"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman
Monday, January 30, 2012
Spain the first to scrap renewable subsidies
Economic reality has struck home in Spain where the power system borrowings have reached a staggering 24 billion euros last year. With a budget deficit of 8% of GDP Spain has to act quickly and is scrapping renewable subsidies for new projects although existing subsidies are untouched and will remain a continuing financial black hole for the government. Spain has gone from the poster-boy of renewable power to a bankrupt country staving off creditors in a very short time largely because of resources wasted on foolish green projects. It is now the face of the future for countries with similar green-addled politicians squandering their country's wealth on a mirage. Spain is only the first domino to fall with many more to come.