Offshore wind power is becoming prohibitively expensive without govt subsidies and tax credits. An artcle posted by GCaptain regarding CEO of Nextera (NEE) comments a while back gives credence to his interview.and future investments well before Orsteds reporting of their rather huge loss.
Offshore Wind is a wishful thinking, pie-in-the-sky, “Green New Deal” uneconomical scam, with huge embedded carbon production costs, consumption of strategic minerals, massive maintenance costs, and substantial future removal and disposal costs for materials that cannot be recycled.
The massive maintainence costs at sea are the tip of the iceberg. Always for projects that involve Jones Act participation for our mariners. These projects while having good intentions, I don’t believe it will result in equal or lower power costs for the avarage USA consumer…Blade disposal is a definite problem for wherever and method they are disposed of. The larger they are, the failure or replacement rate is exponentialy higher. Once the subsidies and tax breaks go away., then what ? Europe has backpedalled on some large,major projects that depended on subsidies and such. When does USA shut the door on them for our guys? .
The same European corporations that have scammed European governments for every penny of subsidy they can get - are now doing the same thing in the US.
Electric ratepayers and taxpayers are going to be stuck with all the follow on costs.
Supposedly offshore wind was going to create a lot of high paying green and clean American jobs. It hasn’t, and it probably never will.
Biden has cut our throats with his tunnel vision approach. we should be concentrating on bio diesel and other fuel sources that are compactable with existing technology like the internal combustion engine. instead of trying to power everything electrically. while we are waiting for the light bulb to go on, HA! from the dim bulb Obama retreads we should continue fracking and pumping oil like the rest of the world. maritime executive reports the structural collapse of several wind towers in Europe and there have been two recent wind turbine fires, epoxy burns well once the fire gets started. every time i drive by the gas station i want to vote for trump, harken back to the good old days when gasoline was $2.16 per gallon.
Here is annual growth in crude oil production by president:
- Bush: -1.4% per year
- Obama: +9.1% per year
- Trump: +6.2% per year
- Biden (so far): +5.9% per year
From Kevin Drum
among the variables that effect domestic crude oil production, politics is right behind number of blue moons per quarter. Well other than the Keystone Pipeline expantion which, if you believe the media, will cure every energy issue - ever
These types of discussions - that correctly, and clearly state the issues almost all new technologies face reminds me of the Henry Ford quote.
“If I had asked people what they wanted, they would have said faster horses.”
Henry Ford was very profitable with a good idea that is still in use today, the assembly line.
Not debating nor against new technology that actually works to the good of the public, I welcome it. Until the present state of the offshore wind power players can work it out to make a profit without all the subsidies etc and deliver power as efficiently as the present system in place…I will not buy stock in any of those companies involved in offshore wind… Seriously,would you invest in Orsted with massive losses or companies like that today?
mini nuclear power stations tick all the boxes
They do, however, certain political groups seem to have an almost pathological hatred of them.
A great example story of successful nuclear power use, is Ontario province in Canada.
Ørsted has big losses on their US operations, but they are making good profits in other parts of the world:
The Inflation Reduction Act of 2022 includes subsidies for nuclear power.
well not so good for all the folks dying from covid then
Kinda off the subject of offshore wind power.
Bug, I always value your opinion. Although Orsted is profitable in some areas, the billions they are losing has to affect the bottom line overall. Would you invest in them?
The misnamed Inflation Reduction Act is an inflation causing witch’s brew that every Senator, member of Congress, their staffs, and thousands of lobbyists and bureaucrats threw a few of their own favorite ingredients into. Now there are many hands on the spoon stirring this soup, and many mouths clamoring for the tastiest chunks of meat.
I wish I had shorted Orsted stock a few days before this announcement.
I just posted a link to Ørsted’s; “Interim report for the first half year of 2023” and did not make any judgement, other than that “they are making good profits in other parts of the world”.
They do anticipate impairment on their US portfolio;
Qrsted has partners in all their US projects. Maybe the losses are for all partners in the projects?
Ørsted appears to be long term optimists though: