Costs of wind production tax credits to more than double
Christine McDaniel | Mar 8, 2023 | forbes.com |
"The Costs Of Wind Production Tax Credits Provided In The IRA"
Last year’s Inflation Reduction Act (IRA) was widely greeted as a landmark federal effort on clean energy and climate change. The Congressional Budget Office’s herculean task of scoring this massive piece of legislation that zoomed through Congress in an omnibus spending package was no small feat. But more recent data indicate the subsidies are going to cost more than what Congress was told before passing the legislation.
The formulas to subsidize the production of electric vehicle battery cells and modules are already proving to be even more expensive – potentially far more – than estimates provided to Congress at the time of passage in August. Last month, I demonstrated that the purported $30.6 billion 10-year production tax credits to the manufacturers of EV battery cells and modules were on track to have an actual budget impact of at least $43.7 billion and potentially as much as $196.5 billion over the decade.
My latest analysis shows the Congressional Budget Office’s 10-year estimate of 11.2 billion dollars for wind energy production credits – paid for putting wind-generated kilowatts into the grid – may not reflect the genuine cost, either. My own projections show that the price tag at a minimum will be more than double at $24.3 billion.
Continue reading at:
https://www.wind-watch.org/news/2023/03/09/costs-of-wind-production...
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Comment
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Comment by Willem Post on March 13, 2023 at 9:22am
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Europe’s Van der Leyden was in the White House to have the law changed so that battery pack supply chains sourced in Europe would be get subsidies, the same as those sourced in the US
When I read that I just could not believe the U.S. would be that stupid.
The bill was sold to the public as a U.S. job creator, but now we learn Europe wants the bill changed so it becomes a U.S. subsidized, EU job creator.
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Comment by Dan McKay on March 13, 2023 at 6:14am
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The federal government is driving us into energy poverty.
The State government is driving us into energy poverty.
Get local governments to start taxing these projects.
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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