November 28, 2015

Inconvenient timing: On eve of Paris Climate Conference, Spain's Abengoa Solar goes bankrupt

Ezra LevantRebel Commander

All the fancy people are about to hop on jets and fly to the Paris Climate Conference so they can express how much they don’t like things like, uh, jet fuel.

And one of the things we’re going to hear is how we need to be more like Europeans when it comes to green energy.

Here's one headline:

"Spain Got 47 Percent Of Its Electricity From Renewables In March”

There's more:

"People visit the Santa Coloma cemetery, outside Barcelona, Spain,  The city council has installed 462 solar panels on top of the grave niches."

Gross, right?

But they’re all getting rich off it! Abengoa, one of Spain’s wealthiest companies, has solar plants all around the world.

Yeah, why can’t we be more like them?

Except today, this is the number one news item in Spain: Abengoa is bankrupt.

Nine billion Euros in debt — that’s about $14 billion. 27,000 employees.

The largest bankruptcy in Spanish history.

And because Spain has amongst the highest power prices in Europe — about triple what we pay here in Canada -- driven out a lot of manufacturing.

Do you know what the unemployment rate is in Spain now? 22%. And that’s the lowest it’s been in years.

So, yeah, Spain. That’s you’re role model.

Especially for Ontario’s Kathleen Wynne -- and now Alberta’s Rachel Notley...


Rachel Notley's Alberta NDP just announced a $3 billion a year carbon tax.
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commented 2015-12-19 12:12:32 -0500
Andrew Stephenson- There is help for you to get off the glue
commented 2015-11-30 22:30:17 -0500
Ontario???… That’s the kind of logic that turned Greece into the basket case it is…
commented 2015-11-30 21:59:52 -0500
“What happens to Canada when there are no more “have” provinces left? "

Not possible. “Have” vs “Have not” is defined relative to the average. By necessity, you need to have some provinces above average, thus there will always be haves. We have no reason to see Alberta’s position drop so much to become have-not, its per capita GDP is close to twice the Canadian average. What happens if Alberta drops 20%, and Sask and NL both drop 10%? Alberta and Sask. remain “haves”. Newfoundland drops pretty close to the cutoff and may become “have not”. BC strengthens its “have” status, and Ontario moves back into “have” territory as the average drops.

A year from now we will still have four have provinces; Alberta, BC, Saskatchewan, and Ontario.
commented 2015-11-30 18:04:06 -0500
John Whale we will soon find out.
commented 2015-11-30 15:02:19 -0500
What happens to Canada when there are no more “have” provinces left?
commented 2015-11-30 14:16:21 -0500
I think it is a mixture of true believer do gooders, stubborn governments too scared to get off the train, and those on the gravy train. Al Gore has made millions off his carbon trading companies.
commented 2015-11-30 11:37:28 -0500
Look, we all know both objective evidence and fact-based research proves the climate crisis, AGW and the solutions put forward are a total fraud. It isn’t about science it’s about politics – the politics of control and crony capitalism.

None of these very costly solutions have the slightest hope of effecting climate 1/100th of a degree – make them prove these laws will “demonstrably” impact climate change significantly. If they can’t (and we know they can’t) they have no constitutional authority to create such frivolous detrimental laws.

Put them on notice!
commented 2015-11-30 11:15:45 -0500
It’s 100% apropos that the Pope believes in man-made global warming; he is a man of faith after all.
commented 2015-11-30 09:35:08 -0500
This Pope is much too political, and I for one don’t like that he is sticking his nose so deep into the political realm. He should focus on God’ word, not involving himself in this hoax against the world.
commented 2015-11-30 09:13:16 -0500
The Pope believes in climate change so should you. The Pope also believes in immaculate conception. These beliefs are similar in that neither is based on science and both have billions of believers. The former promises a better life, the later a better afterlife. Lots of money and power are involved.
commented 2015-11-30 08:30:52 -0500
I feel sorry for all the young virgins that are going to be thrown into the craters of active volcanoes by these politicians. After all , we all know that you can control the climate by sacrificing young virgins like the ancient Polynesians did. But I guess if we can just prevent just one tornado or hurricane from forming , it’s worth the effort.
commented 2015-11-30 08:21:56 -0500
When will this be on C.B.C.???
commented 2015-11-29 12:36:10 -0500
Peter Netterville said: “Someone is just going to have to invent a matter/antimatter reactor! :o)” Well, apparently the technology exists. Problem is such a device cannot be built on earth due to the aforementioned matter/antimatter properties. Even something in close orbit to earth would be risky. It’s worth noting Star Trek was envisioned in the 23rd century when such reactors were fairly commonplace. In any case, lefties would oppose it as it take away some of their control over society, and we can’t have that happening can we?! That’s if Islam doesn’t drag us all back into the 7th century first………………….!
commented 2015-11-29 12:25:15 -0500
Never fear. Rich lefties are still getting their “entitlements” despite what happens to the common folk!
commented 2015-11-29 10:10:26 -0500
Well one bright ray of sunshine – Maurice Strong is dead – may he rot in hell and may Soros join him – sooner the better.
commented 2015-11-29 07:50:40 -0500
That’s the lefts goal to shut down all industry and throw the human race back to the dark ages.
commented 2015-11-29 07:46:10 -0500
Latest on BBC : Iran seeks 30 BILLION $ of oil contracts, and Trudeau/Wynne shuts down Canadian oil industry? What gives?
commented 2015-11-29 04:06:46 -0500
No David Marshall, It is not “mismanagement of a business” that makes it bad, but that the fact that the fundamental theory is bogus… Until solar conversion technology is somehow improved above the 15 to 16 per cent “laboratory optimum” level, it will continue to be a taxpayer subsidized scam…Ditto for present day battery technology to supposedly even out “off peak-hour” demands… The best batteries are the silver-cadmium cells used to drive our Westinghouse class military torpedoes.. Horribly expensive, and the cadmium is as nearly nasty as the mercury in your “twisty” light bulbs…
commented 2015-11-29 02:29:46 -0500
In closely related good news, Mo Strong is no longer producing carbon dioxide and despoiling our potentially green energy paradise/utopia. That he died just as the Paris scamster conference begins is quite touching. Thank you God.

