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Sun is Setting on Solar Energy

By Tom Borelli:

Market forces are turning President Obama’s dream of a renewable energy into a nightmare.

BrightSource Energy, a thermal power solar company, canceled its initial public offering (IPO) at the last minute. Despite the backing of venture capitalists, loans from the government and deals with corporations, the company feared it could not find enough investors for the new stock. According to the New York Times:

As a result, the stock prices of even leading companies are down sharply. Shares of First Solar, for example, are down 93 percent from their 2008 high, closing at $22 on Thursday. Shares of Suntech have dropped 96 percent from their 2007 peak, closing at $2.80 on Thursday. The I.P.O.’s of two alternative energy companies have run into trouble, and the American subsidiaries of Solar Millennium, a German solar thermal power company that is in insolvency proceedings, recently filed for bankruptcy protection.

“It’s an election year, there’s policy risk, these stocks have been serial underperformers,” said Chris Kettenmann, an analyst at Miller Tabak. “The industry pulse that we are hearing is accelerated consolidation.”

And it may get worse before it gets better.

The spectacular failure of solar company stocks and BrightSource’s canceled IPO shows market forces are more powerful than Obama’s command and control energy policy.

Read the entire story here.

Deneen Borelli

Deneen Borelli is the author of Blacklash: How Obama and the Left are Driving Americans to the Government Plantation. Deneen is a contributor with Newsmax Broadcasting. She is a former Fox News contributor and has appeared regularly on “Hannity,” “Fox & Friends,” “Your World with Neil Cavuto,” and “America’s Newsroom.” She has also appeared on Fox Business Network programs “Making Money with Charles Payne,” “The Evening Edit with Liz MacDonald,” and “Cavuto: Coast to Coast.” Previously, Deneen appeared on MSNBC, CNN, the BBC and C-SPAN. In addition to television, Deneen co-hosted radio programs on the SiriusXM Patriot channel with her husband Tom. Recently, Deneen co-hosted the Reigniting Liberty podcast with Tom. Deneen is a frequent speaker at political events, including the FreedomWorks 9.12.2009 March on D.C. which drew a crowd estimated at over 800,000 people. Deneen is also an Ambassador with, a social media platform that promotes free speech, and with the America First Policy Institute (AFPI) which advances policies that put Americans first. Deneen testified before the U.S. House of Representatives Committee on Natural Resources in May 2011 and before the Ohio House Public Utilities Committee in December 2011. Previously, Deneen was a host, Outreach Director with overseeing its outreach program, a Project 21 Senior Fellow, and Manager of Media Relations with the Congress of Racial Equality (CORE). Prior to joining CORE, Deneen worked at Philip Morris USA for 20 years. During her corporate career at Philip Morris she worked in various positions, her last as Project Management Coordinator in the Information Management department where she was responsible for the department’s mandated quality processes, communications, sales information and database management. Deneen began her Philip Morris career as a secretary and advanced to positions of increasing responsibilities. Deneen worked full-time and attended classes at night for 11 years to earn her B.A. in Managerial Marketing from Pace University, New York City. Deneen served on the Board of Trustees with The Opportunity Charter School in Harlem, New York. She appeared in educational videos for children, worked as a runway fashion model, and auditioned for television commercials. Her interests include ancient history, pistol target shooting, photography, and volunteering at her church. Deneen currently resides in Connecticut with her husband Tom.

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