First it was Solyndra, then came Beacon Power Corp., now we learn of a third federally subsidized green energy company declaring bankruptcy last week. Ener 1 was awarded $118.5 million from the Energy Department through the 2009 Stimulus Bill and has filed for bankruptcy just one year later. The total taxpayer dollars that have vaporized for these three failed ventures is close to $700 million. In addition, The New York Times reports that Nevada Geothermal Power, another recipient of millions in DOE loan guarantees, is struggling financially: Its auditor reported last week that he has “significant doubt about the company’s ability to continue as a going concern.” Nevada Geothermal received a DOE loan guarantee of $79 million, plus at least $66 million in grants. Now isn’t this a hoot, we come to find out that a $737 million contract was awarded to Solar Reserve, a company in which Nancy Pelosi’s brother in-law is an investor as well as George Keiser, who was the biggest investor in Solyndra.
Now what does all this have to do with Congressman Israel. Well Israel is the Co-chair and founder of the Sustainable Energy and Environment Caucus in Congress which was created to advance policies that promote clean energy technology innovation and domestic manufacturing, develop renewable energy resources, create green collar jobs throughout the product supply-chain, help arrest global warming and protect our nation’s clean air, water and natural environment.
Congressman Israel’s official bio states “Israel is considered a leader on U.S. energy security, reducing our national dependence on foreign oil, lowering energy costs, and creating an innovative clean technology economy. His key energy accomplishments successfully leading opposition to the former Bush Administration’s budget cuts for energy efficiency and renewable energy; successfully funding the Advanced Research Projects Agency for Energy” (ARPA). ARPA is the agency which funded Solyndra and the aforementioned failed green energy ventures and Israel co-sponsored the bill that created this agency (HR 3220). Not only did Israel supply the funds for these failed ventures, he sponsored HR 3836 to authorize the Secretary of Energy to provide credit support to enhance the availability of private financing for clean energy technology deployment, i.e. loan guarantees.
Once the democrats took over the House of Representatives, Congress Israel began a spending orgy on so called “green” energy technology. He plundered billions of hard earned taxpayer money sponsoring or co-sponsoring legislation for such projects as solar villages in the third world (HR 2878) green energy research cooperation with china (HR 2312), establishment of the Emerging Clean Energy Technology Venture Capital Fund at DOE (HR 2809), cash for clunkers (HR 520), to name a few of the more egregious bills.
Congressman Israel, it seems you never met a green program that you didn’t like. How many more Solyndra’s do we need before you realize that you are abusing the taxpaper with your reckless spending on unproven technologies that the private sector is not willing to spend money on. The country is broke and you are in large measure to blame with your plundering of the public treasury to appease the radical environmental lobby. If “green” energy is so great, why don’t you quit your job and start a “green” company. Then, when the company goes belly up like all the others, you can stand in front a bankruptcy judge where you will be forced to admit that pouring money into “green” technology was not a good business decision. Yes, Mr Israel, there is NO Santa Claus and we the people are sick of the billions wasted on your “green” utopian vision.