Song: Green Energy Blues

Original Song - Wind Power Blues

Don't infer from this clip that we're lovers of carbon pollution; there are no easy energy solutions (outside of cold fusion), and wind farms are not without their problems, as demonstrated cogently in the above clip. 

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This is an absolute must see...

• Video - Al Gore Looking Like A Possessed Weasel Digesting Bad Seeds (Global Warming Poetry From Mr. Awesome)

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Further reading (includes excellent Al Gore cartoons)...

• $4 Billion For Global Warming Research In 2011 Budget

h/t to john for sending this clip our way...

Comments

[john]

Skinflint. I authored several technical books/documents around 1997-2001 pertaining to renewable energy. I was put on the spot by an official from the pentagon to INCLUDE global warming in those documents. That is all I can say for now.

[SKINFLINT]

Thanks.

[SKINFLINT]

Hey John. Here is a brief rundown of the latest in Md on the sale of three coal fired plants from Excelon to a group headed up by Riverstone LLC. This group is headed up by a couple of folks from GS. Just another example of the dismantling of the public trust. Oh and by the way, the sale was expected to fetch 1bn, but instead fetched 400mn. A cost cut of 600mn. The sale was advised by a couple groups including GS.


http://www.exeloncorp.com/Newsroom/Pages/PR_20120809_EXC_Mdcoalplantsale.aspx

http://www.riverstonellc.com/Team.aspx


My guess is that they will close these plants at some point in time and take the loss. We will see.

[john]

Consider this SKINFLINT. The lines and substations are already in place. They could take the loss (we will subsidize that). Then they could build a natural gas plant on the existing site(s) or upgrade the existing plant(s). In other instances they could close the plants due to hazardous waste that may be on site, specifically old transformers, oil circuit breakers and other electrical equipment that contain PCB's and or other hazardous wastes. Most power stations and industrial facilities are allowed to keep PCB containing equipment stored on site indefinitely as the cost to dispose of that equipment is rather prohibitive. They could in theory become a superfund site and yes we pay for that too.

Now for a little flashback. A few years ago a coal fired plant in New Hampshire was converted to burn waste wood (a small percentage of the fuel mix being wood) and coal. This qualified the plant for renewable energy credits. I will keep an eye on Excelon and am monitoring Chesapeake but have not posted any updates as my concern here is quite specific (if you look at all the posts I have placed in this thread). However, If anything major crops up in the energy sector I will let everyone know.

Thanks for the update and will say I am very glad that you and LC are doing really great stuff here.

[john]

Just released FOIA e-mails.

http://wattsupwiththat.files.wordpress.com/2012/08/foiad-solomon-emails-re-science-in-service-of-the-cause.pdf

Barb, please take notice where this came from...YALE. Ties in quite nicely.

[SKINFLINT]

John, it is my understanding from speaking with people around here that BGE owns all the lines and other infrastructure and rents the space out to the providers. Excelon purchased the power generation and had to get rid of the coal powered plants which obviously they have done. The one plant had been upgraded and the EPA signed off. The other two will have to be cleaned up and fitted with new stacks etc. However with coal being phased out in this country I don't see that as being viable. I know some folks that work there and they are looking into wastewood burning as an option. Don't know how far they are with this process. I know that the coal that heads to the Baltimore ports, a lot of it goes to China for their power needs. This is what I have been told by some folks that work in these sectors. Ironic that as I listen to the trains roll down along the Potomac River corridor to the ports of Baltimore, all that land that those barons were given are now being used to promote the welfare of those who own our debt.

[john]

AP Exclusive: Energy loan watchdog an Obama donor

http://news.yahoo.com/ap-exclusive-energy-loan-watchdog-obama-donor-064732726.html

[snip]

A veteran Wall Street executive who performed an independent review that exonerated the Obama administration's program of loans to energy companies contributed $52,500 to re-elect President Barack Obama in the months since completing his work, according to an Associated Press review of campaign records. The executive defended the integrity of his conclusions and said he decided to donate to Obama after his work was finished.
The campaign contributions to Obama started just weeks after Herbert M. Allison Jr., in congressional testimony in March, minimized concerns that the Energy Department was at high risk in more than $23 billion in federal loans awarded to green energy firms. Two weeks later, Allison began giving to the Obama campaign. His contributions to Obama and the Democratic National Committee totaled $52,500 by last month. Allison previously was the former head of the government's mass purchase of toxic Wall Street assets.

[john]

Here is a comment provided by Gail from my last post at another site.


john says:
August 24, 2012 at 3:29 am

JP Morgan also ran the Oil for Food Program.
___________________________

Maurice Strong of the UN Earth Summits fame was implicated in the “oil for food” scandal so we are really talking about a rather small number of people involved in all these scams. A bit of poking around the internet turns up another player.

Report to Congressional Committees: United States Government Accountability Office: April 2006

Lessons Learned from Oil for Food Program Indicate the Need to
Strengthen UN Internal Controls and Oversight Activities: [Too bad they hadn't learned the lesson not to give the UN IPCC money earlier, but it was stopped by the GOP for last two years. link GC]

[33] In response to auditors’ concerns that too much money was being concentrated at BNP, the number of banks receiving Oil for Food deposits was expanded after 2000 to include JP Morgan Chase, Deutsche Bank, Banco Bilbao Vizcaya, Credit Agricole Indosuez, Credit Suisse, and HypoVereinsbank.

