Working with RE<C, Google.org will make strategic investments and grants that demonstrate a path toward producing energy at an unsubsidized cost below that of coal-fired power plants.
I don't know if this covers your concerns about ratepayer swindles?
'Unsubsidized' is indeed promising - it seems to preclude direct kickbacks. It leaves open the possibility that Coal could be made deliberately uneconomic (e.g. C02 caps), and that the GOOG energy might be made economic through the sale of ancillary products (Renewable Energy Certificates) for which gov't creates an artificial demand.
At this point, though, I'm just being suspicious. I suppose GOOG deserves the benefit of the doubt, and it costs nothing to give it to them. We'll see what, if anything, they come up with.
I don't know if this covers your concerns about ratepayer swindles?