Wind companies losing billions, prompting fears a federal bailout could be coming
Solyndra Redux? If the federal government’s history of throwing money at failing green companies is any indication, more taxpayer support to offshore developers is not implausible.
By Kevin Killough
Published: October 28, 2023 11:45pm
Mounting financial losses in the wind industry over the last few months are taking a toll on the Biden administration’s clean energy drive. Despite the billions in subsidies that came down the pipeline in 2022 before the Inflation Reduction gave away even more money, energy experts don’t expect that the need for more money will deter the nationwide momentum to build more wind and solar farms.
Writing in his “Energy Absurdity” Substack, David Blackmon, an energy analyst with over 40 years of experience in the oil and gas industry, said that the lobbying for more renewable energy dollars is likely near.
“Everyone should prepare themselves to see an effort in Washington, DC to allocate billions more dollars to bail out Big Offshore Wind developers soon,” Blackmon wrote.
Since the Obama administration, the federal government has been pouring billions into projects to meet environmental goals, only to have the companies go bankrupt.
https://justthenews.com/politics-policy/energy/wind-companies-losing-billions-experts-say-federal-bailout-could-be-coming
