Inconvenient timing: On eve of Paris Climate Conference, Spain’s Abengoa Solar goes bankrupt
EZRA LEVANT REBEL COMMANDER
All the fancy people are about to hop on jets and fly to the Paris Climate Conference so they can express how much they don’t like things like, uh, jet fuel.
And one of the things we’re going to hear is how we need to be more like Europeans when it comes to green energy.
Here’s one headline:
“Spain Got 47 Percent Of Its Electricity From Renewables In March”
“People visit the Santa Coloma cemetery, outside Barcelona, Spain, The city council has installed 462 solar panels on top of the grave niches.”
But they’re all getting rich off it! Abengoa, one of Spain’s wealthiest companies, has solar plants all around the world.
Yeah, why can’t we be more like them?
Except today, this is the number one news item in Spain: Abengoa is bankrupt.
Nine billion Euros in debt — that’s about $14 billion. 27,000 employees.
The largest bankruptcy in Spanish history.
And because Spain has amongst the highest power prices in Europe — about triple what we pay here in Canada — driven out a lot of manufacturing.
Do you know what the unemployment rate is in Spain now? 22%. And that’s the lowest it’s been in years.
So, yeah, Spain. That’s you’re role model.
Especially for Ontario’s Kathleen Wynne — and now Alberta’s Rachel Notley…