"Jay has always said failure is to be expected," said his spokeswoman, Jaime Smith.
In Case You Missed It…
Over the weekend, Susan Kelleher of the Seattle Times, highlighted the troubles with many of the companies in Jay Inslee’s book, Apollo’s Fire, and the problems with using taxpayer subsidies to pick winners and losers in the marketplace. Inslee has been stressing his book, in both his campaign ads and on the campaign trail, as the road map for the future. Kelleher's story exposes the weak justifications of Inslee’s favorite companies after years of failure.
As highlighted in the story:
Imperium Renewables – Down to 46 employees from 120; cancelled plans for expansion.
SunPower – (After losing over 90% of its value) Hopes to break even this year
Gamesa – Admits it can’t stay afloat without federal subsidies. (to note: even with the Production Tax Credit, Gamesa’s stock price has been steadily plummeting; today Gamesa’s stock is trading at $2.15 a share.)
Kelleher goes on to point out that “Given the recession, the failure rate among startups, and the inherent volatility of energy markets, experts say they would expect a fair number of renewable companies to fail, even those that received substantial taxpayer support.”
Additionally, Kelleher reports that “In one section, Inslee waxes evangelically for three pages about billionaire investor Vinod Khosla's plans to mass-produce cellulosic ethanol….Khosla's company eventually received about$82 million in state and federal subsidies during the Bush administration to build a cellulosic ethanol plant in Georgia, The Atlanta Journal Constitution reported. But the plant never produced a drop of ethanol for commercial sale, and the company went bankrupt last year, the newspaper said.”
Scott Sklar (president of The Stella Group) wraps up the article well when he says “…You create the environment that has depth and breadth that these companies can play out in the marketplace." Aka subsidize them and then force people, through quotas and mandates, to purchase their products.
This is Jay Inslee’s economy - billionaires like Khosa enrich themselves on taxpayer subsidies and when they fail, we pay the price, not them. But "Jay has always said failure is to be expected," said his spokeswoman, Jaime Smith.” So it’s all okay.
The GOP has taken Democratic gubernatorial candidate Jay Inslee to task for promoting the green energy industry as a way to bolster the state's economy, claiming many such companies are failing or teetering. But some of the companies the GOP cites are surviving in a difficult economy.
By Susan Kelleher
Seattle Times staff reporter
Jay Inslee, the Democratic candidate for governor, has been touting a book he co-wrote on renewable energy as he makes a case for a jobs plan that he says will put Washingtonians back to work in the field of "clean energy."
The 2008 book, "Apollo's Fire," spells out Inslee's vision for an energy "revolution," offering examples of the kinds of companies and technologies that Inslee said could create jobs and help the U.S. produce more of its own energy.
The Washington State Republican Party has mocked the book, ridiculing its low ranking on Amazon's best-seller list, and spotlighting what it describes as the failure of some of the companies Inslee mentions.
To read the full article, click here.