The High Cost Of and Market Distortion's From Corporate Renewable Energy Subsidies (Guest: Angela Erickson)
Angela Erickson exposes the fact wind energy companies have have received more than $19 billion in subsidies through the single program of the Production Tax Credit over the past decade, and billions more through other programs.
15 large politically connected companies have received more than 75% of the $19 billion in production tax credit subsidies helping some multi-billion companies pay no income taxes at all. These subsidies are expected to top an additional $48 billion before then finally phase out in 2029. They also cost taxpayers and ratepayers who pay higher prices for electricity from high cost wind farms that often operate when the price for electricity is actually negative, and other sources of electric power have cut back production. Author Angela Erickson says Congress should end all subsidies for energy production allowing companies to compete freely in the market place based on the price and quality (reliability) of their product.