Stanford Phds Say Renewable Energy Won’t Work

The A Register:  “Two highly qualified Google engineers who have spent years studying and trying to improve renewable energy technology have stated quite bluntly that renewables will never permit the human race to cut CO2 emissions to the levels demanded by climate activists. Whatever the future holds, it is not a renewables-powered civilization: such a thing is impossible. Both men are Stanford PhDs, Ross Koningstein having trained in aerospace engineering and David Fork in applied physics. . . . The duo were employed at Google on the RE<C project, which sought to enhance renewable technology to the point where it could produce energy more cheaply than coal”

The men wrote this conclusion:

“At the start of RE<C, we had shared the attitude of many stalwart environmentalists: We felt that with steady improvements to today’s renewable energy technologies, our society could stave off catastrophic climate change. We now know that to be a false hope . . . Renewable energy technologies simply won’t work; we need a fundamentally different approach.”

Energy Department Prepares to Approve more Green Loans

The Hill:  “The Energy Department said Thursday it expects to begin tentatively approving new taxpayer-backed loans for renewable energy projects in the coming months.  The announcement comes about seven months after Solyndra, the California solar firm that received a $535 million loan guarantee from the administration in 2009, went bankrupt, setting off a firestorm in Washington.”

The purpose of government is not to decide which businesses should receive taxpayer money to enrich the chosen few citizens who win the government business investment lottery.  Not only is it morally wrong the government does not have the knowledge necessary to be in the venture capital business.

Chevy Volt Pays for Itself in 27 Years

New York Times:  “opting for models that promise better mileage through new technologies does not necessarily save money, according to data compiled for The New York Times . . . . the added cost of the fuel-efficient technologies is so high that it would take the average driver many years — in some cases more than a decade — to save money over comparable new models with conventional internal-combustion engines. . . . The Volt, which cost nearly $40,000 before a $7,500 federal tax credit, could take up to 27 years to pay off

World’s Largest Solar Plant, With Second Largest Ever Department of Energy Loan Guarantee, Files For Bankruptcy

ZeroHedge:  “Solyndra was just the appetizer. Earlier today, in what will come as a surprise only to members of the administration, the company which proudly held the rights to the world’s largest solar power project, the hilariously named Solar Trust of America (“STA”), filed for bankruptcy. And while one could say that the company’s epic collapse is more a function of alternative energy politics in Germany, where its 70% parent Solar Millennium AG filed for bankruptcy last December, what is relevant is that last April STA was the proud recipient of a $2.1 billion conditional loan from the Department of Energy, incidentally the second largest loan ever handed out by the DOE’s Stephen Chu. That amount was supposed to fund the expansion of the company’s 1000 MW Blythe Solar Power Project in Riverside, California. From the funding press release, “This project construction is expected to create over 1,000 direct jobs in Southern California, 7,500 indirect jobs in related industries throughout the United States, and more than 200 long-term operational jobs at the facility itself. It will play a key role in stimulating the American economy,” said Uwe T. Schmidt, Chairman and CEO of Solar Trust of America and Executive Chairman of project development subsidiary Solar Millennium, LLC.” Instead, what Solar Trust will do is create lots of billable hours for bankruptcy attorneys (at $1,000/hour), and a good old equity extraction for the $22 million DIP lender, which just happens to be NextEra Energy Resources, LLC, another “alternative energy” company which last year received a $935 million loan courtesy of the very same (and now $2.1 billion poorer) Department of Energy, which is also a subsidiary of public NextEra Energy (NEE), in the process ultimately resulting in yet another transfer of taxpayer cash to NEE’s private shareholders.”