So who is BNP bank? “….Europe’s leading provider of banking and financial services, has four domestic retail banking markets in Europe, namely in Belgium, France, Italy and Luxembourg.”

Bank BNP Paribas | The bank for a changing world

BNP Paribas’ commitment to sustainable development

Faced with the considerable challenges of sustainable development, every company has a responsibility. Our activities place us at the heart of the system, which means that it is essential that we act at all levels and in a significant way, to promote greater environmental, economic and social responsibility.

SInce when did banks get voted overseers of the human race?

The President of BNP Paribas is Michel Pébereau a very powerful man it would seem. So I guess that does make him out “better”

Michel PÉBEREAU:President, BNP Paribas and Institut de l’Entreprise
Michel Pébereau graduated from the Ecole Polytechnique and is an Inspecteur Général des Finances. He is currently Chairman of the Board of BNP Paribas, as well as Chairman of the “Investment Banking and Market Commission” of the French Banking Federation (he was previously Chairman of the French Banking Federation in 2002-2003), Chairman of the International Monetary Conference, Member of the International Advisory Panel of the Monetary Authority of Singapore, Member of the International Capital Markets Advisory Committee of the Federal Reserve Bank of New York. He led the privatization of both the Crédit Commercial de France in 1986 and the Banque Nationale de Paris (BNP) in 1993. He was Chairman and CEO of BNP from 1993 to 2000, and set up BNP Paribas during his mandate in August 1999. He then became Chairman and CEO of BNP Paribas from 2000 to 2003, and made the decision to ask for the Board’s approval to separate both group’s mandates of Chairman and CEO in 2003. He has been Chairman of BNP Paribas since June 2003. He was Senior Lecturer from 1968 to 1980 and Professor for 20 years at the Institut d’Etudes Politiques (IEP) of Paris from 1980 to 2000. He has been chairing its Management Committee since 1988. Michel Pébereau is also Chairman of the Institut de l’entreprise since 2005. After having chaired the Committee on public debt in 2005, he now takes part in the general assessment of spending and policies that President Sarkozy decided to launch. As a great specialist in science fiction, he published critics of books in La Recherche magazine during many years, and today in the Sunday paper Le Journal du Dimanche
http://www.institutmontaigne.org/medias/documents/bio%20intervenants%20Subprimes.pdf

A specialist in Science Fiction??? So now we know how they are coming up with all this stuff!

When you read this Annual Report, remember commodities future trading is linked to the food riots in 2008 and derivative products are linked to the economic crash and Forclosuregate in the USA.

ANNUAL REPORT 1999

Commodities and Energy Financing

Thanks to the experience and quality of both the BNP and the Paribas teams, the Group plays a dominant role in the global commodities financing market, including natural resources (energy, steel/non-ferrous metals) and agricultural and tropical commodities. The Group offers a wide range of products, including transaction financing, structured financing, hedging instruments, loans secured by oil reserves and syndicated loans, to the various players in the chain, from the producer to the distributor and the end-user.

Recognized Expertise

In 1999, BNP Paribas was selected to participate in a number of major projects, including the United Nations’ USD 7 billion “food for oil” program and a large-scale restructuring of export pre-financing systems, especially in producer countries such as Iran, Angola and Congo, where BNP Paribas is considered as one of the leading financial players. BNP Paribas also arranged several import programs for selected counterparties in emerging markets, including Brazil.

A global Leader
The combined BNP Paribas team of 400 commodities and energy financing specialists has raised the expanded Group to the leadership position worldwide. New avenues of growth are opening up for cross sales of derivative products to existing clients…..

Lastly, the business line will actively tap cross-selling opportunities and expand its product range to include commodities futures and other derivatives, in order to create new opportunities for the entire Corporate and Investment Banking division.

In France, BNP Paribas played a key role in several very large-scale capital markets transactions, including the Total Fina/Elf merger in the oil industry,…. Companies in the media-telecoms and technology sectors were extremely active on the markets during 1999 and many of them chose BNP Paribas as their advisor….

Paribas contributed actively to bringing new issuers to the euro market, such as Enron Corp., an oil company based in Houston, which carried out a EUR 400 million bond issue rated BBB….
…In France, BNP Paribas played a key role in several very large-scale capital markets transactions, including the Total Fina/Elf merger in the oil industry…

Do not forget ENRON was neck deep in the Cap ‘n Trade Scam. From the National Review no less Al Gore’s Inconvenient Enron

And Pat Frank, thanks for bring us up to date on the latest iteration of the climate models.

As far as I am concerned they are way way ahead of themselves. They have not even identified all the various possible parameters yet. Sort of like a blind man building a model of an elephant who hasn’t gotten past investigating the tail and thinks it looks like a snake.

[john]

http://www.eco-business.com/news/upc-renewables-eyes-two-more-wind-projects/

[SKINFLINT]

It’s all in the wording my friends. Doesn’t talk about U.S. energy independence, but North American. Well let’s see how our Chinese brethren feel about this.

http://www.theatlanticwire.com/politics/2012/08/romney-tries-change-subject-promising-north-american-energy-independence/56089/


http://business.financialpost.com/2012/08/22/nexen-deal-sheds-light-on-chinas-oilsands-strategy/


http://www.theglobeandmail.com/report-on-business/international-business/nexen-deal-could-put-other-oil-sands-firms-in-play/article4436788/

http://www.dailyfinance.com/2012/07/20/peabody-adapts-to-the-new-reality-for-us-coal-/


I believe that the Chinese also have their hands in the natural gas wells here at home. But I digress. The point being that Mr. Romney uses his words for a purpose and that is to promote an agenda while pretty much leaving us out of the picture.

