Spain can’t afford to subsidize all those “green” jobs anymore:
Dead broke Spain can’t afford to prop up renewables anymore. The Spanish government is cutting the numbers of hours in a day it’s prepared to pay for “clean” energy.
Estimates put the investment in solar energy in Spain at €18bn — but the investment was predicated, as it is with all flakey renewables, on taxpayer subsidies. With the country’s finances in ruins, making sacrifices for the Earth Goddess Gaia is an option Spain can no longer afford. Incredibly, Spain pays more in subsidies for renewables than the total cost of energy production for the country. It leaves industry with bills 17 per cent higher than the EU average.
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“Sustainability” has been the magic word that extracted large sums of public subsidy that couldn’t otherwise have been rationally justified using traditional cost/benefit measures. Spain paid 11 times more for “green” energy than it did for fossil fuels. The public makes up the difference. The renewables bandwagon is like a hopeless football team that finishes bottom of the league each year — but claims it’s too special ever to be relegated.
Of course, the lesson won’t be learned by other countries or regions . . . Ontario recently signed on to a similar kind of deal with Samsung. But Ontario taxpayers are getting a bargain: the jobs being created under this scheme will only cost $303,472, compared with the eye-watering $774,000 the Spanish jobs cost.
