Last year, Joe Biden claimed in a speech to corporate CEOs that “it won’t hurt your bottom lines.”
By Doug Sheridan
Last year, Joe Biden claimed in a speech to corporate CEOs that “it won’t hurt your bottom lines.”
By Doug Sheridan
Liberals love to pretend that replacing fossil fuels with less efficient energy sources is an economic win for the US. Last year, Joe Biden claimed in a speech to corporate CEOs that “it won’t hurt your bottom lines.” But the US state with the largest economy is implicitly acknowledging the opposite. So-called green energy is such a burden on bottom lines that even in the most climate-obsessed jurisdiction in the country politicians can’t persuade enough businesses to generate it.
Adam Beam reports that California’s campaign against fossil fuels appears to work really well—until summer arrives:
"Then it gets hot, and everyone in the nation’s most populous state turns on their air conditioners at the same time. That’s when California has come close to running out of power in recent years, especially in the early evenings when electricity from solar is not as abundant.
Now, Gavin Newsom wants to buy massive amounts of renewable energy to help keep the lights on. The idea is to use the state’s purchasing power to convince private companies to build largescale power plants that run off of heat from underground sites and strong winds blowing off the coast—the kinds of power that utility companies have not been buying because it’s too expensive and would take too long to build."
So it turns out that summer is still hot, and alternative energy is still expensive.
On the one hand the high cost shouldn’t be a surprise, given that politicians have been shovelling subsidies at alternative energy projects for decades. If such power sources really were economic winners, businesses and consumers would just adopt them without any need for government intervention.
But some may be surprised that even after Biden’s historic subsidy blowout that is now expected to cost more than twice the initial estimate, it’s still not nearly enough to make this political agenda economical.
Newsom’s agenda may include moving on before everyone realizes just how non-economical it is. AP reports:
"The Democratic governor, now in his second term and widely seen as a future presidential candidate, insists California will be carbon neutral by 2045. But this goal is often mocked in the summer when, to avoid rolling blackouts, state officials turn on massive diesel-powered generators to make up the state’s energy shortfall."
Laugh if you must, but Newsom does seem to have succeeded in keeping Californians in the dark when it comes to the full cost of his energy plans.
Our Take: Progressive states were always going to be caught in renewables game of musical chairs. But politicians like Newsom and Murphy likely thought they would have left office well before the music stops. They were clearly wrong.
♻️ | 👀
#california #renewables #alternativeenergy