The only problem with the Abengoa bankruptcy is that the taxpayers, rent seekers, and assorted hangers on may be cleaned out, but some oligarch with lots of money and pull could wind up with the asset at a fire sale price and work it into the ground, then say farewell. Or worst case scenario, government takeover.
commented 2015-11-29 00:07:20 -0500
Hey Andrew – any proof there are Cdn`s working on that project, and if so, they will in FACT lose their jobs? Or if they did, that they wouldn’t be replaced up by other Cdn’s? No, I didn’t think so. Lefty’s like you read into things what you want, leap to conclusions of convenience. Sorry, but that stupid psychology doesn’t work here! Try the Huff Post perhaps, you should get lots of thumbs up over there!
commented 2015-11-28 23:46:37 -0500
“Below is a list of green energy companies that went bankrupt just in the US alone. This list is taken from Robert Hewgill’s list below. I think this is a bis worse than the mismanagement of just a busines”

If you read through the case studies, the stories are basically the same as any junior miner or biotech who have an idea but can’t execute on it – dozens of such companies fail in Canada alone every year – although the one in your list that was a small company that bought a coal plant and never ran it clearly was poor management. I’d be fascinated if anybody has ever bothered to quantify the success rate of junior utilities vs junior miners.
commented 2015-11-28 23:40:05 -0500
We should point out that this company is building the lines connecting Muskrat Falls, one of the biggest hydroelectric projects in Canada, to the main grid. This bankruptcy will probably cost more Canadians their jobs than that silly little coal plant in Alberta you got so upset about the other day. Yet, this time you celebrate hard working Canadians losing their jobs? The solar plant is a tiny part of their operations, Abengoa is a general industrial conglomerate with many interests, and nearly 21,000 employees.

Congratulations, though. Your hypocrisy is astounding.
commented 2015-11-28 20:57:02 -0500
Economic ramifications aside, the most egregious sin of “green power” is that even the most advanced modern wind turbines (In fact, precisely because they’re so advanced), are energy-negative. What I mean is that your average wind farm will produce less energy than it took to make it (energy output < energy input). This becomes clear when you think about all the energy it took to mine and refine the steel and other raw materials (for example, the magnets), to build the complex parts, to ship them to the construction site, to assemble them, maintain them.

Any large scale investment in wind power is energy negative, and is only possible because we have other sources of energy. A 100% wind system would be unsustainable, each generation of turbines would necessarily be smaller than the last because the system produces no surplus energy. Perhaps this was the point all along…
commented 2015-11-28 20:47:42 -0500
And higher…….
commented 2015-11-28 20:47:27 -0500
And higher…..
commented 2015-11-28 20:46:38 -0500
Green power – of any type cannot be sustained without heavy tax subsidies – it ireally is that simple.

Ontario has the highest rates in all of North America and is losing money at an unsustainable rate.

So – get ready to pay – taxes are going up – which means your basics will follow – food, clothing and shelter will be priced even higher
commented 2015-11-28 19:38:27 -0500
If Alberta and Ontario are 5 or 10 years down the road to 30% wind power by 2030, can the process be stopped? Or is the public locked into 50 year contracts for wind power?
commented 2015-11-28 18:05:11 -0500
Bankrupt on the eve of the Paris CC. Talk about their Inconvenient Truth! Love it! I really wish someone would make
Crichton’s State of Fear into a movie. It just might help to wake up those blindly following this scam being perpetrated on the human race.
commented 2015-11-28 17:38:17 -0500
We live in an area close to the windmill projects that Ontario has undertaken ( should I say undertaker?). Usually, when one sees development on a large scale, it infers some economic progress, some grand scheme that will bring wealth to those living in the country, and certainly nearby. Although some farmers are profiting from this (good for them) it has brought little economic well being for those living nearby. The main point, however, is that all of the money for this grand scheme comes out of our pockets; from higher energy costs, to industries closing, to further government debt. All this for about 2% extra hydro (should I say hydra).
commented 2015-11-28 17:25:07 -0500
Paul Taalman «(until of course he realized that all this was nonsense and a tax payer funded scam)….»
Except that it isn’t “taxpayer-funded” — all of Prime Minister Gerald Butts’ additional spending is funded by borrowed money. That’s the gift that keeps on taking!