End The "Green New Scam" Loan Machine

 by André Béliveau via RealClearEnergy,

The U.S. Department of Energy’s Loan Programs Office (LPO) was created to help advance clean-energy infrastructure and technologies that allegedly had the potential to be adequate energy resources but struggled to secure private investment. With discussions underway about staffing and budget changes, defenders of the climate-centric status quo in energy policy rushed to preserve it, claiming LPO is essential for energy dominance and manufacturing growth.

In reality, LPO is a taxpayer-backed ATM for unreliable energy technologies and infrastructure that can’t compete without federal funding.

Before the end of his presidency, Joe Biden squeezed in $25 billion in LPO loans for various green energy projects, attempting to undercut President Donald Trump’s energy plans. Advocates will claim these loans and others supported critical infrastructure such as battery storage, transmission upgrades, and flexible demand response. However, these investments primarily offset the deficiencies of intermittent energy sources like wind and solar. Rather than strengthening a reliable grid, such investments introduce arbitrary costs to accommodate unreliable generation.

While making notable and worthwhile investments in reliable nuclear technology, LPO has overwhelmingly become a central gear in the “green new scam” machinery: a system built on subsidies and climate ideology, not competition or energy realism.

The problem isn’t just taxpayer waste. It also distorts energy markets and destroys grid reliability.

LPO’s funding of intermittent energy sources and the Inflation Reduction Act’s green subsidies have wreaked havoc on how our grid operators and energy markets balance affordability in power-generation planning. These sources don't operate on the same terms as traditional baseload or dispatchable generation. Instead, they rely on favorable regulatory treatment and financial backstopping from taxpayers. That imbalance leads to capacity shortfalls, distorted price signals, and reliability risks that compound over time.

These green energy schemes disconnect energy policies from the reality that American families and businesses need abundant, affordable, and reliable power—not experiments based on luxury beliefs. 

This is particularly damaging in electricity markets like PJM, which serves Pennsylvania, Maryland, Virginia, Washington, D.C., and most mid-Atlantic states. Regional transmission organizations like PJM reward performance and reliability through transparent price competition. However, when LPO-backed intermittent projects bypass those dynamics through guaranteed government financing and special regulatory treatment, the result is suppressed prices for reliable generators and disincentives for investment in reliable energy capacity. Over time, this pattern erodes the reliability that energy-rich states like Pennsylvania have long delivered.

With vast natural resources and a reliable power-generation mix that makes it the top electricity exporter in the nation, Pennsylvania should be a pillar of American energy dominance. It is the country's second-largest natural gas producer. Moreover, the shale boom that emerged from the region turned the U.S. into the world’s largest oil and gas exporter. The Keystone State is an energy powerhouse. Yet, the commonwealth has electricity prices above the national average, partly due to market distortions from renewable energy mandates at the state level and federal subsidies for unreliable energy.

At a time when the nation faces rising electricity demand, mounting grid reliability challenges, and geopolitical threats to energy security, it is high time to reevaluate the LPO, including whether it should exist at all.

If it continues, it must be completely reformed. LPO investments should prioritize infrastructure that meets real-world demand regardless of the weather or the time of day. They should also target infrastructure projects that enhance grid security and technologies that attract private investment and minimize taxpayer risk. Ultimately, the program must stop serving as a revolving door for green cronyism. If fully repealing LPO is off the table, policymakers must refocus the program on energy development that keeps the lights on and serves the needs of modern life.

The so-called clean energy transition financed through LPO is neither clean nor affordable. It is also not focused on delivering reliable power to lead us into the future. Its underlying net-zero premise fosters degrowth and deindustrialization and locks out innovation.

President Trump and Energy Secretary Chris Wright have rightly embraced energy realism and rejected “all-of-the-above” energy schemes. Policymakers must free the U.S. Department of Energy from Joe Biden’s policies and align the agency with the Trump administration’s goals for reliable, affordable, and secure energy.

It’s time to end Washington’s green-loan machine. We must either reform it to truly serve American energy dominance or retire it for good.

