Wednesday, March 18, 2015

The wind in Maine blows mainly into Spain

Job creation, EPA style.
PORTLAND, Maine — The corporate subsidy watchdog agency Good Jobs First found Central Maine Power Co. parent company Iberdrola topped the list of all recipients of federal grants and tax credits, primarily in tax credits for its renewable energy developments.

Energy companies generally topped the list of grants, as the review by Good Jobs First included tax credits wind power companies can receive for each unit of electricity they produce...

John Carroll, spokesman for Iberdrola U.S.A., said that the $2.2 billion in federal grants and tax credits came to the company primarily through the massive American Recovery and Reinvestment Act.
Iberdrola is a Spanish company. TWT here.

Warren Buffett, of course, is also aware of this windfall
"I will do anything that is basically covered by the law to reduce Berkshire's tax rate," he said. "For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit."
To a capitalist, then, they don't make sense. Period.

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