Pirate's Cove

I’m unclear why they are called loans, when the money is rarely repaid. These are handouts, for which Biden was giving them to friendly companies, with little expectation of results, and virtually no oversight

Energy Chief Says US Won’t Move Forward With With Billions in Biden-Era Loans

Energy Secretary Chris Wright said his agency doesn’t plan to move forward with billions of dollars worth of Biden-era loans as the Trump administration reviews the department’s $400 billion-strong green bank.

Wright, speaking during a Bloomberg Television interview Friday, criticized former President Joe Biden’s administration for issuing billions of dollars in loans and grants between the time President Donald Trump was elected and inauguration day.

“We’ve got a lot of reasons to be worried and suspicious about that,” Wright said in response to a question about the department’s loan program. “Some of these loans will go forward, some of it, it’s too late to change course. A lot of them won’t go forward, but that’s a very careful review process that we’ve just put in place and just got a team to execute on.”

The department recently started a review of its Loan Programs Office, which has financed nearly $70 billion in energy projects and made more than $41.2 billion in conditional commitments that haven’t been finalized. The latter include $1.46 billion to biofuel maker Gevo Inc. and $4.4 billion for a high-voltage transmission line project spanning Kansas to Missouri.

In my mind, one of the major things they should be doing is auditing the “loans” and grants. Let’s see how the money was spent. What were the results? Were the projects completed or on their way to completion? How much money went to the projects and how much into people’s pockets? Are the projects sustainable, or, just simply being done on a whim, and will soon collapse generally putting money in people’s pockets)? Does anyone remember Solyndra, and all the other failed projects from Obama’s green slush fund? How about

Interesting

(AIE) “It” was the Ivanpah solar power project in the California Mojave Desert, and it was none of those things. Beginning operations in early 2014 to thunderous applause from all of the usual suspects—left-wing environmentalists, ideologues opposed to fossil fuels and modern economies, crony capitalists, federal bureaucrats, journalists credulous and lazy, and politicians eager to cut ribbons—it was a monstrosity combining huge costs, huge subsidies, huge environmental damage, and justifications hugely spurious. It never achieved its advertised electricity production goals even remotely, even as the excuses flowed like wine, as did the taxpayer bailouts.

And now, despite all the subventions, it is shutting down about 15 years early as a monument to green fantasies financed with Other People’s Money, inflicted upon electricity ratepayers in California denied options to escape the madness engendered by “climate” hysteria supported by no actual evidence.

The performance was so bad that PG&E, not exactly known as a carefully operating entity (lots of wildfires started due to negligence), terminated the contract. So, it’s closing 15 years early. And will soon be rusting in the desert.

Anyhow, now we wait for Democrat friendly judge to demand the Trump DOE spend the money willy nilly.