Posted on 08/30/2023 5:09:53 PM PDT by ConservativeInPA
A Danish offshore wind company with major projects in the U.S. has taken huge losses Wednesday after warning about its so-far unsuccessful effort to get more federal subsidies, according to Reuters.
Orsted stated Tuesday that it anticipates that its three developments in U.S. waters may be $2.3 billion less valuable than anticipated, in part because the firm is having trouble receiving more tax credits from the Biden administration, according to Reuters. Other problems the firm’s projects face include supply chain backups and rising interest rates that make refinancing difficult.
“The situation in U.S. offshore wind is severe,” Orsted’s CEO, Mads Nipper, said to reporters on a conference call, according to Reuters. The company may cut its losses and walk away from its U.S. portfolio, according to Windpower Monthly, a potential move which would be a major setback to the Biden administration’s offshore wind ambitions
(Excerpt) Read more at dailycallernewsfoundation.org ...
I hate those GD worthless, inefficient windmills. What a stupid stupid idea.
Translation -- without government money, the whole thing is not profitable. Scam. Complete scam. Welfare for the rich and politically connected, assigning losses to the taxpayer. Great scheme while it works. When it doesn't....
Solyndra. Proterra. The future. Losses. Bankruptcy.
Wipe out your huge capital gains with a few bankruptcies.
That’s how the big boys play the game.
Very well put. Kudos.
The green energy scam was only possible in an era of zero interest rates, growing government debt, low inflation, cheap oil and gas because of the shale-oil boom, globalism, and a quiescent China and Russia.
ALL of those trends have reversed hard.
Green energy will fail and governments will collapse if they continue to promote it
Those giant wind farms——
“The most common external wind turbine failure is typically damage to the blades caused by bird strikes, lightning strikes, rainfall, blade furniture detachment, delamination, leading-edge corrosion or blade cracks.”
Nearly 120 wind turbines catch fire each year, according to research.
Cotes.com website
Wind blade broke off——”dangerous”—
https://www.youtube.com/watch?v=ALO8hnwyY0A
Actual video of giant blades breaking off in a storm:
https://www.wind-watch.org/video-turbinecollapses.php
RE: Get More Biden Bucks....
Big Biden Bucks Bonanza Barrow Blast Breaks Bangor Bank.
(Inflation devalued money from a run on a bank in Bangor, Maine was carried in expensive new wheelbarrows to pay for groceries.)
💰💰💰💰
In the business of receiving taxpayer money for what taxpayers wouldn’t buy on their own initiative. What a great economy.
Killing whales and the environment. Where do we bury the old blades? How old is old?
“What a great economy.”
What a great country...we used to be.
Just one of many wildmill graveyards:
“CEO, Mads Nipper said”
Name right out of a Babylon Bee write up. But “Wind Power” financial losses are not a joke other than on taxpayers.
“The company may cut its losses and walk away from its U.S. portfolio, according to Windpower Monthly, a potential move which would be a major setback to the Biden administration’s offshore wind ambitions”
plain ol’ extortion: give us more billions or we make sure your windmill policies go up in smoke ...
Exactly.
Extortion writ large now, and extorting whole governments.
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