Can renewables save the economy? History says, No
October 13, 2020
Canada’s federal government–deep in debt from policy decisions and now the COVID-19 pandemic–has pointed toward a focus on renewable energy as a way to “build back better” and strengthen the economy.
But will it work?
Wind Concerns Ontario took a look at what government incentives did in Ontario, when the McGuinty government had the same goal in 2009. Their aim was to make up for the devastating losses in the auto industry by fostering a new one: Ontario would become a world leader in green energy and benefit from a chain of economic endeavors from manufacturing wind and solar power components to generating “clean” “green” power.
The vision was to help “fledgling” companies grow and thrive.
Research on the companies that actually participated in the early days of wind power development in Ontario shows they were hardly “fledglings”. Names like Samsung, Enbridge, Suncor, SunEdison and more indicate, as the Wind Concerns Ontario report shows, companies from around the world flocked to Ontario to take advantage of lucrative, above-market contract rates. And then, many of them left. Today, much of the province’s wind power capacity is held by pension and investment funds who bought into the high yields from the rich contracts.
Prosperity for all? No. Ontario now has a new catch phrase: “energy poverty” as it watched manufacturing businesses hit the road for locations with more advantageous electricity rates.
Read the Wind Concerns Ontario report here Wind Power Development and Ownership Ontario-October-2020