Shades of Solyndra

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DAILY ENERGY NEWS | 12/20/2023

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Only the beginning...

Gateway Pundit (12/19/23) reports: "A green energy company that received millions of dollars from the Biden Regime is failing. Shares of SunPower, a California-based residential solar company, plunged on Monday as the company warned it may not survive. Shares of SunPower Corporation (SPWR) are falling over 35% Monday morning after a recent regulatory filing showed the company felt there was 'substantial doubts' about whether or not it could continue to operate. In addition, the company breached a key term in a credit agreement that could prompt lenders to recall certain loans. Yahoo Finance reported. SunPower received millions of dollars from the Biden Regime over the past year. 'Last summer the Department of Energy (DOE) gave it a $6.7 million grant and earlier this year it received a $1.4 million contract from the National Aeronautics and Space Administration (NASA). This week SunPower shares are down sharply following a Securities and Exchange Commission (SEC) filing warning of “substantial doubt” about its ability to continue operating.' Judicial Watch reported. Recall that SunPower received taxpayer money during the Obama years. Obama spent at least $39 billion a year on his green energy projects, according to the Institute for Energy Research."

"Global CO2 emissions are just that: global. We cannot solve the climate challenge by banning gas stoves and prematurely shuttering the valuable coal plants that help keep our electric grid reliable and resilient."

–Robert Bryce, Substack

Paging Dr. Calzada...

Reuters (12/19/23) reports: "The share of electricity generated in Spain from renewable sources rose to 50.8% in 2023 from 42.2% a year earlier as the country moves towards its decarbonisation goals, Energy Minister Teresa Ribera said on Tuesday. 'We still have to add energy storage and offshore wind farms,' she said in a video posted on the social media platform X, formerly known as Twitter. 'There are many things that are still pending, but our contribution to the transformation of the European system is obvious.' With its sunny plains, fast-flowing rivers and wind-swept hillsides, Spain seeks to raise the share of renewables to four-fifths by 2030, according to a draft government plan issued in June. Companies from across the globe have been investing in the country to build the infrastructure that should help it reach that goal."

Runnin' on empty...

Wall Street Journal (12/19/23) reports: "Electric-vehicle startups were flying high just a few years ago. Now many are focused on survival. At least 18 EV and battery startups that went public in recent years were at risk of running out of cash by the end of 2024 as of their most recent filings, according to a Wall Street Journal analysis. They include companies such as Nikola and Fisker, which attracted investors with bold promises to transform the industry and fight climate change with their electric trucks and SUVs."

Welfare for the wealthy.

Reason (12/15/23) blog: "In late November, Tesla Motors delivered the first 10 Cybertrucks to customers, over four years after it was first unveiled as a concept prototype and two years after it was originally supposed to begin production. The odd, angular electric vehicle with a stainless steel exterior attempts to marry Tesla-style sports car performance with the rugged function of a pickup truck. The Wall Street Journal characterized it as "a giant, steel triangle on wheels." Depending on options, the Cybertruck can achieve 600–845 horsepower and cost between $60,000–$100,000—clearly making it a luxury purchase and not for the shopper on a budget. So why, then, do some models qualify for federal tax credits? As part of President Joe Biden's pledge to transition the U.S. to greener sources of energy, the 2022 Inflation Reduction Act (IRA) established $7,500 tax credits for purchases of electric vehicles (E.V.s). 'Working families will be able to use tax credits that make electric vehicles more affordable,' brags the White House's Clean Energy webpage. 'Purchasing an electric vehicle (EV) can save families thousands of dollars on fuel costs over the life of their car.' But according to FuelEconomy.gov, maintained by the U.S. Department of Energy, the Cybertruck can qualify for the tax credits as well."

Energy Markets

WTI Crude Oil: ↑ $74.71
Natural Gas: ↓ $2.46
Gasoline: ↓ $3.09

Diesel: ↑ $4.02
Heating Oil: ↑ $270.84
Brent Crude Oil: ↑ $80.02
US Rig Count: ↓ 658

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