[john]

Investigator who cleared Obama in scandal is his campaign donor

http://www.examiner.com/article/investigator-who-cleared-obama-scandal-is-his-campaign-donor?CID=examiner_alerts_article

[snip]


The financial institution executive who was in charge of the “independent probe" that ended up absolving the Obama Administration for wasting billions of taxpayers' dollars spent on green energy schemes was neither bi-partisan or non-partisan, but a big contributor to the Obama reelection campaign, according to a report by a Washington, D.C., public-interest group that investigates corruption...

...According to Allison's thumbnail bio, he served as Assistant Secretary of the Treasury for Financial Stability of the United States having been confirmed by the Senate on June 19, 2009. He left the Treasury Department in September 2010. As part of his duties he also oversaw the Troubled Asset Relief Program (TARP), the $700 billion fund to purchase assets and equity from financial institutions in order to strengthen the financial sector of the economy.


Here is a UPC update:

http://www.eco-business.com/news/upc-renewables-eyes-two-more-wind-projects/

[SKINFLINT]

So let me guess that the taxpayer is on the hook for the Phillipine Pholly's as well?

[Barbara Durkin]

Hi John:

I have growing concern for the US Ports that attract DeepWater Wind formed by First Wind.

As you know, the Mafia is attracted to easy money available in the form of subsidies for wind projects. The wind industry provides a mechanism by which money is laundered to dust the trail of drug traffickers. Given that the driver behind Italy's IPVC wind is UPC that formed First Wind that formed DeepWater Wind, I think it's only prudent that we test wind project sites for hazardous waste that could be illegally dumped by the ECOMAFIA that has contaminated Southern Italy.

UPC was tapped to bring the success of IVPC to the US. However, IVPC projects have been seized by Italian Police in Operation "Gone with the Wind". Why would the group will behave differently in the US than they have in Italy?

ECOMAFIA 2012 Environmental organized crime in Italy
Stefano
Ciafani
Vice president of
Legambiente

http://www.europarl.europa.eu/document/activities/cont/201207/20120716ATT48981/20120716ATT48981EN.pdf

It's very troubling that the EcoMafia is most active specifically where IVPC projects exist in Southern Italy, Campania, Puglia, Calabria, Sicilia.

Representing Cape Wind and IVPC--Watson Faley & Williams project finance page 9, IVPC.
http://www.wfw.com/website/wfwwebsite.nsf/Publications/Publication336/$File/Projects06-Master%20Experience%20Statement%20Brochure-mks0911.pdf

Update, Oreste Vigorito IVPC, July 06, 2012 to answer to forgery and abuse of office charges

Crotone Province and Province
wind power, judgement Misiti. Acquitted Ferraro the two former regional officials were under investigation in connection with the inquiry into the Park of carafe. A process also has two private companies manager.

The judge in the preliminary hearing of the Court of Catanzaro, Antonio Rizzuto, he returned to the former official of the Department of productive activities in the region, Carmelo Misiti, and the legal representatives of the companies Ivpc Ivpc Power3, Power4 and Gianpietro Sanseverino and Oreste Vigorito, as part of its inquiry into the construction of the wind farm of carafe. Acquitted, on the other hand, the other institution's official involved in the investigation, Joseph Ferraro.

The three defendants, which you must submit before the judge the next November 30, must respond in various ways of forgery and abuse of Office. According to prosecutors, the wind park's Jug was made despite the negative opinion delivered by the Municipal Council. Some of the towers were also made less than 500 metres from dwellings, violating as prescribed by law. The investigation was opened in 2006 and after being passed by several judges came to the pm Charles Villani who last September, has issued a notification that the end of investigations and put forward the request for indictment. The Park was inaugurated in November 2008.

07/06/2012 18:20
© riproduzione riservata.

http://www.corrieredellacalabria.it/stories/Crotone%20e%20Provincia/5993_eolico_rinviato_a_giudizio_misiti_prosciolto_ferraro/

Campania, Puglia, Calabria and Sicilia IVPC Projects:

http://www.terna.it/LinkClick.aspx?fileticket=6s18eM%2FkD3A%3D&tabid=377&mid=438

Dirty Business--
Eco-mafia Report since 1994. This year ’s
version states that almost 26,000 ecological
crimes were committed in Italy in 2008,
amounting to 71 offences every day.
Nearly half the crimes took place in the
Campania, Calabria, Sicily and Puglia
regions, all of which are known mafia
strongholds. [cut] continue reading:
http://www.jamesgeary.com/assets/Feature4_Ecomafia.pdf

Mafia making billions from environmental destruction
The Italian mafia is making billions from carrying out wanton destruction of the environment, a report has found.

