Bug, knowing that… would you invest in them today?
Depends on whether you are a short term or long term investor I presume.
Any short term investor in Ørsted when the news of a loss in the US came out would probably “sh*t in the pants”, but those with a long view would look at the worldwide prospect and buy more shares on the low.
Remember that the US offshore wind market is in it’s infancy, with little if any revenue coming in yet.
If you don’t manage to kill the golden goose before it lay eggs, the future looks bright for those who have a long term view.
would you have bought Tesler in 2018-2019 ?
I have a position in “NEE”, never considered Tesla. If hindsight was 20-20 shit yea.
So? The government subsidizes the fossil fuel industry, why not offshore wind?
Is that conjecture or have you just not paid any attention to what is actually happening?
There are US boats and supply and service vessels in operation, in process of conversion, and under construction. There are US mariner jobs in the northeast that didn’t exist two years ago. Former colleagues from offshore oil and gas have transitioned to marine ops managers and asset and fleet management jobs for offshore wind. There are countless jobs posted related to turbine install and infrastructure install and maintenance tech training. There are new port and support facilities in development and being built in coastal Mass, the Vineyard, RI, CT, etc.
It’s a lot of jobs and it’s growing.
Yes ,wind power is heavily subsidized,
for now. That money will not last forever.
Don’t diagree with you.
History would dictate otherwise. We continue to subsidize the highly profitable oil and gas industry, and have for decades. We subsidize the nuc power industry. We have subsidized farm and agricultural industries for decades upon decades. We’ve been subsidizing the maritime industry for over 100 years. What makes you think wind is going to be any different?
Our state and federal legislators create tax incentives for industries that promise to bring jobs, construction, growth. So long as we have elected representatives, there is no reason to think they won’t push for subsidies that potentially benefit their individual constituents in perpetuity. Particularly for firms with lobbying dollars. And you can be certain with the already sunk costs in east coast wind that these firms will lobby and likely be successful.
If green creates jobs its not very green.
Germany has learnt there are not jobs in green power, they have had a head start over the USA
I hope the governments have nice deposits to pull all the gear down when the owners walk away.
Oh, where do you get that idea from?
There appears to be quite some people working in renewable (green) industries in Germany:
There appears to be a shortage of skilled labour at the moment:
Job opportunities in “Green power” is not limited to Germans and Germany. Since Germany is a member of EUs open labour market German companies and workers can and do take part in the development of renewable energy in all other EU countries:
There are a lot of both German and foreign companies operating at OWFs in German waters. Many of the vessels used are foreign owned and flagged, manned by both Germans and foreigners.
If the green power industry is going to employ more people to make the same amount of power its fatally flawed.
From the above report, the big picture, " look we are so green but power so expensive all manufacturing shutdown"
But the story of Spain’s green-job leadership took a series of hits shortly after the president’s speech. In March 2009, researchers Gabriel Calzada Alvarez and colleagues at the Universidad Rey Juan Carlos released a study examining the economic and employment effects of Spain’s aggressive push into renewables. What they found confounds the usual green-job rhetoric:[5]
Since 2000, Spain spent 571,138 euros on each green job, including subsidies of more than 1 million euros per job in the wind industry.
The programs creating those jobs destroyed nearly 110,500 jobs elsewhere in the economy (2.2 jobs destroyed for every green job created).
The high cost of electricity mainly affects production costs and levels of employment in metallurgy, nonmetallic mining and food processing, and beverage and tobacco industries.
Each “green” megawatt installed destroys 5.28 jobs elsewhere in the economy on average.
These costs do not reflect Spain’s particular approach but rather the nature of schemes to promote renewable energy sources.
Your AEI article is from 2011. A lot of things have changed since then, especially on the renewable energy front.
AEI isn’t know for it’s unbiased reporting:
“This is a case about a Washington, D.C.-based think tank, the American Enterprise Institute (AEI). While now widely recognized as the crown jewel of the conservative policy infrastructure”
Source: The American Enterprise Institute’s Near-Death Experience : Stavros Niarchos Foundation SNF Agora Institute at Johns Hopkins
Nor is Climate Change Dispatch exactly unbiased.
The March 8th 2023 post by GCaptain with NEXTERA CEO John Ketchum perhaps adds a different light on the subject of offshore wind power, the actual interview was by Mr French from Reuters. GCaptain only posted it . Perhaps showing unbiased reporting from both sides? I welcome that on any subject on this site and many others.
Everyone knows power is getting hugely expensive thanks to green power and industry dying in those places
Less jobs all round
How does power from free sources cost more than power from mined consumerables?
There are very few German Marine Crew working on the Wind farm SOVs that work in German waters.
Many of the Marine Crew that work on SOVs in German waters are from Eastern Europe and the Philippines etc.
I think a lot of the wind farm technicians who work on the German SOVs are German but very few of the Marine crew are.
Abstract
As the United States economy continues to struggle, many politicians and energy regulators have adopted a ‘‘green jobs’’ mantra. They espouse the view that policies mandating renewable resources will provide both environmental and economic salvation. Quite simply, forcing consumers to buy high-cost electricity from subsidized renewable energy producers will not and cannot improve economic well-being. (author)
Pennsylvania’s failure is mirrored by European countries often cited as a model for creating a green job economy:
- A Spanish study concluded heavily subsidizing renewable energy in Spain lead to a loss of 2.2 jobs for every one green job created. Spain’s unemployment is 19%, indicating green job growth is not an effective way to stimulate an economy. The study also found Spain needs to increase the cost of electricity by 31% to pay for its deficit, largely caused by renewable energy subsidies.
- A study in Italy found each green job displaced 4.8 jobs in the overall economy.
- A German study found the current level of subsidies increased average household electricity prices by 7.5%.
- Similarly, in Denmark, a report found that of the 28,400 people employed in the wind industry, very few were “new jobs”– 90 percent of the positions had shifted from other industries to the newly mandated Danish Wind energy.
Perhaps the jobs are in building them then dropping them and building them again?
Think of all those carbon emissions in the concrete steel and blades during construction ( and diesel shipping it all)
