Biden Proposes More Tax Credits Offshore Wind -Taxpayers On The Hook

President Biden has rolled out a major tax proposal that offers cash tax incentives to an offshore wind sector that’s been swamped by inflation caused by his administration.
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Biden has proposed more cash incentives to offshore wind companies affected by inflation through investment tax credits paid for by taxpayers.
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The tax credits could go as high as 70 percent as they now include submarine cables, onshore cables, and high-voltage electric substations. In most cases, these new definitions are actually more than the costs of the wind turbines.
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The offshore wind tax relief proposal will increase inflation even higher.
  • Inflation is a “hidden tax,” on taxpayers while increasing the government’s spending power to allow tax breaks to offshore wind.
  • Increasing tax breaks for offshore wind is more bad news for taxpayers
  • Offshore wind gets a break while taxpayers go on the back burner again and again

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Comment by Willem Post on November 24, 2023 at 3:14pm

Instead of the present 50% subsidies on wind turbines and cabling to shore, he now wants to include cabling on land, and transmission lines, and what ever else is needed, for a total subsidy of 70%

HIS MINDLESS IS TOTALLY OUT OF HIS MIND!!

The US will be bankrupt 

APPENDIX 1

Floating Offshore Wind Systems in the Impoverished State of Maine

https://www.windtaskforce.org/profiles/blogs/floating-offshore-wind...

Offshore Wind Capacity Placed on Operation in 2021

World: During 2021, worldwide offshore wind capacity placed in operation was 17,398 MW, of which China 13,790 MW, and the rest of the world 3,608 MW, of which UK 1,855 MW; Vietnam 643 MW; Denmark 604 MW; Netherlands 402 MW; Taiwan 109 MW

Of the 17,398 MW, just 57.1 MW was floating, about 1/3%

At end of 2021, 50,623 MW was in operation, of which just 123.4 MW was floating, about 1/4%

https://www.energy.gov/eere/wind/articles/offshore-wind-market-repo...

NOTE: Despite the meager floating offshore MW in the world, pro-wind politicians, bureaucrats, etc., aided and abetted by the lapdog Media, in the impoverished State of Maine, continue to fantasize about building 3,000 MW of 850-ft-tall floating offshore wind turbines by 2040!!

Maine government bureaucrats, etc., in a world of their own climate-fighting fantasies, want to have about 3,000 MW of floating wind turbines by 2040; a most expensive, totally unrealistic goal, that would further impoverish the already-poor State of Maine for many decades.

Those bureaucrats, etc., would help fatten the lucrative, 20-y, tax-shelters of mostly out-of-state, multi-millionaire, wind-subsidy chasers, who likely have minimal regard for:

1) Impacts on the environment and the fishing and tourist industries of Maine, and

2) Already-overstressed, over-taxed, over-regulated Maine ratepayers and taxpayers, who are trying to make ends meet in a near-zero, real-growth economy.

Those fishery-destroying, 850-ft-tall floaters, with 24/7365 strobe lights, visible 30 miles from any shore, would cost at least $7,500/ installed kW, or at least $22.5 billion, if built in 2023 (more after 2023)

Almost the entire supply of the projects would be designed and made in Europe, then transported across the Atlantic Ocean, in specialized ships, also designed and made in Europe, then unloaded at the Maine pre-assembly/staging area, then barged to specialized erection ships, for erection of the floating turbines.

About 200 Maine people would have short-term erection jobs. About 30 Maine people would have long-term O&M jobs

They would produce electricity at about 40 c/kWh, without subsidies, about 20 c/kWh with subsidies, the wholesale price at which utilities would buy from Owners (higher prices after 2023)

https://www.maine.gov/governor/mills/news/governor-mills-signs-bill...

The Maine woke bureaucrats are falling over each other to prove their "greenness", offering $millions of this and that for free, but all their primping and preening efforts has resulted in no floating offshore bids from European developers

The Maine people have much greater burdens to look forward to for the next 20 years, courtesy of the Governor Mills incompetent, woke bureaucracy that has infested the state government 

The Maine people need to finally wake up, and put an end to all the climate scare-mongering, which aims to subjugate and further impoverish them, by voting the entire Democrat woke cabal out and replace it with rational Republicans in 2024

The present course leads to financial disaster for the impoverished State of Maine and its people.

