‘Come to America and lose billion dollars’: Trump deepens wind power woes

https://www.canarymedia.com/articles/offshore-wind/orsted-financial-struggles-trump-revolution-sunrise

by Effective-Comb-825

6 comments

  1. It’s wild how politics can completely derail clean energy investment. While wind is facing these headwinds (no pun intended), solar has its own issues too, especially with the way some companies lock homeowners into predatory contracts. At the end of the day, the U.S. needs a stable policy environment that doesn’t scare off investors and that also protects everyday people who just want affordable clean energy

  2. Killing GEs wind business for european and chinese companies to step in in the future.

    Btw. GE bought it’s wind business from Europe anyway. Maybe they have to pull it off a second time, if they want and can in the future.

  3. Wind, especially offshore wind, and solar are not intrinsically economically competitive without massive government subsidies. They do not need political intervention to fail, projects have been failing on their own well before Trump came into office.

    In NY, the Democrat Governor approved an offshore wind project off the south shore on LI. This was after several similar projects were scrapped because of high costs. The approved project with the operator Orsted, a Danish company itself majority owned by the Danish government, was originally contracted to sell electric production to NY for $135/mwh. However, costs ballooned, and the company came back to renegotiate the terms with NY. Orsted asked for an increase to $165/ wh, but eventually settled on $155/mwh.

    By way of reference, the purchase cost for electricity in this area over the preceding 12 months was $36/mwh. Even so, this company, which is government owned, and has a contract with the government of New York, cant make money when charging 4 times the going rate for electricity generation.

    Government subsidies are an economic distortion which insulates companies from having to develop efficiency. You do not need government help to fail in a money losing industry.

  5. That was depressing. Life in the US can be described as screaming at cars to stop because there’s a pile up ahead!! Yet, our drivers flip you the bird and speed up killing anyone in their way as they push each other off the cliff.

  6. Drill baby drill! If folks think this is bad, wait until the rare earth mines start ramping up full time in 5 to 10 years…

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