Put not your faith in politically-subsidized energy projects:
The [Deval] Patrick [D, MA] administration’s $113 million New Bedford marine terminal, built as a Cape Wind construction staging area, has become a taxpayer-funded boondoggle now that the controversial offshore wind farm project is virtually dead in the water.
The South Coast Marine Commerce Terminal, which is still under construction and sits empty, is also running $10 million over budget and months behind schedule.
Baker administration officials are trying to lease out the terminal, but they now expect to fetch a lower return on the taxpayers’ investment after executives behind Cape Wind pulled out of a two-year deal to rent the 28-acre facility for $4.5 million.
Cape Wind, for those who are unaware, was a typical Big Green project designed to toss a bunch of wind turbines off of the coast of Massachusetts: it is dying now, partially because the turbines would have gotten in the way of rich people’s view of the water and partially because the industry apparently still can’t survive without government subsidies. Since it’s pretty clear that the GOP has no real interest in renewing past Congressional largess, there has been a lot of, ah, readjustments in just how smart an investment wind power actually is. Should be fascinating to see how this plays out.
In the meantime, of course, poor Governor Charlie Baker (R, MA) has to figure out how to fix Gov. Patrick’s mistake. Par for the course, these days: Democrats get to do the fiscal polluting, Republicans get to do the cleaning up. Ach, well, that’s what you have to when you’re the party that has all the grown-ups.
Moe Lane (crosspost)