From wind?
From Offshore?
By 2030?
Posted on 01/02/2023 7:51:05 AM PST by Red Badger
Offshore wind developers are facing financial challenges that threaten to derail several East Coast projects critical to reaching the Biden administration’s near-term clean-energy targets.
Supply-chain snarls, rising interest rates and inflationary pressures are making projects far more expensive to build. Now, some developers are looking to renegotiate financing agreements to keep their projects under way.
The Biden administration has set a target for the U.S. to develop 30 gigawatts of offshore wind power by 2030—enough to supply electricity to roughly 10 million homes. Analysts say that target will be difficult, if not impossible, to achieve if cost and supply issues persist.
“We’re seeing unexpected and unprecedented macroeconomic challenges,” said David Hardy, chief executive of the Americas for Danish power company Ørsted A/S, which is developing about five gigawatts of offshore wind projects off the coast between Rhode Island and Maryland.
Avangrid AGR -1.29%decrease; red down pointing triangle, a subsidiary of Spanish power company Iberdrola SA, IBDRY -0.45%decrease; red down pointing triangle is developing a 1.2-gigawatt project called Commonwealth Wind off the coast of Massachusetts. The company in December asked the Massachusetts Department of Public Utilities to terminate its review of contracts the company negotiated with utilities serving the state. The company said it now intends to scrap the contracts and rebid the project next year to account for higher costs.
“We think this allows us to find a path to financeability for the project,” said Kimberly Harriman, Avangrid’s senior vice president of state-government affairs and corporate communications.
Mayflower Wind Energy LLC, a joint venture between Shell New Energies US LLC and Ocean Winds, is developing another Massachusetts project. It said in regulatory filings that its contracts have been similarly affected and that it plans to produce third-party analysis showing the challenges of financing the project.
(Excerpt) Read more at wsj.com ...
“unexpected and unprecedented macroeconomic challenges”
This clown apparently never heard of Jimmy Carter.
The problems were expected by anyone with just a few active brain cells.
“unexpected and unprecedented macroeconomic challenges”
This clown apparently never heard of Jimmy Carter.
The problems were expected by anyone with just a few active brain cells.
The projects mentioned are stalled, perhaps permanently. Despite all the spending and propagandizing, as of now the US has a total of about seven offshore wind turbines in operation. Five off of Block Island and 2 off the coast of Virginia iirc.
and when that one special Hurricane comes along and destroys it all your lights will be off for years
The wind companies should hire the guy who’s in charge of the California bullet train. That fellow sure knows how to get big money for a project that will never work.
That’s what Generacs are for!................
That fellow sure knows how to get big money for a project that will never BE COMPLETED!................
LOL. Just hold on. Joe the Pedophile has a plan on how to stop inflation. LOL! You’re just going to have to be patient. Heh Heh. He’s your president.
Didn’t one of them off the coast of Mass-a-chews-it already bail on the project? Can hardly wait for the 30 million acre fiasco off LA and TX. More FWA going to occur.
"You will have no lights and be happy."
Another example of climate change destroying technologies which were going to save us all from climate change.
i.e. they want more taxpayer money.
Too corrupt to fail.
Why Massachusetts pays twice the price of FLORIDA FOR ELECTRICITY….
God will not be mocked!......................and He has a great sense of humor and irony!.................
Time to do the laundry and enrich the curuptocrats.
“The company in December asked the Massachusetts Department of Public Utilities to terminate its review of contracts the company negotiated with utilities serving the state.”
Either the ratepayers, or the taxpayers, are going to pay more for the unexpected higher costs of electricity.
I never saw this coming.
The Biden administration has set a target for the U.S. to develop 30 gigawatts of offshore wind power by 2030.
Nor eastern storms find more food.
From wind?
From Offshore?
By 2030?
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