Wind power in New Zealand

Another green energy company about to collapse?

Green energy companies around the world are dogs, mostly they require the industry they are in or themselves to be heavily subsidised by the government.

In the US there have been spectacular failures like Solyndra, which had the backing of President Obama.

Here in New Zealand another green energy company is failing, and this one had, or still has former Green co-leader Jeanette Fitzsimons as a shareholder…which in and of itself is interesting because she was front and centre in axing a water project int eh South Island and pushed instead wind technology…which she held shares in.

The auditor of New Zealand’s only turbine maker Windflow Technology says it has not received enough information from the company to form a view on whether it is a going concern.

Auditors from accountancy firm KPMG said in Windflow’s annual report 2014 that there were “multiple uncertainties” for the Christchurch company in the future.

And there was a limit to obtaining audit evidence about the outcome of future events.

But as far as it appeared from the examination of Windflow’s records, proper accounting records had been kept, KPMG said

Windflow’s directors continue to prepare accounts on a going concern basis but acknowledge “a significant element of uncertainty” over the company’s future in the annual report.   Read more »

Green innovation policy is really crony capitalism in drag [UPDATED]

A reader emails about the Green’s so-called innovation policy:

Dear Cam,

I have had a quick look through the Green Party’s “Smart Innovation” document, and am beginning to think that it is anything BUT smart.

I was curious to see how the Greens plan to invest our tax dollars resulting in job creation and growth in the NZ economy, so I did some research on Blueskin Energy – one of the two “promising startups” listed in their document.

Blueskin Energy is an initiative run by the “Blueskin Resilient Communities Trust (BRCT)” to bring wind powered electricity generation to Blueskin Bay, north of Dunedin.   The largest settlement is Waitati which has a population of approximately 500 people.

According to their website a “crazy idea” was suggested in 2006, and now they are planning to find $5 – $6 million dollars to build 3 or 4 wind turbines to power their local community.

Can someone from the Greens please explain how this creates jobs, innovation and growth in our economy?

Aside from the issue of absolutely no local jobs being created, economic growth or innovative new ideas being fostered, there is also something else to take note of:  Read more »