Offshore Wind Is Not Worth Our Money
According to the Washington Post, Delaware’s offshore wind project is now on hold.
Why? Because the government subsidies other corporatist goodies, which make these kinds of boondoggles possible are no longer available.
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New Jersey-based NRG Energy, however, said in a statement Monday that the outlook for offshore wind has changed dramatically over the last two years. The company cited two decisions by Congress that could significantly affect financing for any offshore wind project. Not one has yet been built in the United States.
Congress this summer eliminated funding for the Department of Energy’s loan guarantee program applicable to offshore wind, and has failed to agree on how to extend a Federal Investment and Production Tax Credit for offshore wind that will expire in 2012.
Like the Delaware project, Governor O’Malley’s own offshore wind boondoggle can only exist if other people’s money pays for it.
It is intended to burnish his progressive resume as he seeks higher office. If O’Malley’s offshore wind project is approves. We’ll be paying the price for it long after he’s gone.