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Oil No, Wind Yes
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<blockquote data-quote="Veteran" data-source="post: 2956598" data-attributes="member: 118038"><p>Just for purposes of education though I realize you guys just want to have fun......and yes the government is likely to destroy Social Security.</p><p></p><p>When 3rd party escrow is set up under and independent trustee,</p><p>neither the developer or the county govt. has any access to that acct. The trustee, many times a bank is instructed the money can only be used to fund decommissioning of that wind farm, no other. The developer if he wants to sell the windfarm, has to have the buyer post identical replacement security as a condition of sale. If the developer goes bankrupt, the lenders have step in rights. If there is no responsible party, in 18 months, the decommissioning is triggered, ie, the trustee orders the wind farm dismantled and funds it.</p><p></p><p>Now for oil and gas, various state agencies oversee plugging and abandonment. This is funded either by taxpayers or by the pooling of industry fees and taxes if a company goes bankrupt or abandons an old well.</p><p></p><p>I suppose the nuclear regulatory commission and the federal govt. and the state public utility commissions have some similar responsibilities for nukes funded by taxpayers and rate payers.</p><p></p><p>It all gets handled. And there is always a cost for clean up and protecting the environment no matter the technology.</p><p></p><p>I dare say, these abandonment and clean up funds in various industries are much safer than </p><p>Social Security.</p></blockquote><p></p>
[QUOTE="Veteran, post: 2956598, member: 118038"] Just for purposes of education though I realize you guys just want to have fun......and yes the government is likely to destroy Social Security. When 3rd party escrow is set up under and independent trustee, neither the developer or the county govt. has any access to that acct. The trustee, many times a bank is instructed the money can only be used to fund decommissioning of that wind farm, no other. The developer if he wants to sell the windfarm, has to have the buyer post identical replacement security as a condition of sale. If the developer goes bankrupt, the lenders have step in rights. If there is no responsible party, in 18 months, the decommissioning is triggered, ie, the trustee orders the wind farm dismantled and funds it. Now for oil and gas, various state agencies oversee plugging and abandonment. This is funded either by taxpayers or by the pooling of industry fees and taxes if a company goes bankrupt or abandons an old well. I suppose the nuclear regulatory commission and the federal govt. and the state public utility commissions have some similar responsibilities for nukes funded by taxpayers and rate payers. It all gets handled. And there is always a cost for clean up and protecting the environment no matter the technology. I dare say, these abandonment and clean up funds in various industries are much safer than Social Security. [/QUOTE]
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