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Authored by Mike Shedlock via MishTalk.com,

It currently costs NY about $36 per MWH for energy. But the state demanded wind. Let’s discuss the amazing bottom line results.

So Much for So Little

The Wall Street Journal asks Why Is New York Paying So Much for Wind Power?

EIA Says Wind is Not Economical

Let’s pause right there because wind is absurd by any measure.

The cost of wind is $131 per MWH without credits and $101 with $30 in tax credits according to the EIA.

A handout of $30 is an 83 percent subsidy (30/36) and the deal still is still nearly 100% per MWH in the red, losing $35 per MWH over the cost of buying energy at market rates.

A Sweetheart Deal

The deal (thank you team Biden and New York), will pay $155 and $146 per megawatt-hour, respectively to Empire Wind 1 and Sunrise Wind.

The owner-operators of the two farms—Equinor for Empire and Orsted for Sunrise—are two of the top five global wind-farm investors and operators. Equinor is Norway’s state oil company, while Orsted previously was Denmark’s.

With a break even cost of $101 (thanks to subsidies), Equinor will make $54 per MWH and Orsted will make a mere $45 per MWH on something whose total cost should be $36 per MWH.

The Journal calculates Equinor and Orsted (foreign corporations) will each receive a total subsidy of more than $3 billion courtesy of U.S. taxpayers.

The Journal asks “Did New York sign an agreement that allows large wind-farm operators to earn unreasonably high after-tax profits at the expense of its residents?”

I believe the math speaks for itself.

Not only will New Yorkers pay over four times the going rate for energy, the US will send $3 billion to foreign companies to do so.

Congrats team Biden and New York State.

Another Green Energy Company Declares Bankruptcy

Meanwhile, Another Green Energy Company Declares Bankruptcy, Thank Biden’s Tariffs

And in case you missed it Ford Loses $132,000 on Each EV Produced, Good News, EV Sales Down 20 Percent