And stinking giant fans don’t need us.
Despite lavish subsidies and tax credits under the Biden Administration’s signature Inflation Reduction Act, the US offshore wind industry is in turmoil after the world’s largest wind producer said it may be forced to walk away from multi-billion dollar wind projects on the eastern seaboard.
The world’s largest publicly listed offshore wind producer, Oslo-based Ørsted, on Wednesday saw its shares fall more than 25% after it said it may be forced to take massive write offs due to what its CEO calls “severe” economic and logistical conditions in the US for renewable energy.
On a conference call with investors, CEO Mads Nipper warned the company may be forced to walk away from five major US wind projects off New Jersey, Virginia and New England. He blamed a combination of supplier delays, higher interest rates and a lack of government subsidies.
“The situation in US offshore wind is severe,” he said.
It came a day after a long-awaited auction of offshore wind parcels in the Gulf of Mexico attracted just two bidders in a blow to Biden’s plans for building 30 gigawatts of offshore wind capacity by 2030.
High interest rates have a habit of quickly pointing out really bad ideas to businesses.
“a lack of government subsidies”
That’s the key phrase. They are angling for the gummint to bail them out because wind power is a scam.
DINGDINGDINGDINGDING!!! We have a winnah!
You can’t build a windmill to make money on land. What were the odds that doing it in the middle of the ocean would be even more pointless?
Intense pressure to finish the trans mountain pipeline so they can hand it over to the Indians just before the next election?
Indians, foreigners and the communist party of china will be taking all the pipeline profits, “canadians” will get a handful of jobs.
Don’t finish it, let it rust into nothing, who cares…
“[…] in a blow to Biden’s plans for building 30 gigawatts of offshore wind capacity by 2030.”
Rots of ruck with that, Brandon.
What I find amusing is when politicians give a “Make it so” order and Reality comes along and says, “Nahhhh… Up yours. No can do.”
It seems to me in those cases the pollies either double down and “demand harder” or just quietly let it all fade away like it never happened. Never right, but never in doubt.
we have to pay to make them richer. they can screw off.
Biden’s Green New Deal $Trillions won’t actually BUILD any “green infrastructure” … it will just go to Environmental Studies graduates … who will Study “green infrastructure” projects. Probably build 100,000 new computer models … modeling just how few years we all have to survive.
Ohhhhhhhhhh mommmaaaaaaaaaa
“… lack of government subsidies.”
After all the talk, they finally came to the real root of the matter.
No government subsidies, no support for the religion of climate, it’s a no go.
Pretty simple.
Saves whales!
Gamma
Stacy abrams isn’t part of the discussion!
Heh.
Save the whales!Stop building windfarms in the ocean.