Posted on 07/23/2023 4:03:01 PM PDT by karpov
...
Financially, the [wind power] industry is teetering, with a parade of companies planning to renegotiate or pull out of contracts, jeopardizing plans for projects that were expected to provide electricity for millions of homes. Inflation is erasing profits, causing some of the largest energy firms in the world to back away. “Returns on offshore wind are becoming more and more challenged,” Shell CEO Wael Sawan told Barron’s last month, just days after a Shell joint venture said it would pull out of a power contract in Massachusetts. Shell won’t build renewable projects that can’t earn initial returns of 6% to 8%, he said.
At least eight multinational companies in three states have quietly started to back out of wind contracts, or ask to renegotiate deals in ways that will pass more costs to consumers. Beyond Shell (ticker: SHEL), they include BP (BP), Denmark’s Orsted (DNNGY), Norway’s Equinor (EQNR), Spain’s Iberdrola (IBDRY), Portugal’s Energias de Portugal (EDPFY), and France’s Engie (ENGIY) and state-owned Electricite de France. The projects those companies are building will collectively cost tens of billions of dollars to construct and connect to the grid. The cost problems they’re facing make offshore wind a dicey investment proposition today, with the potential for substantial write-downs ahead.
America’s pledge to decarbonize is at risk, too. President Joe Biden announced a goal in 2021 to have 30 gigawatts of offshore wind power installed by 2030, enough to power roughly 10 million homes, up from essentially zero today. “We’re going to make sure that the ocean is open for the clean energy of our future,” Biden said last year.
Credit Suisse analyst Mark Freshney says there’s little chance that the country will reach Biden’s goal.
“We won’t get there,” he says. “We might get to 15.”
(Excerpt) Read more at barrons.com ...
now...who could have predicted such a thing...?
It is not intended to function.
It is another tentacle of Cloward-Piven intended to overwhelm the system.
Cmon, man. Pauseable energy is good for the soul! Know where your candles are!
They should build more nuclear power plants, hook them up to the windmills and turn them into giant fans.
Yup. Too bad only .0001% of the population ever heard of those 60s Marxist bastards.
The silly things only have a 20 year life span.
What’s the jersey shore dead whale count up to this week?
I hate those unsightly, scenic-ruining inefficient monstrosities.
You know it’s a scam when you are going down the same pathway as Germany as getting the same results as Germany.
I’ll drink to that.
LOL.
And the fiberglass blades are toxic waste, and are impossible to recycle.
I can hardly wait for the 30 million acre one in the gulf off the Texas coast. To supply power to 11 million hom....... Hey, what a minute. That’s over 2 acres per. Then when a Cat 5 hurricane meanders through......instant artificial reef habitat. Fookin’idjits! 😬🖕
Ya got a chuckle out of me w/ that one :)
The green energy fraud was birthed and supported by zero interest rates, massive debt, and globalization
All of these trends have ended, so the “easy” part of green energy is over. Now comes massive coercion
Also any disabled large vessels in the windmill field may not be able to be rescued if the WX is severe. Broken off blades often float and rescue vessel navigation in such a debris field is very hazardous.
Solar sucks just as bad!
Should have built them around D.C. with all that hot wind.
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