Deepwater, in Summary

OSPRI’s Bill Felkner has an excellent summary of Rhode Island’s adventures in mandated expensive wind power in the Daily Caller:

President Obama recently proposed spending $2 billion for the creation of 5100 green jobs. On government standards, that’s a very thrifty $392,156 per job — a bargain compared to the $2.2 million being proposed in Rhode Island and other coastal states where the only windy, rent-free space to build windmills is on the ocean. …
The developers claim that the state would gain $129 million through a “multiplier” effect from the money “invested,” but the CEO of the company could only testify that the project would create six permanent jobs.

The project may or may not be a fait accompli, at this point, but anybody in search of a silver lining could perhaps start a betting pool about the likelihood that Rhode Islanders will correctly recognize the source of future economic pain and, if they do, about the scapegoats that the culpable parties will find.

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13 years ago

Anyone supporting the actions taken by the politicians in RI to finance Deepwater’s experiment needs to be grilled on what was in it for them. Typical old school RI, someone in a private company with a private monetary interest had or developed a connection to one (or more) RI politician(s) and so walks away with Rhode Islanders’ money. This time not tax dollars, but money from the ratepayers – still a sure thing.
If there was going to be this kind of subsidy granted by the Governor and GA on the backs of RI’s ratepayers, they could have at least had the decency to put it out to bid so that RI could get the shortest amount of hosing.
I wonder how much Governor Carcieri will be paying for his electricity in Florida when the businesses have left for better states in which to do business and supply jobs, RI’ers are reading by candles in their tents under bridges and Deepwater or whoever ends up with this power contract comes online?

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