Warren Buffett said: “We get a tax credit if we build a lot of wind farms. That’s the only reason to build them. They don’t make sense without the tax credit.” Buffett might have continued, that subsidies are the only reason anyone invests in these things.
Buffett might be an opportunistic profiteer, but at least he’s honest.
In Australia, the rent seekers that populate our wind ‘industry’ are generally less forthcoming, with plenty of them still claiming that there are no subsidies for wind power. A complete nonsense, of course.
Over the life of the Federal government’s Large-Scale Renewable Energy Target wind and large-scale solar will pocket around $60 billion worth of direct subsidies, which doesn’t include soft loans and other backhand financial compliments.
Maybe it’s something about the honesty of the characters that occupy the American Midwest. As Janna Swanson reports from Iowa, they may be…
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