Obama economic policies have killed investor and taxpayer appetite for expensive energy.
DelawareOnline reports,
When the public rallied behind the Bluewater Wind offshore project four years ago, the drama played out against a backdrop of economic prosperity, high — and rising — electricity prices, and no reason to doubt a federal commitment to the price subsidies underpinning the pioneering idea.
But today, with almost all of that changed, Bluewater’s owner, NRG Energy, faced the new normal and opted Monday to terminate its hard-fought contract with Delmarva Power, all but scrubbing hopes for a wind farm 13 miles off of Rehoboth Beach unless a buyer for the project comes forward by Dec. 23.
Observers say uncertainty was the biggest factor in Bluewater’s woes: namely federal inaction to renew the wind energy subsidies, but also wider economic instability that has altered the political landscape while deflating the expected growth in demand for energy in Delaware and the nation…
I do not see it as Solyndra, and I speak as an outsider. The difference is that with Solyndra there was a very big subsidy given to a company associated with an Østupid donor.
“Four years ago” in 2007, as the article, states, NRG stock peaked at about $45/share because of government subsidies, then plummeted in 2008. Today the stock trades at about $18/share. I wonder how many Washington insiders and campaign contributors of both parties got on the bandwagon in 2005-2006 and sold out in 2008 before the crash? Reminds me of Solyndra.