Ken Haapala, Executive Vice President of the Science and Environmental Policy Project, writes:
[S]ome commentators have suggested that after the election a lame duck Congress will pass some version of cap and tax. The Wall Street Journal suggests that it may be a Renewable Portfolio Standard (RPS) which would require utilities to obtain mandatory percentages of their total electricity from renewable generating sources such as solar and wind. Until practical electricity storage is commercially available at a reasonable cost, solar and wind generated electricity is sub-prime energy. Even with government subsidies, the sub-prime energy market will eventually implode as did the sub-prime mortgage market that was driven by government dictates. An implosion of the sub-prime energy market may have greater destructive economic consequences.
I will say it one more time: you cannot create wealth by subsidizing the inefficient production of energy.