The Renewable Energy Industrial (RENiXX) Index is a stock index specialising in measuring the performance of the world´s 30 largest companies in the renewable energy industry
The index shows that these 30 companies (VC’s or “vampire companies”) have lost over 90% of their value since 2008. Here are some of them that have already filed bankruptcy, or are circling the drain right now. Many of these companies were financed directly by taxpayers. The rest were nourished and propped through colossal government subsidies:-
Filed for Bankruptcy: Solyndra, Beacon, PowerEner1, Range Fuels, Solar Trust of America, Spectrawatt, Evergreen Solar, Eastern Energy, Unisolar, Bright Automotive, Energy Conversion Devices, Sovello, Siag, Solon, Q-Cells, Mountain Plaza.
Heading down the gurgler; Abound Solar, A123 Systems, Brightsource Energy, Fisker Automotive, First Solar, Nevada Geothermal, SunPower, Nordex, The Bard Group, Amonix, NRG Energy, Alterra Power, Enel Green Power, Sunpower Corp.
But wait, who is this who comes bringing fresh blood to drink? Why it is the Archangel Gillard, with ten thousand million Australian dollars to hand out.
Who to?
Basically to the companies of Germany and Japan and China lying in their coffins right now. All they have to do to qualify for Australian taxpayers’ money is to promise that the parts of the equipment they manufacture will be first sourced from Australian companies.
Since most of the parts that make the windmills or solar panels ‘work’ are patented and held by subsidiaries, Australian companies will be lucky if they get the contract for the handles on the sides of the solar panels.
Life will then pulsate through the walking dead companies until the 10 Billion is spent and back they go into the dark unless some other idiot government taxes the arse off its citizens to provide more blood.
Then they will flap off leaving behind parts and equipment to be sold at auction taking the biggest chunk of the ten billion that Gillard is gouging to follow her dream of sustaining the renewable energy fairy tale.
At this very minute Spanish renewable-energy companies that once got Europe’s biggest subsidies are deserting the nation after the government shut off aid, pushing project developers and equipment-makers to work abroad or perish. The unemployment level is nearly 25%.
Kiss ten thousand million dollars goodbye, Australia.
It’s not a new story, as Henry Lawson wrote over 120 years ago.
They come to learn us cricket in the days of long ago,
An’ Hanlan come from Canada to learn us how to row,
An’ ‘doctors’ come from ’Frisco just to learn us how to skite,
An’ ‘pugs’ from all the lands on earth to learn us how to fight;
An’ when they go, as like or not, we find we’re taken in,
They’ve left behind no larnin’—but they’ve carried off our tin.
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Ten billion $$$ is chicken shit compared to the 10% of the carbon tax revenue which the Gillard government have pledged will go every year to grease the wheels of the United Nations. That’s money out of the pocket of every Australian every time you buy something that used coal or gas for the energy to make it which is virtually everything including your tap water, that money goes to the UN and for what, to pay for the UN to set up their socialist dream of a central world government, to allow the UN choosen ones to live an opulent lifestyle until the day they die, to not do anything to stop the carnage in Syria other than to watch, to prop up the corrupt governments of third world countries, to pay for the crooks at the IPCC, or to pay for the waste of time climate change conferences where all the UN delegates fly first class, have plush accommodation with hookers laid on to whoop it up and achieve nothing? Yep that’s where your carbon tax dollars are going.
Oh, if only we had retrospective laws that made politicians and prime ministers in particular, personally responsible for the criminal waste perpetrated by them while they were in office.
That’s what dreams are made of.
Todays Tim Blair “Chinese photovoltaics leader LDK Solar is headed for bankruptcy according to industry observers within China, due to its immense debt burden and a global downturn in the solar energy market.
This is a dramatic turnaround for LDK, which until recently was a leader in the Chinese solar energy sector, and whose 37 year-old chairman Peng Xiaofeng was once feted as an industry wunderkind. ”
It might interest readers that I had one of those new fangled light bulbs blowup the other day destroying the holder. Would be interested in any one else having the same experience.
Nanny,
Interesting info about the Chinese PV industry leader but I am more interested in your report of the new fangled lamp ‘blowing up’ as you put it. I have had similar experiences but it’s the electronics board in the socket of the lamp that smokes & pops and often trips the earth leakage breaker but ‘blows up’ is extreme. Was it the glass lamp envelope or the base that blew up?
I don’t care about light bulbs blowing up, I already live in the dark. I just wish Julia the Red ( no, not her hair colour) would blow up. How illuminating would that be?
BTW, flushing ten billion down the crapper never to be seen again is not “bailing” out, It’s theft, as it’s us that it’s being thieved from.
Would somebody PLEASE save us and the country!
about 180 years ago there was a North American Indian Princess who
like Gillard, had a vision of better life, just like Gillard. She convinced her to pack their dwellings and burn their corn, Just like Gillard and other convinced Australians to fund solar and give BILLIONS to crazy schemes in other lands. The harsh North American Winter came and they had no food or shelter, just like what is happening here. no money.
The tribes people thought that the best thing to do was to kill the North American Indian Princess.
And so they did.
Didn’t do ‘em any good though. Most died that winter.
Vale populi Australis.
I guess the North American Indian Princess went to the metaphoric Happy Hunting Ground. Gillard will go to the real one on her Prime Ministers Pension.
Vale populi Australis. SUCKERS !!!