Wind power is financial hot air

[ Follow Ups ] [ Post Followup ] [ Politics Forum ] [ FAQ ]

Posted by Ed Gooding (VA) on September 10, 2023 at 15:53:54 [URL] [DELETE] :

Major offshore wind company takes huge losses after struggling to get more Biden bucks

A Danish offshore wind company with major projects in the U.S. has taken huge losses Wednesday after warning about its so-far unsuccessful effort to get more federal subsidies, according to Reuters.

Orsted stated Tuesday that it anticipates that its three developments in U.S. waters may be $2.3 billion less valuable than anticipated, in part because the firm is having trouble receiving more tax credits from the Biden administration, according to Reuters. Other problems the firmís projects face include supply chain backups and rising interest rates that make refinancing difficult.

ďThe situation in U.S. offshore wind is severe,Ē Orstedís CEO, Mads Nipper, said to reporters on a conference call, according to Reuters. The company may cut its losses and walk away from its U.S. portfolio, according to Windpower Monthly, a potential move which would be a major setback to the Biden administrationís offshore wind ambitions.

...

Meanwhile, a Tuesday offshore wind lease sale for three zones in the Gulf of Mexico flopped, with two of the zones receiving zero bids from any of the numerous eligible companies that reportedly had some level of interest in the sales. The third zone received a total of three bids from two companies, and the final sale price stands as the lowest amount received for an offshore wind lease sale since the Obama administration was in office.


Follow Ups:


Post a Followup:
Name   : 
E-Mail : 
Subject: 
Message: To add a single image to your post, click here. To add multiple images to your post, click here. Optional Link URL : http://www.yourwebsite.com Link Title : Website Title Optional Image URL: http://www.myimages.com/mypic.jpg
Enter image characters into the text box.

Press Preview Message button below to proofread message & check if images and/or links are shown before posting message. Press
browser's back button if correction is needed. Press Post Message button on Preview Message page to finalized your post. Thanks!
  
   

[ Follow Ups ] [ Post Followup ] [ Politics Forum ] [ FAQ ]