André Béliveau is Senior Manager of Energy Policy at the Commonwealth Foundation, Pennsylvania’s free-market think tank.

https://www.zerohedge.com/energy/end-green-new-scam-loan-machine

Brooklynites camp out 24/7 in protest of incoming Sheepshead Bay homeless shelter

 A new type of homeless encampment has popped up in Brooklyn.

Dozens of Sheepshead Bay residents have been living in tents on Coyle Street for the past five weeks to protest against an incoming family homeless shelter, which they claim would trigger an explosion of crime in their otherwise sleepy enclave.

“Everyday. Anytime,” said Danny Pan, who was celebrating his 55th birthday Wednesday with his fellow protesters, adding that they’ll remain on Coyle Street “until there’s no homeless shelter. Until the project is gone.”

7

Protesters against the proposed shelter have stationed tents on Coyle Street.Stephen Yang

The four large tents spanning the length of the property line of the incoming shelter were erected last month, just days after hundreds of protesters stormed the streets to accuse the city of a “bait and switch” after the controversial lot was initially planned for affordable housing.

The plastic shelters are covered in American flags and protest signs, and are filled top-to-bottom with fliers, food and drink and personal items, like a drum kit.

The so-called volunteers stage the sit-in in shifts so that between six and up to 50 people are sitting outside the property at all times, with another small group stationed on the corner of Avenue U armed with protest signs.

Nearby bakeries and restaurants donate meals almost daily to the cause, and one donor even paid for a port-a-potty for the enduring group to utilize.

7

The protesters are inside the tents 24/7 on rotating shifts.Stephen Yang

The goal of the sit-in is twofold: it is mostly in protest of the incoming shelter, which plans to accommodate 169 families, but is also to ensure that neither the city nor Westhab, the private owner, begins construction without the proper permits.

The protesters began consistently stationing themselves outside after catching construction crews allegedly sneaking onto the property under the cover of darkness.

“Westhab hired construction companies to come and demolish the buildings, and they came at like crazy hours. One time they came at 6 a.m.,” explained Benjamin Louie, a neighbor and organizer.

“So I thought that of the idea, ‘Why don’t we just stake out the whole night to prevent them from coming?’ We basically blocked the doors. We’re taking up space.”

The group initially tried to block workers from the site, but after a court order were forced to let them in. Nevertheless, they remained on the sidewalk.

7

The community feels duped after the city scrapped plans for an affordable housing unit for the homeless shelter.Stephen Yang

7

The incoming shelter will host 169 families.Stephen Yang

The protesters argued that they were not against homeless people in general, but against the potential safety risk to their children — especially because of the property’s close proximity to the numerous daycare centers that line Avenue U, as well as the elementary and middle schools just several blocks away.

The city has previously emphasized that the shelter will be for families, but the protesters remain unconvinced, saying they were already duped by city officials who originally promised the controversial lot would be turned into affordable housing units.

That plan, supported by the City Council, was dropped by the original developer back in 2023. Westhab then swooped in with their own plan to build the district’s first long-term homeless shelter, housing 169 families, with a preference for those already living in the community.

7

“They’re cheating, they’re lying,” Danny Pan said of City Hall.Stephen Yang

“I don’t trust what the mayor says. He turned the city into the City of Yes, he imported 100,000 migrants over here … He doesn’t care about our neighborhood. South Brooklyn,” said Louie.

“They say it’s for women and children, but who knows. They’re cheating, they’re lying,” added Pan, of Marine Park.

In a statement to The Post, Westhab emphasized that it was not privy to the previous affordable housing plans and had properly given the community notice about their shelter.

“The level of protest here, for the first permanent shelter in the community which will house parents and children in an attractive new building, is truly unfortunate and is not representative of the neighborly spirit of New Yorkers. We look forward to building a first-rate building and operating a quality program which we hope will change the views of those in the community who are objecting,” a spokesperson said.

