It's hard to get information on Nevada Geothermal Power. The company itself is publicizing an "annual and special" meeting of shareholder on July 24. However, the Washington Times (see Chuck Neubauer's article) and The Hill have reported that it is on the ropes.
The darling of Sen. Harry Reid, Majority Leader, NGP received $98 million from federal taxpayers in the hopes of creating lots of energy and jobs. Today, it seems its stock is down to four cents. Yesterday it was two cents, so at least there is an upward trend.
According to Rep. Jim Jordon ((R-Ohio), chairman of a subcommittee of the House Oversight and Regulatory Reform subcommittee, "The company was in danger of defaulting on its financial obligation, and the (Department of Energy's) assistance served as a de facto bailout." But, "After receiving a taxpayer-backed $98.5 million loan guarantee, the company is still struggling."
Green commentators suggest it should be given some more support.
Maybe everyone in Nevada should be required to buy stock in the company, and those who fail to do so should pay a "penalty". That would be constitutional, since it could be considered a "tax". Any way, you pay.
