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North America Slow to Reverse Renewables Projects, But it’s Turn will Soon Come

(Tip o’ the hat to M.Taylor)

Lawrence Solomon — Financial Post — April 4, 2014

Only those in fantasyland should expect a contract to be sacrosanct when one party to the transaction makes the law

Europe taught us to spare no expense in supporting wind and solar projects, the better to help the planet survive. Now Europe is teaching us how to tear down those same projects, the better to help ratepayers, and politicians, survive.

UK Prime Minister “David Cameron wants to go into the next election pledging to ‘rid’ the countryside of onshore wind farms,” the London Telegraph announced this week. He intends “to toughen planning laws and tear up subsidy rules to make current turbines financially unviable – allowing the government to ‘eradicate’ turbines,” the goal being to “encourage developers to start ‘dismantling’ turbines built in recent years.”

Cameron will have no shortage of methods in taking down the now-unpopular wind turbines — in recent years countries throughout Europe, realizing that renewables delivered none of their environmental promises, have been systematically cutting their losses by ditching their renewable commitments.

Here’s Spain, unilaterally rewriting renewable energy contracts to save its treasury. And France, slashing by 20% the “guaranteed” rate offered solar producers. And Belgium, where producers saw their revenues slashed by as much as 79%. And Italy and others, which clawed back through taxes the gross profits that renewables companies large and small were raking in at the expense of average citizens and the economy as a whole.  (Continue reading here….)

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