The most affected regions were Campania, Calabria, Sicily and Puglia, which are home to Italy's four distinct mafia organisations

http://www.telegraph.co.uk/news/worldnews/europe/italy/9386961/Mafia-making-billions-from-environmental-destruction.html

Interesting bedfellows--IVPC and Cape Wind. Representing Cape Wind and IVPC--Watson Faley & Williams project finance page 9, IVPC.
http://www.wfw.com/website/wfwwebsite.nsf/Publications/Publication336/$File/Projects06-Master%20Experience%20Statement%20Brochure-mks0911.pdf

Thanks so much for sharing your excellent research. I always learn something here. Give me a call when you find the time.

[SKINFLINT]

For once it would be nice if these nice people could ADMIT wrongdoing and PAY the fine.




http://www.bloomberg.com/news/2012-08-30/chesapeake-squeezes-landowners-on-costs-amid-cash-crunch.html

[john]

I'm back. Skin, I have been following that one...

Barb, I will be in touch.

[john]

Idle Kahuku Wind Farm Still Costing Ratepayers

http://www.civilbeat.com/articles/2012/08/21/16902-idle-kahuku-wind-farm-still-costing-ratepayers/

[snip]

Hawaii ratepayers are on the hook for $2.4 million in infrastructure costs for Oahu’s Kahuku wind farm, even though it’s only produced a fraction of the energy it was expected to and is now shut down due to a fire that devastated its battery storage facility earlier this month....

...It “is reasonable for the utility to manage these upgrades to make sure customers get the maximum value from the work, not just more renewable energy,” HECO spokesman Darren Pai said in an email.

But in 2010, when the contract was approved, one of the three commissioners at the Hawaii Public Utilities Commission raised an alarm about the contract, envisioning just the situation that the plant is in today. At the time, then-commissioner Les Kondo said that shifting $2.4 million in wind farm costs to ratepayers didn’t make any sense.

“HECO is unreasonably and unnecessarily shifting risk to its ratepayers,” he wrote in a dissenting opinion. “Rather than the risk of cost recovery being on Kahuku Power, HECO's ratepayers will pay for the interconnection facilities through rates whether or not Kahuku Power's output is equal to the Annual Contract Energy and will continue to pay those costs even if Kahuku Power generates no energy. And, should Kahuku Power's facilities cease operation, HECO will likely seek to continue recovering its costs for the facilities from ratepayers.”

[john]

Deval Patrick Takes the Wind out of Barack Obama's Green Energy Sails

http://bjdurk.newsvine.com/_news/2012/09/04/13659999-deval-patrick-takes-the-wind-out-of-barack-obamas-green-energy-sails

[SKINFLINT]

Cue up the funny clip on the Money Hole. Unfortunately, this is real money we are talking about. Wonder where this is going to go.

[john]

Skinflint, here is part of the answer to the query you posed earlier.

Report: DE Shaw with Biggest Boost Among Funds

http://news.hedgefund.net/default.aspx?story=14088

Here are a few of the players from awhile back. Lots more...

http://www.sec.gov/Archives/edgar/data/1434804/000104746910008574/a2200305zex-10_32.htm

[snip]

Amended and Restated Guaranty, dated as of the date hereof, by and among D. E. Shaw MWP Acquisition Holdings, L.L.C., Madison Dearborn Capital Partners IV, L.P., and HSH Nordbank AG, New York Branch, (iii) its execution and delivery of this Agreement shall constitute its written agreement to the termination of that certain side letter, dated June 30, 2006, delivered by the Sponsors and UPC Holdings and accepted by HSH Nordbank AG, New York Branch, the Company and UPC Wind Acquisition, LLC, as amended by that certain Amendment to Members Letter, dated as of May 17, 2007 and as further amended from time to time, on the terms set forth in Section 2.01 (g) of the Omnibus Agreement and (iv) each of D.E. Shaw MWP Acquisition Holdings, L.L.C., Madison Dearborn Capital Partners IV, L.P., and HSH Nordbank AG, New York Branch is an express third-party beneficiary of this written consent, entitled to rely on it as if party hereto.

[john]

WORSE THAN SOLYNDRA: OBAMA ADMIN BUYING MAINE SENATE SEAT WITH CRONY ENERGY LOANS

http://www.windtaskforce.org/profiles/blog/show?id=4401701%3ABlogPost%3A41802&xgs=1&xg_source=msg_share_post

[snip]

Here’s the short story: Angus King, former governor of Maine, Obama supporter, and front-running independent Senate candidate, owned a wind company. Obama’s Department of Energy handed over a deeply questionable $102 million loan to that company. It appears that as that company was coming under investigation, King quickly divested himself of his interests, hoping he was doing so just in time to escape scrutiny, and as he was preparing to announce his candidacy for Senate.
But that's not where the story ends. It seems that before he left the company, King helped apply for a Department of Energy grant worth some $33 million. Which means one of two things: either the company was thriving, in which case King was helping bilk taxpayers for an additional $33 million; or the company was having financial difficulties, in which case the $33 million grant was designed to help cover the cost of the loans, $23 million of which was coming due with a maturity date of April 27, 2012.
Either way, the situation doesn’t look good for King, or the Obama Administration. Either the two were working to ensure that King’s company got paid millions so that King could reap the benefits, or they were working to cover up a troubled company and highly questionable investment subsidized with federal tax money.

Here’s the more complete story...

Hat tip Barb! Thanks so much for this one.

