# GCaptains article by Bloomsberg regarding Orsteds large losses **URL:** \ **Category:** Professional Mariner Forum\ **Created:** [August 31, 2023, 1:13am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999 "2023-08-31T01:13:39Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![SeaEagle](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/seaeagle/32/17788_2.png) [@SeaEagle](https://forum.gcaptain.com/u/SeaEagle)\ **Post date:** [August 31, 2023, 1:13am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/1 "2023-08-31T01:13:39Z")
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. ---
**Author:** ![tugsailor](https://avatars.discourse-cdn.com/v4/letter/t/a9adbd/32.png) [@tugsailor](https://forum.gcaptain.com/u/tugsailor)\ **Post date:** [August 31, 2023, 2:12am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/2 "2023-08-31T02:12:25Z")
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. ---
**Author:** ![SeaEagle](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/seaeagle/32/17788_2.png) [@SeaEagle](https://forum.gcaptain.com/u/SeaEagle)\ **Post date:** [August 31, 2023, 2:58am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/3 "2023-08-31T02:58:41Z")
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? . ---
**Author:** ![tugsailor](https://avatars.discourse-cdn.com/v4/letter/t/a9adbd/32.png) [@tugsailor](https://forum.gcaptain.com/u/tugsailor)\ **Post date:** [August 31, 2023, 3:32am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/4 "2023-08-31T03:32:18Z")
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. ---
**Author:** ![Bruce1](https://avatars.discourse-cdn.com/v4/letter/b/9de053/32.png) [@Bruce1](https://forum.gcaptain.com/u/Bruce1)\ **Post date:** [August 31, 2023, 10:31am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/5 "2023-08-31T10:31:56Z")
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. ---
**Author:** ![Kennebec\_Captain](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/kennebec_captain/32/13_2.png) [@Kennebec\_Captain](https://forum.gcaptain.com/u/Kennebec_Captain)\ **Post date:** [August 31, 2023, 11:30am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/6 "2023-08-31T11:30:59Z")
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](https://jabberwocking.com/us-fossil-fuel-production-has-skyrocketed-over-the-past-20-years/) ---
**Author:** ![texastanker](https://avatars.discourse-cdn.com/v4/letter/t/a88e4f/32.png) [@texastanker](https://forum.gcaptain.com/u/texastanker)\ **Post date:** [August 31, 2023, 11:48am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/7 "2023-08-31T11:48:00Z")
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 ---
**Author:** ![texastanker](https://avatars.discourse-cdn.com/v4/letter/t/a88e4f/32.png) [@texastanker](https://forum.gcaptain.com/u/texastanker)\ **Post date:** [August 31, 2023, 11:54am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/8 "2023-08-31T11:54:38Z")
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.” ---
**Author:** ![SeaEagle](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/seaeagle/32/17788_2.png) [@SeaEagle](https://forum.gcaptain.com/u/SeaEagle)\ **Post date:** [August 31, 2023, 1:46pm UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/9 "2023-08-31T13:46:27Z")
Henry Ford was very profitable with a good idea that is still in use today, the assembly line. ---
**Author:** ![SeaEagle](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/seaeagle/32/17788_2.png) [@SeaEagle](https://forum.gcaptain.com/u/SeaEagle)\ **Post date:** [August 31, 2023, 10:46pm UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/10 "2023-08-31T22:46:28Z")
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? ---
**Author:** ![powerabout](https://avatars.discourse-cdn.com/v4/letter/p/43a26b/32.png) [@powerabout](https://forum.gcaptain.com/u/powerabout)\ **Post date:** [September 1, 2023, 6:15am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/11 "2023-09-01T06:15:49Z")
mini nuclear power stations tick all the boxes ---
**Author:** ![Lew](https://avatars.discourse-cdn.com/v4/letter/l/8e7dd6/32.png) [@Lew](https://forum.gcaptain.com/u/Lew)\ **Post date:** [September 1, 2023, 9:36am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/12 "2023-09-01T09:36:52Z")
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. ---
