China: The Biggest Loser in Green Energy?
This article is cross-posted to Al Fin Energy blog
China is losing a lot of money on solar -- even more than Obama lost betting on the intermittent unreliable form of energy!
Unfortunately for the Chinese people, solar companies in China are devastating the landscape with toxic waste on a monumental scale.
And more than half of China's installed wind power lies fallow -- disconnected from the power grid! Imagine all the wasted resources, just to be able to claim a large installed wind power base.
But knowledge of the grand green charade of China's wind and solar industries has not reduced the fervour of US green political activists such as Barack Obama or Senator Harry Reid of Nevada. In fact, Senator Reid is indulging in a grand corrupt and nepotistic scheme in his home state of Nevada, involving a public lands give-away to a Chinese solar company and an associated US company involving his own son!
Of course this type of insider political deal is not unusual for either Nevada - style or Chicago - style political operators.
Energy Producer Land Requirements
China's grand scheme of infrastructure buildup -- including green infrastructure -- is proving to be something of a big bomb. China has been spending money hand over fist, stalling for time in hope that its big export customers -- Europe and North America -- would pull out of their economic doldrums, and start to buy Chinese products on a grand scale, once again.
China is getting a bit desperate, and cannot help but be relieved every time a foreign sucker -- in Germany, the US, Australia ect. -- gets sucked into another green energy scam.
Yes, China is poisoning itself to build and sell intermittent unreliable products such as big wind and big solar energy generation equipment. But if foreign devils like Harry Reid, Barack Obama, Angela Merkel, etc. are stupid enough to buy this junk at high prices, why not? It's not as if China's people can do anything about it.
China is losing a lot of money on solar -- even more than Obama lost betting on the intermittent unreliable form of energy!
China’s top ten photovoltaic makers have accumulated a combined debt of 17.5 billion U.S. dollars so far, leading the whole industry to the brink of bankruptcy, data from U.S. investment agency Maxim Group showed.Goodness. That’s 35 Solyndras!
LDK Solar, the world’s second-largest maker of solar wafers, and Suntech Power, the world’s largest solar panels producer, are the mostly likely to be headed for bankruptcy, Maxim noted. LDK reported a net profit loss of 1.08 billion yuan in the first half of this year, with a total liability of 26.7 billion yuan, about 88 percent of its total assets. 2.42 billion yuan of debts will come due in 2013, compared with a cash pile of only 830 million yuan. With its debt-to-equity ratio at 7.4, the Jiangxi-based LDK has already been in insolvency based on corporate accounting standards in the Europe and the United States, according to Maxim. A bankruptcy filing or restructuring could be needed for LDK, it added. _Reason
Unfortunately for the Chinese people, solar companies in China are devastating the landscape with toxic waste on a monumental scale.
And more than half of China's installed wind power lies fallow -- disconnected from the power grid! Imagine all the wasted resources, just to be able to claim a large installed wind power base.
But knowledge of the grand green charade of China's wind and solar industries has not reduced the fervour of US green political activists such as Barack Obama or Senator Harry Reid of Nevada. In fact, Senator Reid is indulging in a grand corrupt and nepotistic scheme in his home state of Nevada, involving a public lands give-away to a Chinese solar company and an associated US company involving his own son!
Of course this type of insider political deal is not unusual for either Nevada - style or Chicago - style political operators.
China's grand scheme of infrastructure buildup -- including green infrastructure -- is proving to be something of a big bomb. China has been spending money hand over fist, stalling for time in hope that its big export customers -- Europe and North America -- would pull out of their economic doldrums, and start to buy Chinese products on a grand scale, once again.
China is getting a bit desperate, and cannot help but be relieved every time a foreign sucker -- in Germany, the US, Australia ect. -- gets sucked into another green energy scam.
Yes, China is poisoning itself to build and sell intermittent unreliable products such as big wind and big solar energy generation equipment. But if foreign devils like Harry Reid, Barack Obama, Angela Merkel, etc. are stupid enough to buy this junk at high prices, why not? It's not as if China's people can do anything about it.
Labels: China, faux environmentalism, Obama, solar energy, wind
posted by al fin at 8:47 am
2 Comments:
But Tom Friedman says the Chinese have got it all together and are so forward looking. The luddites of the American right-wing are "allowing" China to take the lead on this crucial aspect of the global energy future. For Pete's sake are you trying to tell me the Oracle of the NYT is wrong? Oh the humanity. Say it isn't so.
I read that the Chinese Government are bankrolling their renewable energy companies with vast subsidies, undermining the Western dominance of the green market. Didn't Solar Canada recently file a challenge against the Chinese for incurring losses on purpose to affect the market?
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