[john]

Barb, here is one for the record (hill)...

http://pinetreepolitics.bangordailynews.com/2012/09/23/angus-king-hates-people-from-away-trying-to-influence-maine-voters/

[john]

Wind Turbine Co. May Dodge First Wind's $60M Attachment Bid

http://www.law360.com/environmental/articles/3805[snip]

[snip]

Private equity-owned Clipper Windpower LLC doesn't have to tie up $60 million over First Wind Energy LLC's concerns it will collapse before a contract arbitration wraps up — as long as the floundering turbine company hands over its financial statements, a New York state judge ruled Friday.


http://energy.aol.com/2011/08/11/beyond-subsidies-natural-gas-at-first-wind/

It wasn't about the wind in the first place...

[john]

Back to Angus...

http://dailycaller.com/2012/09/25/nrsc-launches-new-ad-attacking-king-on-wind-turbines/

[john]

Barb, you probably have a good idea how the PR world works and the connections between certain PR firms, lobbyists, financial firms, government and The MSM. Here is the firm (a conglomerate if you wish) that is directly responsible for most of the climate (and other) hogwash being espoused by media.

http://finance.yahoo.com/news/upward-trend-us-companies-integrating-130100071.html

Hill and Knowlton has a sordid history and WPP is the parent acquiring many other PR firms. Check out how WPP plc stock has done over the last year. It appears BS really does pay.

Keep an eye on them.

DB. I hope you have a chance to look at the list inside the link.

[john]

Obama blocks Chinese wind farms in Oregon over security

http://www.newsdaily.com/stories/bre88r192-us-usa-china-turbines/

[snip]

President Barack Obama blocked on Friday a privately owned Chinese company from building wind turbines close to a Navy military site in Oregon due to national security concerns, and the company said it would challenge the action in court...

...The Treasury Department stressed that Obama's decision was not a precedent for other investments from China or any other country. Acting Commerce Secretary Rebecca Blank said the United States generally welcomed investment from China but not in every case.

"Particularly when you're talking about China, but there's other countries where this is true too, one has to be worried about national security concerns," Blank said in remarks at the Council on Foreign Relations earlier on Friday.


Note: keep an eye on UPC Asia (first wind)...

[john]

Renewables costing Maine money, jobs

http://wattsupwiththat.com/2012/09/30/renewables-costing-maine-money-jobs/

[snip]

Today, Governor Paul LePage released the following statement in regards to the study, The Economic Impact of Maine’s Renewable Portfolio Standard, conducted by the Maine Heritage Policy Center and the Beacon Hill Institute for Public Policy Research:
“By 2017, this study predicts energy prices will increase by $145 million for consumers, costing the State of Maine about 1,000 jobs. We already pay a statewide total of approximately $220 million more per year for electricity than the national average. This study shows that special interests are hurting Maine’s economy and costing us jobs. We can no longer embrace the status quo.

[john]

King releases tax returns showing more than $500,000 in yearly income

http://bangordailynews.com/2012/10/01/politics/elections/king-releases-tax-returns-showing-more-than-500000-in-yearly-income/



W.P. Stewart & Co., Ltd. (Bermuda) Announces Appointment to Board of Directors

http://www.prnewswire.com/news-releases/wp-stewart--co-ltd-announces-appointment-to-board-of-directors-71829577.html

[john]

Crunching the numbers on Angus King’s financial disclosure

http://crashbarry.com/the_crash_report/kings_fortune/

[john]

Mass. wind projects hitting turbulence; setbacks for green energy

Read more: http://www.myfoxboston.com/category/233882/fox-undercover#ixzz28SqdTjex
http://www.myfoxboston.com/story/19740899/2012/10/04/mass-wind-projects-hitting-turbulence-setbacks-for-green-energy


Dear Fox News. You better read all the posts here.

[john]

'Behind Obama's Green Agenda' Fox News Special Report to air @ 9PM EST, Sunday, Oct 7th

http://video.foxnews.com/v/1880779315001/daily-bret-behind-obamas-green-agenda


Set your DVR's for this one. I will post a link to the actual program (if available) after it airs on Sunday.


Thanks Barb!

[john]

Deepwater to build first U.S. offshore wind farm

http://www.reuters.com/article/2012/10/03/us-deepwater-wind-idUSBRE8920ZX20121003

[snip]

Deepwater Wind is racing to build the first U.S. offshore wind farm off Rhode Island and hopes to parlay that into a string of East Coast farms, the company's chief executive told Reuters...

...Deepwater, majority-owned by New York investment firm DE Shaw and minority-owned by Boston-based wind developer First Wind, gained the advantage over other offshore wind developers after Rhode Island picked the in-state Providence-based company as its preferred developer.

Rhode Island was not the first state to consider the clean energy prospects offered by offshore wind farms, but it moved decisively over the past few years after concluding offshore wind should be part of its energy mix.

While privately held New England power company Energy Management Inc still hopes its long embattled 420-MW Cape Wind project in Massachusetts will be the nation's first utility-scale offshore wind farm, Deepwater expects its small wind farm, about three miles southeast of Block Island, will be a stepping stone to bigger projects.

[DailyBail]

John

I'll be interested in seeing that video when you post it.

