Iberdrola #1 for receiving federal handouts = $2,172,641,752

Iberdrola is #1 and NextEra is #2.  This is no surprise to those of us who follow the BigWindustry. These companies are here to suck the blood from taxpayers, and what do they have to show for it? After almost 30 years of the Production Tax Credit, the entire Windustry produces less than 5% of our electricity nationwide. Do you believe that if Van Wert county knew this, the commissioners would have been as likely to grant Iberdrola the PILOT (payment in lieu of taxes) in their county?

Since 2000, the federal government has awarded $68 billion in grants and allocated tax credits, with fewer than 600 companies receiving two-thirds of the total. Six parent companies have received $1 billion or more;..

The company with the largest total, $2.2 billion, is not a household name in the United States. The Spanish electric utility Iberdrola has invested heav- ily in U.S. power generation facilities, especially renewables.

Many of the wind farms it acquired or built have taken advantage of a provision in the 2009 American Recovery and Reinvestment Act (Section 1603) that allows companies to receive cash pay- ments in lieu of tax credits for the installation of renewable energy properties.17 Section 1603 has awarded more than $23 billion to companies with U.S. and foreign parents.

 

NextEra Energy, the parent of Florida Power & Light and number two on the list, got about 90 percent of its grants from Section 1603

Iberdrola, the Spanish energy company that by vir- tue of its U.S. renewable energy properties became the largest recipient of federal grants and allocated tax credits, is far from the only foreign corporation that has gotten assistance from Uncle Sam.

The 50 parent companies receiving the most federal grants and allocated tax credits include 10 foreign- based firms: two each from Germany and Spain and one each from Australia, China, France, Israel, Japan and Portugal. Nearly all are energy companies….

 via: http://www.goodjobsfirst.org/sites/default/files/docs/pdf/UncleSamsFavoriteCorporations.pdf

BigWind subsidies are best when “double-dipped”

Below, you will read the phrase, “by error or design”. Very clever! Does this administration do anything by accident? Or this EPA? There is no doubt in our minds this delectable dessert was “by design”, along with the PILOT programs, carefully-worded leases, etc…..

Federally subsidized wind turbine and solar facility owners may be double-dipping federal subsidies, according to a report by a division of the Internal Revenue Service, and the taxing agency has no way of sorting out which companies may be doing so.

Owners of wind turbines that were subsidized under the American Recovery and Reinvestment Act (ARRA), also known as the federal Stimulus program, are ineligible for wind power tax credits for those turbines. The same goes for stimulus-funded solar facilities and the Investment Tax Credit. But the Internal Revenue Service currently has no way of determining which companies got stimulus subsidies, raising the possibility that wind and solar companies may be receiving tax credit payments for those ineligible turbines.

If that’s the case, then those companies could be engaging in a form of “double-dipping,” either by error or design, that brings them more federal subsidies than the projects warrant. And according to a report by the IRS Inspector General, more than half of the ARRA grant recipients examined merit closer audits as a result.

via IRS: Renewables Companies May Be Double-Dipping Federal Subsidies | Policy | ReWire | KCET.