In January, ex-Vice President Al Gore put his house in Arlington, Virginia, up for rent at a rate of $9,000 per month.
It is reported that Gore resides in a grand estate in Nashville, although he allegedly owns an impressive property in Montecito, California as well. According to a "Celebrity Real Estate" report, Gore has acquired several upscale homes nationwide, such as a 400-acre farm in Carthage, Tennessee, which became his residence during the COVID-19 pandemic. Realtor.com on January 27.
All of this can be attributed to climate change. Back in 2006, a documentary called "An Inconvenient Truth" featured Gore’s dramatic slideshow, which claimed that human-induced global warming was swiftly wreaking havoc on Earth. This endeavor earned Gore a Nobel Peace Prize, and the film managed to rake in $50 million at the box office, also securing two Oscars, one for Best Original Song.
Ever since, the ex-VP has been zipping across the planet's atmosphere aboard private planes, earning substantial sums from speaking engagements where he paints a grim picture of our future due to climate change before spellbound listeners who indulge in gourmet meals and an array of premium wines.
Climate change turned out to be the golden opportunity that supporters of solar and wind energy had long hoped for over many years without success. A book released in the early days of the Reagan presidency, entitled "Energy, Vulnerability and War," suggested replacing "foreign energy sources" with solar and wind power as a means to move significantly away from the current path towards potential nuclear catastrophe.
However, this wasn't daunting enough to surmount the significant expenses and poor dependability associated with solar and wind power. Additionally, it lacked an award for Best Original Song.
A quarter-century later, climate change delivered its impact. Gore’s striking visuals of raging storms and disappearing ice caps ignited a global movement leading to governmental policies promoting and supporting "green" energy through subsidies. An extensive network of novel economic entities emerged: certificates, credits, permits, along with "green" bonds, investment funds, and tax-equity opportunities. This was accompanied by brokers, dealers, and trading platforms—all thriving due to widespread panic over potential human extinction within twelve years should we not transition from fossil fuels to solar power, wind, and biogas.
On Monday, there was a blackout in Spain and Portugal. The outage occurred at 12:38 PM local time when approximately 78% of the electricity being used came from solar and wind sources.
On Monday afternoon, the head of Red Eléctrica, Spain’s grid operator, stated that the blackout resulted from "a very intense fluctuation within the electrical grid." This issue prompted the Spanish power system to "sever ties with the European network," subsequently causing "the breakdown of the Iberian electric network."
But on Monday evening, the prime minister of Spain declared, “What caused it is something that the experts have not yet established,” adding, “every possible cause is being investigated.”
This much is known already: between 12:30 and 12:35 p.m. on Monday, solar photovoltaic generation dropped by more than 50 percent, knocking out 60 percent of the electricity supplying demand in Spain in five seconds. “We will find out what happened in those five seconds,” the prime minister said.
Journalist and author Michael Shellenberger noted that only six days prior, Spain had marked the first-ever occurrence of their national grid running solely on "renewable energy" during a weekday. He stated that this widespread power outage wasn’t an unexpected incident but rather “the precise failure we’ve consistently cautioned policymakers about for years — a neglect that European leadership deliberately overlooked," as per his writings.
Shellenberger stated that since Spain’s power grid depended largely on solar panels, wind turbines, and inverters, it became susceptible to instability. In contrast, a conventional grid driven by "massive rotating equipment" like natural gas turbines, coal-fired stations, and nuclear reactors has the capability to withstand disturbances and abrupt shifts, similar to what occurred during those five seconds.
Let’s discuss California, where Monday's power outage ought to have jolted legislators awake as though they had been startled by the Spirit of Christmas Yetto Come.
California governors have already signed the death warrant for the state’s gas-powered electricity generation plants and its one remaining nuclear plant. Even some hydroelectric dams have been dismantled. State law says that by 2045, California will have 100% renewable electricity, defined as solar, wind and a handful of smaller green energy sources.
But every day and night, California relies on gas, hydro, nuclear and imported electricity. If we eliminate those sources by 2045, will we have to bring bottled water and emergency food on every elevator ride? Why do you suppose our public officials never discuss the risks of depending solely on renewables?
This might be a good time to look more deeply into the financial ecosystem of the green energy movement, and who is making a fortune from it.
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Revenue is generated through the sale of Renewable Energy Certificates, known as RECs or green tags, which represent one megawatt-hour of power produced from renewable sources. This additional revenue stream, alongside direct sales of electricity, comes about due to governmental regulations and support mechanisms. Similarly, carbon credits and allowances are created and exchanged, both directly and via secondary markets, providing profits for intermediaries. Additionally, there is significant potential in "green" bonds and various financial products that offer tax incentives or guaranteed customer bases.
All the money that is made in the green energy space comes primarily from two sources: taxpayers and ratepayers. How much of it is diverted to politicians to keep this going?
The bright side is, should the electricity go down in California, Al Gore has plenty of extra bedrooms for everyone.
Write Susan@SusanShelley.com and follow her on X @Susan_Shelley
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