Elon Musk Cons South Australia out of $50 million

Musk
Dario Cantatore/Getty

Whoever handles Elon Musk’s public relations deserves a medal.

The slippery snake oil salesman and rent-seeker extraordinaire has been down to South Australia – now reduced, pretty much, to a third world state under its disastrous left-wing administration – and conned the hapless locals out of $50 million to build them an all-but-useless giant battery to make up for the energy they have lost by blowing up their coal-fired power station and relying on wind power instead.

And how are the lickspittle media reporting this outrageous scam?

Why, thus:

Tesla Fulfilled Its 100-Day Australia Battery Bet. What’s That Mean for the Industry?

and thus:

Elon Musk wins bet, finishing massive battery installation in 100 days

and thus:

and thus:

Musk bet

Incredible $50 MILLION bet between Elon Musk and Australian Atlassian tech king pays off with Tesla building a giant solar battery in Adelaide

With a media as compliant and unquestioning as this, is it any wonder Tesla’s price is still about $300 higher than it should be and that governments continue to spend taxpayers’ billions bankrolling his quixotic schemes?

Let’s just have a quick reality check here, shall we?

Obvious Truth #1. This “bet” is #fakenews.

Read the rest at Breitbart.

Elon Musk, Solar Snake-Oil Salesman, Hits a New Mark…

elon musk
Dario Cantatore/Getty

My top financial advice for the week: #shortTesla.
Actually, this has been my top financial advice for some time. But it’s starting to look cannier and cannier as Elon Musk’s taxpayer-funded business empire begins to crumble and more and more people start to ask awkward questions like: “This solar snake oil you’re selling. How exactly does it work for anyone other than the guy who’s selling it?”

In Hong Kong they’ve already wised up to this. Tesla sales have plummeted to zero after the government removed the tax breaks.

People only buy impractical, expensive, virtue-signalling cars when heavily bribed by the government to do so. Who would have thought, eh?

But for Elon Musk likely the much bigger disaster just waiting to happen is the deal he has struck with the government of South Australia, promising to help resolve the state’s energy crisis by building the world’s largest grid-scale battery. The Independent reports:

South Australia has picked Tesla to install the world’s largest grid-scale battery, which would be paired with a wind farm provided by France’s Neoen, in a major test of the reliability of large-scale renewable energy use.

South Australia, the fifth-biggest state with a population of 1.7 million, has raced ahead of the rest of the country in turning to wind power. Its shutdown of coal-fired plants has led to outages across the eastern part of the nation, driving up energy prices.

The drawback to South Australia’s heavy reliance on renewables has been an inability to adequately store that energy, leading to vulnerabilities when the wind doesn’t blow.

Why Renewables Are Doomed and Fossil Fuels Are the Future

We’re on the verge of a new energy revolution. Except it’s the exact opposite of the one the “experts” at places like BP,  the International Energy Agency and – ahem – the Guardian are predicting.

For years we’ve been assured by politicians, energy industry specialists and green advocates that renewables such as wind and solar are getting more and more cost-competitive while dirty fossil fuels are so discredited and wrong and evil we’ll soon have to leave them in the ground.

But to believe this you’d have to believe in a world where Donald Trump and Brexit hadn’t happened; where taxpayers were still prepared to bankroll, ad infinitum, the expensive, inefficient, environmentally-damaging produce of favoured crony-capitalists; where no one had access on the internet to articles showing how the whole climate change industry is such a scam.

That world doesn’t exist.

This is why we need to take with a massive pinch of salt, for example, the latest BP Energy Outlook 2017 which claims that renewables are set to grow and grow over the next two decades:

Renewables in power are set to be the fastest growing source of energy – at 7.6% per year to 2035, more than quadrupling over the Outlook period. Renewables account for 40% of the growth in power generation, causing their share of global power to increase from 7% in 2015 to nearly 20% by 2035.

It’s why we should laugh to scorn articles like this one in Vox boasting about how the US solar industry employs more people than the US coal industry.

And why economics writers like the normally sensible Jeremy Warner do themselves no favours when they produce tosh like this in the op-ed columns of that once respectable newspaper The Daily Telegraph.

Read the rest at Breitbart.