The purposely-kept-ignorant Maine people do not deserve such maltreatment

NOTE: The above prices compare with the average New England wholesale price of about 5 c/kWh, during the 2009 - 2022 period, 13 years, courtesy of:

 

Natural gas-fueled CCGT plants, with low-cost, low-CO2, very-low particulate/kWh

Nuclear plants, with low-cost, near-zero CO2, zero particulate/kWh

Hydro plants, with low-cost, near-zero-CO2, zero particulate/kWh

APPENDIX 2

Russia building more nuclear reactors than any other country, IAEA data show

MOSCOW, November 13, 2023

According to the IAEA, a total of 412 nuclear reactors are in operation at power plants across the world, with their total capacity at about 370.2 gigawatts

Russia is building more nuclear reactors that any other country in the world, according to data from the Power Reactor Information System of the International Atomic Energy Agency.

The data show a total of 58 large-scale nuclear power reactors are currently under construction worldwide, of which 23 are being built by Russia. A plant may have up to 4 reactors, usually 1100 MW each

Rosatom is doing the most construction of international nuclear power units.

In Egypt, 4 reactors, each 1,200 MW = 4,800 MW for $30 billion is about $6,250/kW, which includes financing by Egypt $5 billion and by Russia $25 billion
That cost is at least 40% less then US/UK/EU

In Turkey, 4 reactors, each 1,200 MW = 4,800 MW for $20 billion is about $4,200/kW, entirely financed by Russia. The plant will be owned and operated by Rosatom

It is interesting, Rosatom's direct competitors, according to PRIS data, are three Chinese companies: CNNC, CSPI and CGN.

They are building 22 reactors, but it should be noted that they are being built primarily inside China, and the Chinese partners are building five of them together with Rosatom.

If we talk about the Americans and Europeans, they are lagging behind by a wide margin,” Alexander Uvarov, a director at the Atom-info Center and editor-in-chief at the atominfo.ru website, told TASS.

APPENDIX 3

Floating Offshore Wind in Norway

Equinor, a Norwegian company, just put in operation 11 Hywind, floating offshore wind turbines, each 8 MW, for a total of 88 MW, in the North Sea. The wind turbines are supplied by Siemens

Production will be about 88 x 8766 x 0.5, claimed lifetime capacity factor = 385,704 MWh/y, which is about 35% of the electricity used by 2 Norwegian oil rigs.

The existing diesel and gas-turbine generators on the rigs, will provide the other 65%.

The generators will counteract the up/down output of the wind turbines, on a less than minute-by-minute basis, 24/7/365

The generators will provide almost all the electricity during low-wind periods, and during high-wind periods, when rotors are feathered and locked.

The capital cost of the entire project was about 8 billion Norwegian Kroner, or about $750 million, as of August 2023, when all 11 units were placed in operation.

That cost was much higher than the estimated 5 billion NOK in 2019, i.e., 60% higher

The production cost likely will be about 46 c/kWh, without subsidies, about 23 c/kWh, with subsidies.

In Norway, all work associated with oil rigs is very expensive.

Workers are on the rigs for 6 weeks, and get 6 weeks off, and are paid well over $150,000/y, plus benefits.

Floating Offshore Wind in Maine

If such floating units were used in Maine, the production costs would be even higher in Maine, because of the additional cost of transport, of almost the entire supply, including specialized ships, across the Atlantic Ocean

A high voltage cable would be hanging from each unit, until it reaches bottom, say about 500 to 1000 feet. The cables would need some type of flexible support system
All the cables would be combined into one cable to run horizontally to shore, for at least 25 to 30 miles

Rich Norway people can afford to dabble in such expensive demonstration follies, but the over-taxed, over-regulated, impoverished Maine people would buckle under such a heavy burden, while trying to make ends meet in the near-zero, real-growth Maine economy.

Maine folks need lower energy bills, not higher energy bills.

APPENDIX 4

Offshore Wind

Most folks, seeing only part of the picture, say things that only partially cover the offshore wind situation, which caused major declines in Siemens, Oersted, etc., stock prices, starting at the end of 2020; the smart money got out
All this well before the Ukraine events, which started in February 2022. See offshore wind costs/kWh in article

World’s Largest Offshore Wind System Developer Abandons Two Major US Projects as Wind/Solar Bust Continues 
https://www.windtaskforce.org/profiles/blogs/world-s-largest-offsho...

