Biden-Subsidized Offshore Wind Developer Reports Massive Losses in Latest Blow to Industry
A Danish renewable energy group booked huge impairment losses Thursday after it pushed back the launch of one of its U.S. offshore wind projects, according to its first-half 2024 earnings report. Orsted estimated the value of its assets declined $472 million in the first half of 2024, largely due to delays at the onshore substation for its 704 megawatt (MW) “Revolution Wind” project off the coast of Rhode Island and Connecticut, the report showed. The company also reported a variety of other problems, including losses related to its cancellation of its Ocean Wind projects in New Jersey and its abandoned effort to produce eco-friendly methanol in Sweden. “Despite encouraging progress on our US offshore wind project Revolution Wind, the construction of the onshore substation for the project has been delayed,” Orsted’s CEO Mads Nipper said in reference to the delay. “This is, of course, unsatisfactory, and we continue our dedicated efforts to de-risk our portfolio.” more, >>CLICK TO READ<< 17:03
The only people investing in Industrial Offshore Wind Energy Development are those working for, receiving money from, or the taxpayers via the Biden and Harris Administration’s Inflation Reduction Act. Everyone is loosing money. The marine Eco-System is being destroyed on the false claims by the foreign owned developers promise of Eco-Friendly Development.
The stupidity of this administration never ceases to amaze.
The perfect metaphor for this nonsense.
https://youtu.be/NSTAK4vF0DI?feature=shared