Is The US Offshore Wind Boom About To Go Bust?
Looks like the rush to build massive offshore wind farms in the US has hit a speed bump. Orsted, one of the world's largest offshore developers, is calling for the US to increase offshore wind subsidies to offset inflation in borrowing costs and materials. In addition, they want to avoid the mandate for inclusion of domestic components in construction and equipment.
Here's an article from ZeroHedge sumarrizing the issues
https://www.zerohedge.com/markets/turbulent-times-bidens-offshore-w...
Views: 36
Comment
-
Comment by Willem Post on September 10, 2023 at 3:50pm
-
The European Big Wind industry, drowning in RED INK, is finally telling the UK idiot bureaucrats, ENOUGH IS ENOUGH
Paris is “off course”, because it was, and still is, built on a lie;
many NATURAL forces cause the observed global temperature changes, already for 4 billion yearsThe increase in interest rates, long overdue, due to excessive printing of money, plus increased inflation, and increased energy costs, and increased materials cost, and increased skilled labor costs, and increased supply chain bottlenecks (lack of specialized ships) have combined to increase the capital cost per MW of installed wind/solar/battery capacity by about 70%, according to Bloomberg.
People are finally beginning to realize, the costs of Paris are astronomical, and even the richest countries on the planet cannot afford it going forward.
This gave rise to BRISC+6, soon BRISC+12, including two nuclear superpowers, and two oil superpowers, which will represent about 60% of the world population, and will control the majority of the world’s resources.
Oil is at $95/barrel, as decided by Russia and SaudiArabia .
The US Strategic Oil Reserve is empty, due to the flawless “political executive planning” of the illegitimate/grifting/grafting, Biden in-the-basement
BRISC does no longer want its resources used for the West to play world domination and climate fantasy games
It is curtains for the US/EU, Paris, and the arbitrary imposing of its self-serving, rules-based, bull manure
No Offshore Wind bids for the 5th Auction in the UK in 2023, because UK bureaucrats, ignoring market conditions, offered subsidies that are at least 40% TOO LOW, per Vattenfall.
Read these two articles to get up to speed
BATTERY SYSTEM CAPITAL COSTS, OPERATING COSTS, ENERGY LOSSES, AND AGING
https://www.windtaskforce.org/profiles/blogs/battery-system-capital...US/UK 56,000 MW OF OFFSHORE WIND BY 2030; AN EXPENSIVE FANTASY
https://www.windtaskforce.org/profiles/blogs/biden-30-000-mw-of-off...
-
-
US/UK 56,000 MW OF OFFSHORE WIND BY 2030; AN EXPENSIVE FANTASY
https://www.windtaskforce.org/profiles/blogs/biden-30-000-mw-of-off...
EXCERPT
The US government has the insane fantasy of wanting to build 30,000 MW of offshore by 2030, i.e., just 7 years, but several companies, building projects for Massachusetts, will be allowed to walk away from the signed PPAs, and rebid at much higher prices next year.
The UK government has the insane fantasy of wanting to build 26,000 MW of offshore by 2030, i.e., in just 7 years,
The continent-based European big wind companies have only one third of the capacity per year for building 56,000 MW offshore by 2030, or 8,000 MW/y. These companies will concentrate on the U.S. market, because the Biden "Inflation-Reduction-Act” subsidies are about much higher than in the UK
1) Vattenfall, Sweden, has put 1,400 MW on hold in 2023 (will re-evaluate its entire 4,200 MW zone), because Vattenfall spreadsheets show a “net revenue shortage” of about 40%, meaning the prices, c/kWh, offered by the UK auctions are about 40% too low.
https://www.offshorewind.biz/2023/07/20/breaking-vattenfall-stops-d....
BTW, about 7,000 MW of offshore wind bids were rewarded by the UK 4th Auction, in 2022
2) OERSTED, Denmark, is looking forward to a $2.6 billion loss on its three US East Cost offshore wind systems, mainly due to high inflation, high interest rates, supply chain disruptions, and not being awarded additional federal and state tax credits
https://www.reuters.com/business/energy/denmarks-orsted-anticipates...
3) New York State bureaucrats calculated their estimates of offshore wind contract prices, but when the owners saw those numbers, they said, we need up to 66% more, for OUR spreadsheets to make sense. See Item 4 and note
Oersted, Denmark, Sunrise wind, original price $110.37/MWh, needs $139.99/ MWh, a 27% increase
Equinor, Norway, Empire 1 wind, original price $118.38/MWh, needs $159.64/MWh, a 35% increase
Equinor, Norway, Empire 2 wind, original price $107.50/MWh, needs $177.84/MWh, a 66% increase
Equinor, Norway, Beacon Wind, original price $118.00/MWh, needs $190.82/ MWh, a 62% increase
https://www.windtaskforce.org/profiles/blogs/liars-lies-exposed-as-...
4)
Lifetime Performance of World’s First Offshore Wind Farm
https://www.windtaskforce.org/profiles/blogs/lifetime-performance-o...
IRENA, a European Renewables Proponent, Ignores the Actual Cost Data for Offshore Wind Systems in the UK
https://www.windtaskforce.org/profiles/blogs/irena-a-european-renew...
NOTE: “The all-in, turnkey capital cost associated with a typical US offshore project, before bonus tax credits related to the "Inflation-Reduction-Act", has increased by 57% since 2021. Increased costs of materials, energy, components, labor, and supply chain constrains and disruptions explain about 40% of that, with 60% due to increased interest rates.”, per Bloomberg recently reported, citing figures from Bloomberg-NEF.
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/
Not yet a member?
Sign up today and lend your voice and presence to the steadily rising tide that will soon sweep the scourge of useless and wretched turbines from our beloved Maine countryside. For many of us, our little pieces of paradise have been hard won. Did the carpetbaggers think they could simply steal them from us?
We have the facts on our side. We have the truth on our side. All we need now is YOU.
“First they ignore you, then they laugh at you, then they fight you, then you win.”
-- Mahatma Gandhi
"It's not whether you get knocked down: it's whether you get up."
Vince Lombardi
Task Force membership is free. Please sign up today!
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/
© 2024 Created by Webmaster.
Powered by
You need to be a member of Citizens' Task Force on Wind Power - Maine to add comments!
Join Citizens' Task Force on Wind Power - Maine