[john]

DB, here it is.

http://www.realclearpolitics.com/video/2012/10/08/fox_news_reporting_behind_obamas_green_agenda.html

After a brief viewing, all I can say is that Fox really screwed the pooch on this one. I am posting the video anyway.

Like the banking fraud and occupy reporting they have (not) done, the 'special program' was a big disappointment and I would be inclined to say it was intentional. Nothing to see here. In fact they made some good points for the environmentalists of which I and most everyone here would agree with. We all appreciate a clean climate and some of the regulations that are in place are prudent.

What Barb and I have posted here is something that the MSM apparently will not touch just like the banking issues and this ties in quite nicely. Stay tuned.

[SKINFLINT]

http://www.foxnews.com/us/2012/10/08/lg-plant-that-got-150m-to-make-volt-batteries-in-michigan-puts-workers-on/

[john]

Thanks Skin.

Pension Denmark just bought a 50% stake in US wind plants. (you are now funding the Danes pensions).

http://www.foxbusiness.com/news/2012/10/09/pensiondanmark-eyes-nw-europe-infrastructure-deals-after-eon-wind-stake-buy/

What no-one discusses is that this is due to the 15 year GUARANTEED PPA's (power purchase agreements) which result in significantly higher energy bills for the consumers. And yes, even if the plants are not operating, they are still making money (you are paying for it).

More on the surge...

http://www.nasdaq.com/article/pensiondanmark-eyes-nw-europe-infrastructure-deals-after-eon-wind-stake-buy-20121009-00524#.UHSVmEKRi5Q


Oh, and speaking of E.ON this might be of interest to you DB...

http://www.equities.com/news/headline-story?dt=2012-10-09&val=570893&cat=energy


Keep an eye on Denmark and the UK regarding interconnection agreements.

http://www.businessgreen.com/bg/news/2171321/uk-denmark-explore-wind-power-interconnector

[john]

Now for the surge. Note that Goldman Sachs has been advertising on Fox news releases quite heavily.



http://www.eon.com/en/media/news/press-releases/2012/10/8/e-on-and-danish-pension-fund-pensiondanmark-agree-on-wind-farm-d.html

http://www.eon.com/en/media/news/press-releases/2012/10/8/e-on-and-danish-pension-fund-pensiondanmark-agree-on-wind-farm-d.html

http://www.equities.com/news/headline-story?dt=2012-10-09&val=570893&cat=energy


What was not mentioned in most of the reports is that that the E.ON deals with Danmark Pension relies on the 15 year Guaranteed PPA's (power purchase agreements) that are higher than the PPA's with other sources such as hydro, nat gas, nuclear and coal.

The push is on and we had better push the fuck back now because there is one thing worse then pollution, and that is the greedy (insert expletive here) on wall street and the UK [unlimited leverage]. They even found a way to sell your soul multiple times via Re- Hypothecation.

I hear the devil wants to collect and he ain't too happy right now.

[john]

Here is what the fuck is going on. The wind (and solar) industry was born (again) out of the process of electricity deregulation during the time period of 1997-2001. Numerous power plants that utilized waste wood (biomass) and small scale hydro came into play as the price of oil skyrocketed and the fuel costs for the competition (privately owned generation) was significantly less. Most of the oil and coal plants (utility owned) were already at the end of their lifespan and contracts negotiated for Power Purchase Agreements (PPA's) put them at the mercy of the markets with contracts for power sales set in stone but the fuel source price going up. Because of the contracts being what they were, they needed an out. What compounded that (here in the Northeast) were the cost overruns for (union built) Nuclear power plants... (think big dig).

So the utilities were in trouble and the competition moved in and built all those biomass plants. Well guess what, the price of wood chips 'surged too" (you know what happens when someone finds out about that secret fishing spot).

So the utilities found themselves in quite a bind by golly. The were fucked over on the price of oil and then those wood chips. So they were forced to raise the price of electricity but the PUC (Public Utilities Commission) finally said "WTF" because there were torches and pitchforks in the parking lot and they were asking for rate increases every quarter.

Anyways they got to thinkin...

What if we gave them a bailout but mandated that they sell their GENERATING ASSETS and become a Transmission and Distribution entity (own and fix the wires).

Well by god they took the good governor ANGUS KING's advice and shook his hand and probably somethin else (he was in the energy business you know and loved them woodchips) with one exception though...


That will be another post...



Moving alone we have the RGGI and Carbon trading. Most of you do not know this but most coal and gas plants can be considered legally 'renewable' and qualify for renewable energy credits.

Just add biomass, biogas or wind and voila, you just became green and rich.

Case in point:

http://www.sourcewatch.org/index.php?title=Schiller_Station

[snip]


Northern Wood Power Project

On December 1, 2006, the Public Service Co. of New Hampshire opened the Northern Wood Power Project, a wood-fueled electricity generator that replaced Unit 5 of the Schiller Station.[12][13] In October 2003, PSNH filed a plan for the project to the Public Utilities Commission, a process which took nine months. [12][14] PSNH did not need approval from the state legislature because the wood-burning plant is considered a modification to an existing plant.[14] The $75 million dollar project broke ground in December 2004. [13][14]
PSNH burns 400,000 – 450,000 tons of wood a year to power the plant, using fluidized bed technology. [12][14] According to a informational power industry website, "every year, PSNH used to buy about 400,000 [tons] of low-sulphur coal to fuel Schiller Station's three boilers. The wood fired plant will power around 50,000 New Hampshire homes while reducing coal use by over one third, or 130,000 [tons] annually."[12] However, in 2008 (two years after the biomass plant began operating), the Schiller Station burned 421,670 tons of coal.[7]
Compared to Unit 5, emissions to the biomass burner were estimated to be 70 percent lower for nitrogen oxides, 95 percent lower for sulfur dioxide, and 90 percent lower for mercury. [14] These reduced emissions help the Schiller Station meet the requirements of the New Hampshire Clean Power Act.[12]

