Friday, February 01, 2013

Not Chu


Department of Energy loans programs a failure? No, they are a "remarkable" success. Politico's Morning Energy reports: "Former DOE loan program Executive Director Jonathan Silver, who stepped down last year, is making a rare public appearance to talk about the program. "While not every investment will succeed, the portfolio is in good shape. The funds represented by investments that have failed represent less than 3 percent of the total portfolio. This is a record the private sector would consider remarkable, but is particularly impressive for a portfolio of technologically innovative projects being built at a commercials scale for the first time anywhere. The expected loss on the Abound transaction, which we are here to discuss today, represents less than four one-thousandths of 1 percent of the total financings."

The DOE did an excellent job. Solyndra doesn't represent a failure of the DOE's program, it represents a failure of the media to point out that some Republicans love to blow little things out of proportion for partisan purposes only.

Thank you for your service Dr Chu. Good work in a tough time.