Weather arbitrage in Greek bailout will raise costs

Part of Europe’s attempt to keep Greece out of bankruptcy employs an ingenious arbitrage of weather. The plan approved by European leaders on Oct. 27 to restructure the country’s huge debt collateralizes a solar-energy project not yet in place. Under Project Helios, photovoltaic plants built with foreign capital in sunny Greece would generate electrical power destined for cloudier markets to the north. The main target is Germany, itself a world leader in renewable energy. The new rescue deal commits Greece to dedicate as much as €15 billion of Project Helios revenue to debt repayment. Everyone benefits—or so it seems. Greece gets foreign investment, jobs—those green jobs everyone likes so...

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