World Now In Texas-Sized Energy Fiasco?

Wasn’t “A Texas-Sized Energy Fiasco” inevitable as alt-energy subsidies endangered state’s power grid & fossil fuel subsidies were needed to cover the pols’ a****? Ask EU gurus also discovering cold reality of transitioning to green too fast …

As the WSJ editors noted with irony but not a whiff of humor: “What a mess. Renewable subsidies have distorted & destabilized the Texas electric grid, which resulted in a week-long power outage during the February 2021 freeze. To prevent more blackouts, Republicans in the Lone Star State now plan to subsidize gas power plants. The Texas Senate last week passed putative energy reforms to ‘level the playing field,’ as Lt. Gov. Dan Patrick put it. Texans will now spend tens of billions of dollars to bolster natural-gas plants that provide reliable power but can’t make money because of competition from subsidized renewable energy.” And, no thanks to the Dems’ “Inflation Reduction Act,” which supposedly provided $391 billion in even more fed subsidies but is now estimated by many experts as more than double that. If so, other “states may have to subsidize backup power generation to keep the lights on … California [for example} couldn’t have done it better.”

Not unimportantly, WSJ says in an earlier op ed, EU policy-makers & energy companies alike are also scrambling in various ways to put the brakes on their own energy transition programs after “for years overestimating the pace at which renewable energy such as solar & wind can supplant fossil fuels …” Jason Bordoff, director of Columbia U’s Center on Global Energy Policy is not alone in now pointing to “forecasts suggesting oil demand will keep rising,” not decelerating, in the foreseeable future. Can any of these folks read, i.e., all the forecasts that their forecasts were BS?

Davd Soul