Tag Archives: Ocean Wind I and II
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
NJ Fishing Pros Warn Offshore Wind Killing Ocean Life: ‘Never Seen Anything Remotely Like This’ in Half a Century
New Jersey is in the process of approving two major offshore wind projects: the Ocean Wind I and II initiatives owned by the Danish “green” energy company Ørsted. Radical leftist Governor Phil Murphy ordered a massive restructuring of the state’s power grid in September to become reliant on “100 percent clean energy by 2035” that has enjoyed enthusiastic support from the White House, which approved Ocean Wind I in July. To install the wind turbines necessary for the projects, engineers must survey and map the ground floor to find the ground best able to sustain the massive structures. The survey work being done in anticipation of the installation of these turbines has coincided with a massive increase in the number of dead whales and other marine mammals off the coasts of New York and New Jersey. >click to read< 10:28
