| Of course it is. These things were designed to maximize the rack-off for favoured hangers-on, not to accomplish whatever wonderful thing the suckers were promised they would be getting. |
[Daily Mail, where America gets its news] A $2.2 billion Obama–backed power plant in the California desert which taxpayers helped fund could now cost Americans even more in electricity to keep it running.
The Ivanpah Solar Power Plant, a sprawling 3,500–acre facility in the Mojave Desert near the California–Nevada border, was built with federal support during the stimulus push under Barack Obama's first administration.
The power plant was meant to help revive the American economy after the 2008 financial crisis, while also expanding renewable energy.
It features about 350,000 computer-controlled mirrors to go alongside three imposing 459-foot towers. The sun's power heats water in the towers' boilers and make steam, which then creates electricity.
Between $730 million and $780 million of a $1.6 billion government–backed loan tied to the project remained unpaid, according to federal data cited by Fox News Digital.
The US Treasury also provided a $539 million grant for the project, which covered roughly 30 percent of construction costs.
Both the Trump and Biden administrations have looked at shutting the plant down because of how it supposedly underperforms relative to its cost, but California regulators have blocked those efforts.
If the plant is closed, taxpayers could be left on the hook for hundreds of millions in losses tied to the loan. But if it remains open, consumers could face about $100 million more in annual electricity costs compared to newer technologies.
| Heads you lose, tails you still lose. But the associated Friends of Obama win regardless, so that’s ok, right? |
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