**Author:** ![ombugge](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/ombugge/32/11217_2.png) [@ombugge](https://forum.gcaptain.com/u/ombugge)\ **Post date:** [September 1, 2023, 10:50am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/13 "2023-09-01T10:50:06Z")
Ørsted has big losses on their US operations, but they are making good profits in other parts of the world: > **[Interim report for the first half year of 2023 – continued strong financial...](https://orsted.com/en/company-announcement-list/2023/08/2023081070591)** ---
**Author:** ![Kennebec\_Captain](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/kennebec_captain/32/13_2.png) [@Kennebec\_Captain](https://forum.gcaptain.com/u/Kennebec_Captain)\ **Post date:** [September 1, 2023, 10:50am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/14 "2023-09-01T10:50:50Z")
The Inflation Reduction Act of 2022 includes [subsidies for nuclear power.](https://www.bclplaw.com/en-US/events-insights-news/inflation-reduction-act-expands-support-for-nuclear-power-plants.html#:~) ---
**Author:** ![texastanker](https://avatars.discourse-cdn.com/v4/letter/t/a88e4f/32.png) [@texastanker](https://forum.gcaptain.com/u/texastanker)\ **Post date:** [September 1, 2023, 11:30am UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/15 "2023-09-01T11:30:05Z")
> [@Bruce1](#): > > harken back to the good old days when gasoline was $2.16 per gallon. well not so good for all the folks dying from covid then ---
**Author:** ![SeaEagle](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/seaeagle/32/17788_2.png) [@SeaEagle](https://forum.gcaptain.com/u/SeaEagle)\ **Post date:** [September 1, 2023, 2:20pm UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/16 "2023-09-01T14:20:15Z")
Kinda off the subject of offshore wind power. ---
**Author:** ![SeaEagle](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/seaeagle/32/17788_2.png) [@SeaEagle](https://forum.gcaptain.com/u/SeaEagle)\ **Post date:** [September 1, 2023, 2:25pm UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/17 "2023-09-01T14:25:15Z")
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? ---
**Author:** ![tugsailor](https://avatars.discourse-cdn.com/v4/letter/t/a9adbd/32.png) [@tugsailor](https://forum.gcaptain.com/u/tugsailor)\ **Post date:** [September 1, 2023, 3:41pm UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/18 "2023-09-01T15:41:45Z")
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. ---
**Author:** ![tugsailor](https://avatars.discourse-cdn.com/v4/letter/t/a9adbd/32.png) [@tugsailor](https://forum.gcaptain.com/u/tugsailor)\ **Post date:** [September 1, 2023, 3:43pm UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/19 "2023-09-01T15:43:15Z")
I wish I had shorted Orsted stock a few days before this announcement. ---
**Author:** ![ombugge](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/ombugge/32/11217_2.png) [@ombugge](https://forum.gcaptain.com/u/ombugge)\ **Post date:** [September 1, 2023, 4:02pm UTC](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999/20 "2023-09-01T16:02:35Z")
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; > **[Ørsted announces anticipated impairments on its US portfolio, continues to...](https://orsted.com/en/company-announcement-list/2023/08/oersted-announces-anticipated-impairments-on-its-u-71411)** > > As part of the continued maturation and a pre-final investment decision (FID) review of its near-term US offshore development projects, Ørsted has assessed the aggregate adverse impacts relating to the supply chain, lack of favorable progress in... > [@](#): > > The Ocean Wind 1, Sunrise Wind, and Revolution Wind projects are adversely impacted by a handful of supplier delays. Ørsted has concluded that there is a continuously increasing risk in these suppliers’ ability to deliver on their commitments and contracted schedules. This could create knock-on effects requiring future remobilizations to finish installation, as well as potentially delayed revenue, extra costs, and other business case implications. These impacts will lead to impairments of up to DKK 5 billion, assuming no further adverse developments in the supply chains on these projects. 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: > [@](#): > > While Ørsted’s near-term US offshore wind development portfolio does not meet our value creation target on a lifecycle basis, we remain convinced that the value-creation of the portfolio will be within 150 to 300 basis points spread-to-WACC on a forward-looking basis. [Next page](https://forum.gcaptain.com/t/gcaptains-article-by-bloomsberg-regarding-orsteds-large-losses/66999.md?page=2)