Spain Selling Off Wind Farms

Wind-power-004

Remember when President Obama was touting Spain’s “green energy” policies as something worth emulating here in the United States?

Well Spain, where unemployment has hit rates as high as 20%, is now selling off their wind farms (via Million Dollar Way):

In its concerted effort to reduce debt and maintain investment grade credit rating, Iberdrola SA, the biggest utility firm in Spain, has decided to divest its French wind parks to a consortium of companies led by General Electric Company for about $529 million. The divested portfolio includes 32 wind parks with total installed capacity of 321.4 megawatts that are directly or indirectly controlled by Iberdrola Renovables France, the French subsidiary of the Spanish utility company.

The strategic move is aimed at reducing its huge debt burden, which has been consistently on the rise as the Spanish government failed to pay the bills for selling power at regulated prices due to the continued sovereign debt crisis. To add to its woes, Iberdrola presently has a dismal credit rating by S&P at just a notch above the ‘junk’ rating. With the asset sale likely to bring in additional liquidity, the company hopes to remain afloat at least for the time being, although some experts anticipate an imminent dividend cut.

I’ve got nothing against wind power per se. It’s only problem is that it doesn’t work. It’s expensive and unreliable, and only exists in the marketplace because of government subsidies.

Things that work don’t need to be subsidized.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • mikemc1970

    HAHAHAHAHAHAHA!

    Liberal/progressive/environmentalist economic policy is causing such fiscal malaise that it’s making their overpriced, inefficient electricity too expensive for even them to afford.

    • $8194357

      They won’t be able to afford milk
      to drink while eating their cake….

  • SigFan

    Another perfect example of liberalism/statism making bad decisions and then needing someone to come pay for their mistakes. The endless cycle of lefty lunacy continues.

  • jj

    Ah but the Government will subsidize the wind and tell us that we must do this to maintain a cheap energy policy. The fact that the subsidy should be added to the cost of the energy will not be considered, and why not since it has worked so well with the low cost food policy that we have. Another great liberal government program that adds to our quality of life while running the govt into bankruptcy.

  • Harlan Goerger

    If a project such as wind energy needs a boost to get started, a short term subsidy may give it a jump start, BUT at some time it has to be self sustaining or it becomes a burden to everyone, not an asset!! We need more assets providing $$$$ not dependency.

  • reggy

    By that logic, if I’m broke and need quick cash and decide to sell my car, you’d assume that the car is the problem. If their wind farms are so awful, how did they sell for half a billion?

  • $8194357

    So…
    This won’t make the MSM propaganda
    for the masses and even if it did?
    Old news already for them.

  • somebodysomewhere

    Green Energy is a small part of Obama’s master plan to take America down. It puts us in bigger financial ruin.

  • 11B40

    Ola !!!

    Mucho trabajo, mucho dinero, por nada.

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