Tag Archives: Shell Oil (Dutch/UK)
A portrait of offshore wind companies
All of the prominent offshore wind companies originated in the oil and gas industry: Ørsted (Danish Oil and Natural Gas), Equinor (Norwegian Statoil), British Petroleum, Avangrid (Spanish Iberdrola gas), and Shell Oil (Dutch/UK). These past enemies of environmentalists, now dancing partners, continue to generate revenue from fossil fuels. Ørsted even profited from burning coal this past year. Given the industry’s history of misleading the public about climate change, it’s not unreasonable to question their assertions now. These companies lose money from offshore wind operations. However, backed by generous upfront government subsidies, the ongoing construction of wind farms compensates for these losses. Because federal subsidies will contribute 30% of the capital costs, taxpayers will pay these predominantly foreign-owned, for-profit companies, billions of dollars. Orsted predicts that South Fork Wind will cost $53 million per turbine. >click to read< 11:27
