For many years, Europe, and especially Germany and Spain, have been world leaders in establishing subsidized wind and solar facilities to generate electricity. But, it turns out they have been burning money and the economic realities have caught up with them. Europe is now moving away from green energy and trying to pick up the pieces from their failed green dream. This should serve as a cautionary tale to Americans and President Obama.
The sad story is told by Benny Peiser of the London-based Global Warming Policy Foundation (article here) and by Australian science writer Jo Nova (article here). Some excerpts (Euros have been translated to American dollars):
- Spain is phasing out its renewable energy subsidies and 5,000 solar entrepreneurs face bankruptcy.
- The Czech Government has decided to end all subsidies.
Bloomberg New Energy Finance reports that since 2005, European Union (EU) members have spent $800 billion on renewable energy projects. “Germany’s green energy transition alone may cost consumers up to $1.33 trillion by 2030, the German government recently warned.”
German’s electricity bills have doubled since 2000. (Germans pay about 53 cents per KWH. In contrast, my last bill from TEP shows that I pay 9.7 cents per KWH.)
Up to 800,000 Germans have had their power cut off because they couldn’t pay their bills.
Germany’s renewable energy levy rose from $18.6 billion to $26.6 billion in one year as wind and solar expanded.
German households will pay a renewables surcharge of $9.5 billion this year alone.
Germany has more than half the world’s solar panels. They generated 40% of Germany’s peak electricity demand on June 6, but practically 0% during the darkest weeks of winter.
Seimens closed its entire solar division, losing about $1.33 billion. Bosch is getting out too, it has lost about $3 billion.
Solar investors have lost almost $33 billion in the past year. More than 5,000 companies associated with solar have closed since 2010.
Germany has phased out nuclear, but is adding 20 coal fired stations. Gas power can’t compete with cheap coal or subsidized renewables and 20% of gas power plants are facing shutdown.
Despite the river of money paid to renewables, emissions have risen in Germany for the last two years.
It’s a case of lose-lose all around, everyone, taxpayers, investors, renewables companies, gas companies, all lost. Waste and stupidity on a colossal scale.
President Obama is still enthralled with the green energy fantasy and his war on coal and other fossil fuels will wreak havoc. And he is doing it on purpose. Back in 2009 he said that under his plan electricity prices would “necessarily skyrocket.”