-panel manufacturer Solyndra, which closed last month - has become a case study of what can go wrong when a rigid government bureaucracy tries to play venture capitalist and jump-start a nascent, fast-changing market." (Steven Mufson And Carol D. Leonning, "Some Clean-Energy Firms Found US Loan-Guarantee Program A Bad Bet," The Washington Post , 9/26/11)

  • Obama's Director Of The National Economic Council Larry Summers "Doubted That The Government Could Do This Kind Of Lending Well." "Not everyone in the administration agreed. Summers doubted that the government could do this kind of lending well, according to industry and administration officials. He believed the government would end up funding projects that would have been built anyway or funding projects that flopped. He resisted efforts to move money fast." (Steven Mufson And Carol D. Leonning, "Some Clean-Energy Firms Found US Loan-Guarantee Program A Bad Bet," The Washington Post , 9/26/11)

Solyndra Was Offered The First Recovery Act Loan Guarantee, Receiving $535 Million From Taxpayers In March 2009. ("Solyndra Offered $535 Million Loan Guarantee By The U.S. Department Of Energy," Press Release, 3/20/09)

  • A Total Of 1,861 Workers Were Laid Off By Solyndra As It Went Bankrupt. "Since September 1, 2010 (impact date), an estimated 1,861 workers have been separated from the firm. This total includes an estimated 649 temporary workers as well as leased workers from West Valley, Aerotek, Oxford Global, GES and Lighthouse Management. Most of these separations occurred at the time of the shut-down of the Fremont, CA facility on August 31, 2011. An additional 85 workers are threatened with separation as the company's operations wind down." (Employment And Training Administration, "Investigative Report TA-W-80,410; Solyndra LLC," Department Of Labor, 9/12/11)

Abound Solar Was Given A $400 Million DOE Loan Guarantee For "Plans To Open A Massive Solar-Panel Plant In Tipton," Indiana. "Abound Solar Inc., a Loveland, Colo.-based manufacturer that plans to open a massive solar-panel plant in Tipton, has raised $110 million from investors and closed on a $400 million government loan guarantee to increase its production capacity, the company announced Tuesday." ("Abound Solar Completes Financing For Tipton Plant," Indianapolis Business Journal, 12/15/10)

  • "Abound Solar Filed For Bankruptcy On Monday And Will Liquidate, Becoming The Latest U.S. Solar Panel Company To Fold Despite Government Support." (Caroline Humer, "Abound Solar Files To Liquidate in Bankruptcy," Reuters, 7/2/12)

Beacon Power Was Awarded A $43 Million Federal Loan Guarantee In August 2010 To Build A 20-Megawatt Flywheel Energy-Storage Plant In Stephentown, NY. "In August 2010, Beacon Power was awarded a $43 million federal loan guarantee that the Tyngsboro, Mass., company used to put in place a 20-megawatt flywheel energy-storage plant in Stephentown, N.Y. The plant takes excess electric energy from the power grid and converts it into the energy of a spinning wheel, releasing it into the grid when needed. By June 30, the project had drawn down $38 million of the loan. Beacon also qualified for a $23 million grant from the DOE." (Yuliya Chernova, "Renewable-Energy Firms Facing Financial Hurdles," The Wall Street Journal, 10/27/11)

  • "Beacon … Sought Chapter 11 Protection On Oct. 30 In Delaware, Listing Assets Of $72 Million And Debt Totaling $47 Million, Including $39.1 Million Owed On A Government-Guaranteed Loan." (Phil Milford and Dawn McCarty, "Ener1, Battery Maker, Seeks Chapter 11 Bankruptcy Protection," Bloomberg, 2/8/12)

"The Energy Department In 2009 Approved A $118.5 Million Stimulus Grant For Enerdel, A Subsidiary Of The Company That Develops Lithium-Ion Batteries Used In Electric Vehicles." (Andrew Restuccia, "Obama-Backed Electric Car Battery-Maker Files For Bankruptcy," The Hill's E2 Wire, 1/26/12)

  • Enerdel, Ener1, A Parent Company Of Energy Storage Company That Received A $118.5 Million Stimulus Grant, Filed For Bankruptcy. "An Indiana-based energy-storage company that received a $118.5 million stimulus grant from the Energy Department filed for bankruptcy Thursday. Ener1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company's debt and infuse $81 million in equity funding." (Andrew Restuccia, "Obama-Backed Electric Car Battery-Maker Files For Bankruptcy," The Hill's E2 Wire, 1/26/12)

Energy Conversions Devices Received A $13 Million Stimulus Tax Credit. "ECD says it's pushing ahead with plans to use the $13 million stimulus tax credit it received to upgrade other parts of its Auburn Hills operations to produce a new, more efficient line of solar cells. When ECD announced the Department of Energy award, it said the $42 million project would create about 600 additional jobs in Michigan." (Joseph B. White, "Green Jobs That Can Be Outsourced, The Wall Street Journal's Washington Wire, 8/11/10)

  • In February 2012, Energy Conversions Devices Inc., A Michigan Based Solar-Technology Company Filed For Bankruptcy Protection. "Energy Conversion Devices Inc., a pioneering Michigan-based solar-technology company, filed for bankruptcy protection Tuesday with a plan to slash its debt and sell its business at a court-supervised auction. The Auburn Hills, Mich., company filed for Chapter 11 protection in U.S. Bankruptcy Court in Detroit after it was unable to come to terms on an out-of-court deal with its convertible bondholders, according to Michael E. Schostak, director of business development at Energy Conversion Devices." (Patrick Fitzgerald, "Energy Conversion Devices Files For Chapter 11," The Wall Street Journal , 2/14/12)

Raser Technologies Received $33 Million For A Geothermal Plant In Utah But Is Now Bankrupt. "Raser Technologies Inc., for example, filed for bankruptcy protection last April, after receiving a $33 million grant for a geothermal plant in Beaver County, Utah. Lecia Langston, a Utah state economist, said the plant now has fewer than 10 employees." (Ianthe Jeanne Dugan and Justin Scheck, "Cost Of $10 Billion Stimulus Easier To Tally Than New Jobs," The Wall Street Journal, 2/24/12)

SpectraWatt Received $500,000 From An Energy Department Grant in June 2009, $150,000 From The National Science Doundation in June 2010, And Filed For Bankruptcy In August 2011. "SpectraWatt scored a $500,000 grant from the DOE in June 2009 and $150,000 from the National Science Foundation in June 2010. Facing stiff Chinese competition, this solar-cell manufacturer closed its factory in Hopewell Junction, N.Y., and dismissed all 117 workers in April 2011. SpectraWatt filed for Chapter 11 bankruptcy protection Aug. 19, 2011." (Op-Ed, "Obama's 'Green' Projects Bleed Red Ink," Abilene Reporter-News, 7/24/12)

SpectraWatt Has Filed For Chapter 11 Bankruptcy. "After closing its doors and laying off workers earlier this year, SpectraWatt Inc. has filed for Chapter 11 bankruptcy protection. The solar cell maker's choice of Chapter 11 protection indicates a plan to auction its assets, perhaps as soon as Sept. 28 if the U.S. Bankruptcy Court grants its proposal." (Sarah Bradshaw, "SpectraWatt files For Chapter 11, Seeks Asset Auction," Poughkeepsie Journal, 8/24/11)


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