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Green Energy Greed

Recorded on November 13, 2011

From The Heritage Foundation, I'm Ernest Istook.

There's a lot of greed in the green energy agenda. The Solyndra scandal is only the tip of the iceberg. The New York Times reports it's a gold rush for billions of dollars in subsidies that guarantee huge profits to politically-connected companies, at the expense of taxpayers and electric ratepayers.

We're providing billions to create expensive electricity from alternative sources, power that normally nobody would buy because it costs too much. So laws are passed to compel utilities to buy that power—meaning jacked-up electric bills for consumers.

The subsidies almost guarantee big profits for whoever gets them. About 90 percent of the subsidies go to companies that end up with little or no risk—they get the profits, and the taxpayers are stuck with the losses.

What's worse, the green energy companies are lobbying even now to be given billions more out of taxpayers' pockets.

From The Heritage Foundation, I'm Ernest Istook.