Europeans find their high cost sustainable energy policies are fiscally unsustainableFebruary 15, 2012
European nations have been leaders in developing “green energy” technologies, and European politicians were for years leaders in promoting policies that subsidized green energy in the belief that they could create economies of scale that would force prices to come down to levels competitive with fossil fuels. However, in the face of the ongoing financial crisis, governments are being forced to cancel their green energy subsidies and the true cost of these programs can no longer be hidden from consumers. Across the continent, sustainable energy programs are failing. This European approach, and in particular the “Spanish Model,” was the foundation of President Obama’s own energy policy. The failure of government backed green energy programs is playing out a bit differently on this side of the Atlantic, where it often plays out as cronyism and scandal.