7

Nearly all the protesters are Chinese Americans.Stephen Yang

“There is a great opportunity here to allow the values and humanity we hold as New Yorkers to shine through.”

Westhab expects to begin construction as soon as the permits are secured, with an anticipated opening date of 2027.

The city Department of Social Services emphasized that it would work closely with the community and Westhab to provide security around the shelter and “seamlessly integrat” it into Sheepshead Bay.

“Homelessness affects every neighborhood in New York City, and in order to effectively address this citywide crisis, we need every community to do its part to support our neighbors in need. This new shelter for families with children – which will be the first long-term shelter of any kind in this council district – will provide vulnerable families with a safe and dignified place to stay as they transition back to permanent housing,” a spokesperson said, adding that the agency hopes “that residents will come to recognize the importance of this facility and ultimately afford these families the respect and compassion they deserve.”

7

The community is afraid the shelter will pose safety concerns for the neighborhood children.Stephen Yang

Nearly all of the protesters camped out on Coyle Street every day are older residents, though teenagers and young adults tend to stand ground during the weekends. Some come from as far as Homecrest to protest.

The protesters are almost entirely from the Chinese American community — when The Post visited on Sunday and Wednesday, only one non-Asian American was sitting with the group.

“We don’t know why. We’re not the only ones who live in the neighborhood. We need more people, more support,” said one neighbor, who asked to be referred to as Ms. Wu.

https://nypost.com/2025/04/23/us-news/brooklyn-protesters-camping-24-7-outside-proposed-homeless-shelter/

Galapagos (GLPG) Reports Strong Q1 Revenue Growth as Cell Therapy Advances

 Galapagos NV reported significant progress in its first quarter financial results, with revenue climbing to EUR 75 million, a notable increase from EUR 62.4 million during the same period last year. This financial boost aligns with the company's strategic shift towards becoming a leader in cell therapies, specifically targeting unmet needs in hematologic malignancies.

The company highlights its advancement in cell therapy through its decentralized manufacturing approach, which aims to deliver early memory cells within a seven-day timeframe from collection to delivery. This method is expected to enhance patient outcomes by providing faster and more accessible treatments.

In its pursuit of advanced therapeutic solutions, Galapagos has dosed its first U.S. patient in the ATALANTA-1 study of its cell therapy candidate, GLPG5101. The company has also designated mantle cell lymphoma as the lead focus for its registrational program. Plans are in place to propel GLPG5101 into pivotal trials by 2026, with the objective of obtaining regulatory approval by 2028.

Galapagos is committed to extending the reach of GLPG5101 to a broader patient base, targeting eight different indications characterized by high unmet medical needs. Through these efforts, the company aims to redefine the landscape of cell therapy and improve treatment outcomes for patients battling hematologic conditions.

https://www.gurufocus.com/news/2798395/galapagos-glpg-reports-strong-q1-revenue-growth-as-cell-therapy-advances-glpg-stock-news

Viking progress report with earnings

 Viking Therapeutics ended the quarter with a strong cash position of $852 million, down slightly from $903 million at the end of 2024.

The company reported progress on its lead drug candidate VK2735 for obesity treatment. Phase 3 trials for the subcutaneous formulation are expected to begin in the second quarter of 2025. Additionally, enrollment has been completed for the Phase 2 VENTURE-Oral Dosing trial evaluating the tablet formulation, with data expected in the second half of 2025.

"Throughout the first quarter we continued to ramp up activities in support of the initiation of Phase 3 trials with the subcutaneous formulation of VK2735, which are on track to begin later this quarter," said Brian Lian, Ph.D., CEO of Viking Therapeutics.

The company also announced a manufacturing agreement with CordenPharma to support future commercialization of VK2735, securing capacity for large-scale production of the drug.

Viking Therapeutics plans to file an investigational new drug application for its dual amylin and calcitonin receptor agonist program in the second half of 2025.

https://www.investing.com/news/earnings/viking-therapeutics-reports-wider-q1-loss-stock-edges-up-93CH-3999867