US/UK Governments Offshore Wind Goals

1) 30,000 MW of offshore by 2030, by the posse of extremists in the US government 
2) 36,000 MW of offshore by 2030, and 40,000 MW by 2040, by the disconnected-from-markets UK government

Those US/UK goals were physically unachievable, even if there were abundant, low-cost financing, and low inflation, and low-cost energy, materials, labor, and a robust, smooth-running supply chain, to place in service about 9500 MW of offshore during each of the next 7 years, from start 2024 to end 2030, which has never been done before in such a short time. See article
 
US/UK 66,000 MW OF OFFSHORE WIND BY 2030; AN EXPENSIVE FANTASY  
https://www.windtaskforce.org/profiles/blogs/biden-30-000-mw-of-off...

NOTE: During an interview, a commentator was reported to say” “renewables are not always reliable” 
That shows the types of ignorami driving the bus
WIND AND SOLAR ARE NEVER, EVER RELIABLE

Levelized Cost of Energy by US-EIA

The wind/solar/battery bubble is in meltdown mode. This is not a surprise, because the US-EIA makes LCOE “evaluations” of W/S/B systems that purposely exclude major LCOE items, to make them look politically competitive with fossil fuels.

1) Subsidies equivalent to about 50% of project owning and operations cost,
2) Grid extension/reinforcement to connect remote W/S to load centers
3) A fleet of quick-reacting power plants to counteract the W/S up/down output, on a less-than-minute-by-minute basis, 24/7/365, 
4) A fleet of power plants to provide electricity during low-W/S periods, and during high-W/S periods, when rotors are feathered and locked,
5) Output curtailments to prevent overloading the grid, i.e., paying owners for not producing what they could have produced

NOTE: W/S variable outputs could not be physically fed into the grid, without the last 4 items, of which the LCOEs are provided for free by taxpayers, ratepayers, or added to government debts

Batteries Far From an Economic Alternative to Power Plant Fleets

Turnkey capital costs of large scale-battery systems are $575/installed kWh; based on 2023 pricing of Tesla-based systems. See article

BATTERY SYSTEM CAPITAL COSTS, OPERATING COSTS, ENERGY LOSSES, AND AGING
https://www.windtaskforce.org/profiles/blogs/battery-system-capital...

With 6.5% money on a 50% bank loan, and 10% for owner return on a 50% investment, and 19% HV grid to HV grid loss, and 15-y life.

At 10% throughput, the delivered electricity cost is about 183.8 c/kWh, without 50% subsidies, about 91.9 c/kWh with 50% subsidies, on top of the 6 c/kWh cost of the electricity from the HV grid to charge the batteries

At 40% throughput, about 23 c/kWh, on top of the 6 c/kWh

Excluded costs/kWh: 1) O&M; 2) system aging, 3) HV grid to HV grid loss, 3) grid extension/reinforcement to connect the battery systems, 5) downtime of parts of the system, 6) decommissioning in year 15, i.e., disassembly, reprocessing and storing at hazardous waste sites.
 
NOTE: The 40% throughput is close to Tesla’s recommendation of 60% maximum throughput, i.e., not charging above 80% and not discharging below 20%, to achieve a 15-y life, with normal aging

NOTE: Tesla’s recommendation was not heeded by the owners of the Hornsdale Power Reserve. They added Megapacks to offset rapid aging of the original system, and added more Megapacks to increase the rating of the expanded system.

http://www.windtaskforce.org/profiles/blogs/the-hornsdale-power-res...

THE PHYSICAL AND ECONOMIC FUTILITY OF W/S/B HAS BEEN CLEAR TO ENERGY SYSTEMS ANALYSTS AND ENGINEERS SINCE ABOUT 2000

APPENDIX 5

Solar Implosion: SolarEdge Melts Down After Weak Guidance 

https://www.windtaskforce.org/profiles/blogs/wind-solar-implosion-s...

The Great Green Crash – Solar Down 40%

https://wattsupwiththat.com/2023/11/08/the-great-green-crash-solar-...

World's Largest Offshore Wind System Developer Abandons Two Major US Projects as Wind/Solar Bust Continues 

https://www.windtaskforce.org/profiles/blogs/world-s-largest-offsho...

US/UK 66,000 MW OF OFFSHORE WIND BY 2030; AN EXPENSIVE FANTASY  

https://www.windtaskforce.org/profiles/blogs/biden-30-000-mw-of-off...

BATTERY SYSTEM CAPITAL COSTS, OPERATING COSTS, ENERGY LOSSES, AND AGING

https://www.windtaskforce.org/profiles/blogs/battery-system-capital...

Regulatory Rebuff Blow to Offshore Wind Projects; Had Asked for Additional $25.35 billion

https://www.windtaskforce.org/profiles/blogs/regulatory-rebuff-blow...

