U.S. Senate Hopeful Angus King Lamely Defends the $102 million Loan he Finagled with the Yale University Endowment

Wind farm loan wasn't a mistake, King says

The U.S. Senate candidate rebuts GOP claims that a federal loan for Record Hill in Roxbury was too risky an investment.

By Jonathan Riskind jriskind@mainetoday.com
Washington Bureau Chief

http://www.pressherald.com/news/wind-farm-loan-wasnt-a-mistake-king...

Here's a reader comment found with this article that is quite telling:

"There is no taxpayer concern at all." - Gardiner

The FERC report for the fourth quarter of 2011 shows Record Hill Wind was paid an average "energy" price of $32 per megawatt hour of power generated. To repay their DOE guaranteed loan of $1.5 million per quarter the project will need a minimum of $48 per megawatt hour. Moving from the high wind months of winter and spring into the low wind months of summer and fall (one third decline based on other Maine wind projects) Record Hill Wind is going to have a severe cash flow crunch going forward.

Record Hill Wind's financial viability is not a question of if but when given the trend in wholesale market rates for electricity. Angus King is not walking away from his deal "as a senator tied financially to an energy company" but because he is a supporter and beneficiary of bad policies.

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Comment by Penny Melko on April 1, 2012 at 8:05pm

Yale University is one of the richest universities in the entire world, doesn't pay one cent of property tax, putting extensive tax increases on the people in a very poor county, according to a commentary on KPFK, the Democracy Now non-profit station, earlier this week. Your property owners pay for all local service that are free to Yale, like police, fire, ambulance and and the rest of the local service paid through annual property taxes. Yet, they have the audacity to give corporate welfare to a wind farm. What losers! 

By the way, I live in the Tehachapi Pass and we're about to initiate a recall on our local District Supervisor who has zero loyalty to the district he swore to protect.

Comment by Bob Sousa on April 1, 2012 at 2:05pm

And why would this surprise anyone that has actually done a little research. Angus King has been in it for what he can syphon off from the beginning

 

Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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