Renewable Energy Credits

The biomass plant qualifies PSNH for Renewable Energy Credits (RECs). PSNH aimed to earn 350,000 credits a year, which the company would sell to power plant companies in Connecticut and Massachusetts, where companies have to meet Renewable Portfolio Standards. [13][14] The credits are worth $40-50 each, bringing an estimated total of $15 million.[14] PSNH planned to have money from the RECs pay for the costs of the plant.[14] "We probably would not have proposed, nor won approval for this, unless the REC market existed," said PSNH spokesperson Martin Murray, as reported in the Nashua Telegraph.[15]
In 2008, New Hampshire implemented a Renewable Portfolio Standard and the northeast's Regional Greenhouse Gas Initiative.
Furthermore, according to Dr. Robert Peltier of Power Magazine, "because the repowered Unit 5 is an open-loop biomass system, it also is eligible for a federal renewable electricity production tax credit of 0.9 cents/kWh for its first 10 years of operation."[13]
The Northern Wood Power Project was touted as one of the largest renewable energy projects in New Hampshire and the United States, and "one of the first to replace fossil fuel generation with an equivalent amount of cleaner electric power."[12] PSNH even claims the burner is "carbon neutral," because "no additional net carbon is released into the atmosphere from burning wood."[16]


Now for the rest of the story stay tuned.

ENRON never died.

Edit: a minor spellin' error... ;)

Anywho to proceed. The real deal here especially for wind is that it has been sited at specific locations for certain reasons (even though they cannot produce what is claimed (AND THEY KNOW IT) but you and the rest of us are still REQUIRED to pay for it anyway. The above applies but like the devil re-hypothecating your soul, there are mineral and water rights along with strategically positioning for pipeline right of ways and various other rights (mineral/water)of which the landowners are unaware of and sign contracts that the average attorney would have no clue about due to the "complexity of the matter at hand". Most of the wind companies are financed in part by hedge funds (like DE Shaw for instance), who are repeating the EXACT business model as enron (including broadband) and have numerous shell and shelf llc's.

Ever hear of a trojan horse?

[SKINFLINT]

When you talk about the contracts that are incomprehensible, and people sign off on them etc. You talk about pushing back. Say you go to your state representative, wouldn't you think that they would be in bed with these guys. Our fine Governor went on an all expenses trip with his wife that was paid for by the power company. Of course he mentioned that he was on a fact finding tour but he came back convinced that the deregulation of the industry was what our state needed.

[john]

Skin, they are in bed with these guys. Here are a couple of examples.

http://www.pressherald.com/archive/backers-of-wind-power-decry-claims-of-conflict_2010-01-30.html

This is the AG's report on MPUC Commissioner Adams joining First Wind while still a Commissioner..

http://www.maine.gov/tools/whatsnew/index.php?topic=AGOffice_Press&id=98295&v=article

And how he was able to get away with it...

http://bangordailynews.com/2010/05/14/news/first-wind-fixes-filings-on-its-vp/


I would go on about former Governor King and his efforts but that has been spelled out in past posts here. The term 'Regulatory Capture' is the new excuse.

[SKINFLINT]

Well John, This seems to be pretty much in your face. I am sure nothing came of it. It was sort of funny for him to suggest his back yard for an alternate route for the transmission lines. I would suspect he has a large back yard. Then go on to say that his wife was looking to block the deal. It would seem she would have a vested interest in the shares of First Wind as well. Unbelievable.

[john]

Summers picks up fundraising pace, but King still brings in double the money

http://bangordailynews.com/2012/10/15/politics/elections/summers-picks-up-fundraising-pace-but-king-still-brought-in-double-the-money/

[snip]

King’s fundraising report shows that trips he made to Washington, D.C., to raise campaign cash paid off. His contributors include a number of employees of the Podesta group, which held a July fundraiser for King. The report also shows a number of contributions from employees of the Washington, D.C., lobbying firm Patton Boggs, including former Louisiana Sen. John Breaux, a Democrat, and Patton Boggs chairman Thomas Hale Boggs.


On Tuesday, King will travel to New York City for a fundraiser at the home of New York Mayor Michael Bloomberg, who has contributed $500,000 to a third-party, pro-King ad campaign by the nonprofit group Americans Elect.

Oh, and about Bloomberg from a few days ago...

http://blog.bloomberg.com/2012-10-08/bloombergs-u-s-operations-awarded-windmade-label/

[John]

Angus King hits jackpot fundraising outside of Maine.

http://bangordailynews.com/2012/10/15/politics/elections/summers-picks-up-fundraising-pace-but-king-still-brought-in-double-the-money/

excerpt:

King’s fundraising report shows that trips he made to Washington, D.C., to raise campaign cash paid off. His contributors include a number of employees of the Podesta group, which held a July fundraiser for King. The report also shows a number of contributions from employees of the Washington, D.C., lobbying firm Patton Boggs, including former Louisiana Sen. John Breaux, a Democrat, and Patton Boggs chairman Thomas Hale Boggs.