Offshore Wind is an Economic and Environmental Catastrophe

https://www.windtaskforce.org/profiles/blogs/offshore-wind-is-an-ec...

Four NY offshore projects ask for almost 50% price rise

https://www.windtaskforce.org/profiles/blogs/four-ny-offshore-proje...

EV Owners Facing Soaring Insurance Costs in the US and UK

https://www.windtaskforce.org/profiles/blogs/ev-owners-facing-soari...

U.S. Offshore Wind Plans Are Utterly Collapsing

https://www.windtaskforce.org/profiles/blogs/u-s-offshore-wind-plan...

Values Of Used EVs Plummet, As Dealers Stuck With Unsold Cars

https://www.windtaskforce.org/profiles/blogs/values-of-used-evs-plu...

Electric vehicles catch fire after being exposed to saltwater from Hurricane Idalia

https://www.windtaskforce.org/profiles/blogs/electric-vehicles-catc...

The Electric Car Debacle Shows the Top-Down Economics of Net Zero Don’t Add Up

https://www.windtaskforce.org/profiles/blogs/the-electric-car-debac...

Lifetime Performance of World’s First Offshore Wind System in the North Sea 

https://www.windtaskforce.org/profiles/blogs/lifetime-performance-o...

Solar Panels Are Much More Carbon-Intensive Than Experts are Willing to Admit

https://www.windtaskforce.org/profiles/blogs/solar-panels-are-more-...

IRENA, a Renewables Proponent, Ignores the Actual Cost Data for Offshore Wind Systems in the UK
https://www.windtaskforce.org/profiles/blogs/irena-a-european-renew...

UK Offshore Wind Projects Threaten to Pull Out of Uneconomical Contracts, unless Subsidies are Increased

https://www.windtaskforce.org/profiles/blogs/uk-offshore-wind-proje...

CO2 IS A LIFE GAS; NO CO2 = NO FLORA AND NO FAUNA

https://www.windtaskforce.org/profiles/blogs/co2-is-a-life-gas-no-c...

AIR SOURCE HEAT PUMPS DO NOT ECONOMICALLY DISPLACE FOSSIL FUEL BTUs IN COLD CLIMATES

https://www.windtaskforce.org/profiles/blogs/air-source-heat-pumps-...

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IRELAND FUEL AND CO2 REDUCTIONS DUE TO WIND ENERGY LESS THAN CLAIMED    

https://www.windtaskforce.org/profiles/blogs/fuel-and-co2-reduction...

APPENDIX 6

LIFE WITHOUT OIL?

Life without oil means many products that are made with oil, such as the hundreds listed below, would need to be provided by wind and solar and hydro, which can be done theoretically, but only at enormous cost.

Folks, including Biden's handlers, wanting to get rid of fossil fuels, such as crude oil, better start doing some rethinking.

The above also applies to natural gas, which is much preferred by many industries, such as glass making, and the chemical and drug industries.

If you do not have abundant, low-cost energy, you cannot have modern industrial economies.

Without Crude Oil, there can be no Electricity.

Every experienced engineer knows, almost all the parts of wind, solar and battery systems, for electricity generation and storage, from mining materials to manufacturing parts, to installation and commissioning, in addition to the infrastructures that produce materials, parts, specialized ships, etc., are made from the oil derivatives manufactured from raw crude oil.

There is no escaping of this reality, except in green lalaland.

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Comment by Willem Post on November 21, 2023 at 7:41am

The smart approach is to reduce federal deficit spending to reduce inflation, which will, in turn, reduce interest rates

Bank loans would be 3.5%, instead of 6.5%

Owner return on investment would be 8%, instead of 10%

Prices of materials, energy and labor, and manufacturing and transportation would decrease

The interest on the national debt would decrease

Wind and solar and battery systems would be affordable again

PUT THE HORSE BEFORE THE CART, FOR ONCE

Comment by Willem Post on November 21, 2023 at 7:29am

All such money will be added to the national debt and foisted onto taxpayers and ratepayers

All the bidders for projects have been EUROPEAN COMPANIES that want to saddle the U.S. with high energy costs so it becomes less competitive with the Europe

That means our trade deficit of 1.1 $TRILLION PER YEAR will become even greater

All the US gets is a number of pre-assembly/staging areas at about $350 to $500 million each

All the brain work of designing and building the wind turbines and specialized ships will be done in Europe

These European companies have absolutely no intention to do any of that hi-tech activity in the US 

The US people are be screwed on the global warming altar by the nut zero fanatics

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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