Orsted, months after a $4 billion write-off on offshore wind, decides to cut jobs, halt dividends, and quit several markets

February 7, 2024 International, International News, Mid Atlantic, National, New England

Orsted has struggled to keep its promising wind projects alive in recent times. High costs tied to Inflation, elevated interest rates, and supply crunches took a toll on Orsted as it wrote off $4 billion linked to two large New Jersey wind projects in October. At the time, the company described America as the “most painful part of its portfolio” that it would have to make that hard decision of de-risking from—a blow for President Joe Biden’s administration that had pinned great hopes to the country’s investment in green energy. more, >> click to read<< 12:13

$4 billion write-off, decides to cut jobs, halt dividends, New Jersey wind projects, offshore wind farms, President Joe Biden's administration, quit several markets, Ørsted

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The New England groundfish debacle (Part III): who or what is at fault? Nils E. Stolpe/FishNet

It took me a while to decide how to most accurately describe the situation that has been visited upon the New England fishing communities that are and since colonial times have been dependent on the groundfish fisheries.

NILS STOLPE: The New England groundfish debacle (Part IV): Is cutting back harvest really the answer?

While it’s a fact that’s hardly ever acknowledged, the assumption in fisheries management is that if the population of a stock of fish isn’t at some arbitrary level, it’s because of too much fishing. Hence the term “overfished.” Hence the mandated knee jerk reaction of the fisheries managers to not enough fish; cut back on fishing. What of other factors? They don’t count. It’s all about fishing, because fishing is all that the managers can control; it’s their Maslow’s Hammer. When it comes to the oceans it seems as if it’s about all that the industry connected mega-foundations that support the anti-fishing ENGOs with hundreds of millions of dollars a year in “donations” are interested in controlling. Read the article here

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