The Question of Cape Wind Profits and Marsha Marsha Marsha!
Marsha Martha Coakley is an ick. The fact that she facilitated the election of Scott Brown by running a lousy senate campaign does not ameliorate her sins, which extend, most recently, to an excuse for illegal immigration
Technically, it’s not illegal to be illegal in Massachusetts
which rivals “I didn’t inhale” for hair-splitting lameness.
Having said that, I concede that she is not wrong to demand the disclosure of the profits anticipated from the Mass Cape Wind project.
Massachusetts Attorney General Martha Coakley is demanding that Cape Wind’s developers disclose cost and profit estimates for the energy project and is questioning whether power from the proposed Nantucket Sound wind farm would be a good deal for consumers.
Is this an anti-capitalist, anti-free market, anti-privacy stance on the part of someone (me) who is pro-capitalism and prefers that Big Brother butt out of everyone’s business? Certainly, that last describes Cape Wind’s reaction to the AG’s request.
Cape Wind’s developers are fighting Coakley’s demand, saying they believe their cost estimates are proprietary and should be kept confidential.
Unfortunately, they have no basis upon which to make this assertion. The Nantucket wind farm is not a capitalist or free market project, nor are any of Cape Wind’s projects in the area. They have secured a government mandate that compels everyone to pay a lot more for the electricity generated by these turbines. This makes them government projects; therefore, privacy is not a factor.
We can take this a little further. One of the reasons that profits are paid is because the investor takes a risk with his capital. He’s gambling that the project will be a success and that he will secure the return of his investment and then some. Profits are in part the reward for that gamble. But if he calculates wrong, he loses his money.
Yet, theoretically, there is no risk with the Cape Wind project. The return has been guaranteed by an overly intrusive government (mistakenly attempting to alleviate a phenomenon that has been linked weakly, if at all, to the generation of electricity through fossil fuels … but that’s a secondary matter here).
So, disclosure of profits. Yes, minimally. A larger question arises, however. In light of the absence of risk attached to this project, plus the government mandates which make it, effectively, a government operation, why should Cape Wind make any profits at all?
A spokeman for the company points out that the AG’s demand
could have a chilling effect on companies investing in clean energy projects in Massachusetts going forward.
Respectfully, sir, those of us who face the prospect of paying three or four times market rate for electricity while watching ever more businesses flee the area to escape pointless expenses such as this sure hope it does.