On Tuesday, King will travel to New York City for a fundraiser at the home of New York Mayor Michael Bloomberg, who has contributed $500,000 to a third-party, pro-King ad campaign by the nonprofit group Americans Elect.

And this is why Bloomberg supports King...

Bloomberg gets Wind Made certification

http://blog.bloomberg.com/2012-10-08/bloombergs-u-s-operations-awarded-windmade-label/


Question? (rhetorical), Is Mayor Bloomberg a Maine resident? No. There is a lot more here going back to 2001.

[john]

Update on Bloomberg.

http://www.nytimes.com/2012/10/18/nyregion/bloomberg-forming-super-pac-to-influence-2012-races.html?_r=2&emc=eta1&

edit:

I will add this: ATLANTICA. Goes back to 2001 and has nothing to do with energy but both are involved.

[john]

Bloomberg/King update:

http://bangordailynews.com/2012/10/18/politics/summers-accepts-nras-endorsement-questions-king-on-gun-rights/

Note: I would like to sincerely thank the NRA for their quick response.

[john]

More on Bloomberg/King

http://www.breitbart.com/Breitbart-TV/2012/10/19/Maine-Race-Leahy

[snip]

Three Wall Street billionaires, Michael Bloomberg, Peter Ackerman, and John Burbank III, have funded Americans Elect, an organization that has spent more than $800,000 in the past three weeks in support of Independent Angus King's campaign for the office of Senator for the great state of Maine. King's opponent Republican candidate Charles Summers joined radio host Howie Carr along with the Breitbart reporter breaking this story Michael Patrick Leahy.



John Burbank:

http://www.businessweek.com/news/2012-06-05/burbank-bets-on-global-recession-with-subprime-conviction

[snip]

For Burbank, it’s reminiscent of 2006, when he bet big on a tumble in subprime mortgages, a wager that earned his fund 220 percent the following year.


Peter Ackerman: (from wikipedia and other sources)...

[snip]

From 1978 to 1990, Ackerman was Director of International Capital Markets at investment bank Drexel Burnham Lambert.[5] While at Drexel, Ackerman made more than $300 million working alongside 'Junk Bond King' Michael Milken, raising billions of dollars for junk-bond-fueled takeovers.[6] While criminal charges were never brought against Ackerman in Drexel's insider trading scandal, he paid a $73 million settlement in a civil case brought against him by the Federal Deposit Insurance Corporation and the Resolution Trust Corporation alleging misappropriation and diversion of investments.[7]

[john]

Now lets bring Michael Milken (Milken Institute) into the equation.

http://www.stopliberallies.com/the-gore-milken-connection-global-warming-junk-bonds-1606.html

[SKINFLINT]

Isn't Millken dead yet or is this the ghost of his cancerous man gland?

[john]

King of the Wind

http://wfb.zeek.com/king-of-the-wind/

[snip]

Former Maine governor and independent Senate candidate Angus King is an alternative energy entrepreneur who made the most of an electric-utility restructuring law that he signed during his governorship, while obtaining loan guarantees via the same program that loaned more than $500 million to the failed solar panel manufacturer Solyndra, records show.

The revelations add to growing concerns over King’s conduct both as an elected official and as a wind-energy entrepreneur.

According to a summer 1997 report prepared for the National Association of Regulatory Utility Commissioners, King signed into law a requirement that utilities generate at least 30 percent of their energy from renewable sources, including wind.

Such mandates are “creating intolerable crony relationships between the government and the energy companies that sock it to the ratepayer,” American Enterprise Institute energy policy expert Kenneth P. Green told the Free Beacon. “It’s advanced by revolving-door politicians and sold under the fact that it’s ‘green.’”

“Maine was the leader” in the national push to restructure state electricity industries and mandate investment in renewable energy, former Maine Democratic legislator Chris O’Neil, who was in the Maine legislature in 1997, told the Free Beacon.


Note: 1997-2001

[john]

Mayor Bloomies posh digs...

http://www.businessinsider.com/photos-mayor-bloombergs-townhouses-2011-9?op=1

[john]

Bloomberg strikes again

http://www.onlinesentinel.com/news/farm-reform-bloomberg-campaign-cash_2012-10-20.html

New York City Mayor Michael Bloomberg apparently isn't done advocating for former Gov. Angus King in Maine's Senate race.

The New York Times reported Wednesday that Bloomberg -- the billionaire founder of his self-named financial data services and media empire -- is creating a super PAC to funnel $10 million to $15 million into select campaigns across the country in the weeks before the election.

The paper lists King's campaign among them.

If so, this will be the third time that Bloomberg has put his name and his money behind King, an independent still regarded as the race leader. The mayor, also an independent, has already given $500,000 to Americans Elect, a nonprofit that plans to spend at least $1.7 million on independent ads intended to help King. Bloomberg also hosted a fundraiser for the candidate in New York on Tuesday.

Federal law prohibits both Americans Elect and Bloomberg's Independence USA PAC from collaborating with the King campaign. Critics of those laws point out, however, that the prohibition is almost impossible to enforce.