|Portugal Blames Green Energy for Obama Recession|
|by Tom McGregor||Thu, Jun 21, 2012, 06:39 PM|
The government of Portugal had been one of the strongest supporters of President Barack Obama’s Green Energy Plan. They even transformed the entire national economy to finance former Vice President Al Gore’s alternative energy companies.
Yet, the strategy turned into a nightmare as its economy stands on the brink of bankruptcy and in desperate need of bailout funds.
The BBC News reports that, “Portugal is a world leader in renewable energy. More than half its energy comes from wind, solar and hydro-power. But as the country struggles through a record recession will their sustainability drive ground to a halt?”
As the year 2011 was coming to an end, Portugal’s entire energy needs were met through renewable sources. It held the the world’s biggest solar farm, Europe’s largest wind farm and comprehensive hydro-electric dam infrastructure.”
“But,” according to the BBC News, “the country already has more renewable energy than it can use. There are hours during the night when the amount of electricity generated by renewable sources exceeds demand, so the surplus goes to waste.”
Accordingly, the Portuguese government must slash subsidies for electric vehicles – and domestic solar panels.
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