Why is Wind a SCAM? ---Remember, First Wind makes its money by hedging REC's, NOT by producing Electrons!
http://www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/14597/SEC-F...
Projects Not Obligated to Physically Deliver Electricity
First Wind has entered into, and, after the First Wind Acquisition, we may enter into, financial swaps or other hedging arrangements. We may also acquire additional assets with similar hedging arrangements in the future. Under the terms of First Wind’s existing financial swaps, the projects are not obligated to physically deliver or purchase electricity. Instead, they receive payments for specified quantities of electricity based on a fixed-price and are obligated to pay the counterparty the market price for the same quantities of electricity. These financial swaps cover quantities of electricity that First Wind estimates are highly likely to be produced. As a result, gains or losses under the financial swaps are designed to be offset by decreases or increases in a project’s revenues from spot sales of electricity in liquid ISO markets. However, the actual amount of electricity a project generates from operations may be materially different from First Wind’s estimates for a variety of reasons, including variable wind conditions and wind turbine availability. If a project does not generate the volume of electricity covered by the associated swap contract, we could incur significant losses if electricity prices in the market rise substantially above the fixed-price provided for in the swap. If a project generates more electricity than is contracted in the swap, the excess production will not be hedged and the related revenues will be exposed to market-price fluctuations.
We sometimes seek to sell forward a portion of our Renewable Energy Certificates(RECs) or other environmental attributes to fix the revenues from those attributes and hedge against future declines in prices of RECs or other environmental attributes. If our projects do not generate the amount of electricity required to earn the RECs or other environmental attributes sold forward or if for any reason the electricity we generate does not produce RECs or other environmental attributes for a particular state, we may be required to make up the shortfall of RECs or other environmental attributes through purchases on the open market or make payments of liquidated damages. Further, current market conditions may limit our ability to hedge sufficient volumes of our anticipated RECs or other environmental attributes, leaving us exposed to the risk of falling prices for RECs…. (p45)
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Comment
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Comment by Thinklike A. Mountain on February 10, 2015 at 10:30am
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When you look at your electricity bill, thank NRCM.
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Comment by Dan McKay on February 10, 2015 at 9:56am
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Wind companies know they can influence wholesale market prices when load is low as it is in the early morning hours between midnight and 5 am. They can actually bid their output at a negative price, which, by market rules guarantee their output reaches the grid and pushes out other generators who haven't the PTC and REC subsidies and must bid positive.
If wind sells it's output to a utility at a fixed positive price, it receives this positive price from the utility upon production and pays the utility the wholesale market price which they have been able to manipulate.
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Comment by alice mckay barnett on February 10, 2015 at 9:25am
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makeup short fall through purchases on open market?
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Augusta, the Feds and the wind pros have collaborated to form a public policy that has turned a basic necessity market into a Wall Street Dream. Who will get bailed-out when the end arrives ? And who will bail them out ?
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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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/
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