In particular, two aspects of the project critical for success have actually gone backwards: the decisions of Congress to eliminate funding for the Department of Energy’s loan guarantee program applicable to offshore wind, and the failure to extend the Federal Investment and Production Tax Credits for offshore wind which expire at the end of 2012 and which have rendered the Delaware project both unfinanceable and financially untenable for the present.
So, the project is not economical without government loan guarantees and tax credits.
In other news, we learn that the US Navy is buying jet fuel at $16/gal, four times the usual cost, in order to buy it from bio-fuel supplier Solazyme. Also involved with Solazyme is Dynamic Fuels, which is a joint venture between Tyson Foods and Syntroleum to turn chicken waste into fuel. This jet fuel is part of the Navy's program to develop the "Great Green Fleet", the Navy's plan to deploy a fleet fueled entirely by biofuels by 2016.
Who thinks this stuff up?
1 comment:
People who don't understand what fracking means for the state of our oil and natural gas supply and/or think the petroleum industry is inherently evil and must be destroyed at all costs:)
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