[ncmncm]

If you operate them at 33%, that is equivalent to their power output costing 3x as much, because it costs the same to build and run, 33% or 100%. But their output is already not competitive at 100%. Power offered at more than 3x the going rate finds no bidders. Your debt service demands revenue from sales of 100% output.

You have to take whatever you can get for the power, even if it doesn't cover operating cost, to pay down the capital you spent building. When it becomes clear that you cannot bring in enough to pay for operations and debt service, you have no choice but to declare bankruptcy.

Of course, all this is foreseeable. So, you don't get the capital to build at all, because who wants to loan money that will predictably be defaulted on?