Wednesday, April 21, 2010

Spain to stiff solar power investors (serves the shysters right too)

I mean, apart from the fact that solar panels take enormous amounts of fossil fuelled energy to make and that chlorine is used in every part of the manufacturing process, solar power still suffers from the same weakness as other renewable sources of energy, ie it is unreliable and expensive.

These corporate crooks only jumped on this bandwagon because the Spanish government was stupid enough to throw taxpayers' money at them.

From Greenie Watch:

They're basically broke and their Green/Left policies are a large part of the reason

Spain’s government, after using subsidies to spur more than 18 billion euros ($24 billion) in solar-power projects since 2008, may reduce the premium power rates that attracted clean-energy investors.

The state has the authority to cut prices paid to operating renewable-power plants under a 2007 law, according to an industry ministry spokesman who declined to be identified. All options are being assessed for a new strategic plan this year, he said. Spanish solar and wind developer shares fell as much as 4.1 percent.

“This is nothing less than a catastrophe” for investors, said Stephane Aderca, an energy analyst at Liberum Capital Ltd. in London. “We had believed that a promise is a promise. Going back on a promise brings the whole thing into question.”

The rest here

Posted via email from Garth's posterous

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