Offshore Wind Finances Rated A Hold or Underperform 2023

  • A hold is a recommendation to neither buy nor sell a stock or investment. An underperforming rating means a stock is expected to be slightly worse than the overall market. Most investors expect between 8 and 12 percent a year from investments.
  • .
  • In June 2023 a major offshore wind company stock dropped almost 40 percent in one day. Issues at this company may be a harbinger of multiple problems in the industry. 
  • Offshore wind companies provide maintenance and warranty packages on their turbines. The construction of newer ocean wind turbines over 10 megawatts at 1000 feet each off the East Coast remain untested.
  • Hurricanes & Nor'easters 
  • The East Coast states from New Jersey to Massachusetts usually get brushed by an offshore hurricane on average every six years. The wind speeds on land are over 74 miles per hour but at the top of a 1000-foot wind turbine offshore may be much greater. Hurricane Maria took out two major wind farms in Puerto Rico.
  • Inflation
  • Due to inflation over the past two years, the average cost of wind turbines has gone up as much as 40 percent. The inflation rate average remains today near 5 percent per month.
  • Ukraine War 
  • War has provided problems with supply chains and increases in materials leading to higher prices.
  • Whale / Mammal Deaths 
  • Since the start of the Block Island, Rhode Island wind farm in 2016 whale deaths have followed the construction all along the East Coast. NOAA Fisheries has declared a 2016-2023 Humpback Whale Unusual Mortality Event along the East Coast. 
  • Whales recently washed up in Martha's Vineyard, Massachusetts at the start of the wind construction in June. Humpback whales continue washing up on tourist beaches all along the East Coast.  
  • Sonar and pile driving cause a whale to go deaf. A deaf whale is a dead whale causing ship strikes and brain hemorrhages.  
  • Electric Rates
  • In 2016 the Block Island wind farm was sold saving ratepayers 40 percent on their electric bills. Public officials after the completion of the project admitted the savings were far less. Massachusetts in 2022 told the public that offshore wind would reduce their bills. In 2023 there will be no savings. In fact, electric bills could become a rate as high as a second mortgage.
  • History
  • In 2005 many northeast states set unrealistic land-based wind turbine agendas. Massachusetts set a goal of 2000 megawatts of wind power by the year 2020.  
  • The wind turbines had major gearbox failures within five years and blade replacements that cost more than the original costs of the project.   
  • The two types of noise from the turbines caused major lawsuits leading to shutting down at night or removing the turbines. Inept public officials allowed setbacks far too close to residential homes in order to achieve renewable energy goals.
  • Results 
  • Now with the ocean wind projects, state and federal government is actively attempting to first destroy the ocean environment while claiming to save it. 
  • Moreover, the majority of these monster offshore-scale wind farm consortiums are today seriously lacking in reliable investment capital. Those investors have rejected their overall risk/reward now an independently validated analysis identifies more negative detractors. Hence the majority of those projects today require additional increases in both taxpayer and electric ratepayer bailouts. 
  • Offshore wind is a bunco scheme of enormous consequence. Residents who value intellectual honesty should not be fleeced by such mendacity, even from their own government officials.
  • The result is inferior unreliable green greed electricity is unaffordable.
  • Offshore wind is a poor investment

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Comment by Frank Haggerty on July 8, 2023 at 11:11pm
Rhode Island coastal engineer says SouthCoast Wind lied to regulators
Comment by Thinklike A. Mountain on July 7, 2023 at 1:45am
Comment by Dan McKay on July 6, 2023 at 5:47pm

All I can say is that the politicians we elected, and the other politicians who were selected, must have rocks in their heads


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


(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 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?" 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.”

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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."

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