Major Offshore Wind Company Takes Huge Losses After Struggling To Get More Biden Bucks

[Elderberry]

Daily Caller by Nick Pope on August 30, 2023

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 firm’s projects face include supply chain backups and rising interest rates that make refinancing difficult.

“The situation in U.S. offshore wind is severe,” Orsted’s 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 administration’s offshore wind ambitions.

The company has already received subsidies for its offshore wind developments off the East Coast, but the firm’s discussions with high-level Biden administration officials to access even more tax credits have not gone as the company had hoped, according to Reuters. The firm’s share price has plunged by just under 25% Wednesday as of the time of publication, according to data from Yahoo Finance.

More: https://dailycallernewsfoundation.org/2023/08/30/major-offshore-wind-company-takes-huge-losses-after-struggling-to-get-more-biden-bucks/

[Smokin Joe]

SO, IOW, if we don't shell out money to private companies (or publicly traded ones), the whole "green" thing doesn't work? I guess that depends on how much green is going where.

Fundamentally, however, like Solyndra, I smell another taxpayer money passing to the DNC behind the scenes in order to mitigate the climate emergency that only exists in the media to justify paying money to the entities that are kicking it back to the DNC.

Even the Mafia were arguably more patriotic than the syndicate running DC.

[Bigun]

 

[Kamaji]

SO, IOW, if we don't shell out money to private companies (or publicly traded ones), the whole "green" thing doesn't work? I guess that depends on how much green is going where.

Fundamentally, however, like Solyndra, I smell another taxpayer money passing to the DNC behind the scenes in order to mitigate the climate emergency that only exists in the media to justify paying money to the entities that are kicking it back to the DNC.

Even the Mafia were arguably more patriotic than the syndicate running DC.

[Bigun]

SO, IOW, if we don't shell out money to private companies (or publicly traded ones), the whole "green" thing doesn't work? I guess that depends on how much green is going where.

Fundamentally, however, like Solyndra, I smell another taxpayer money passing to the DNC behind the scenes in order to mitigate the climate emergency that only exists in the media to justify paying money to the entities that are kicking it back to the DNC.

Even the Mafia were arguably more patriotic than the syndicate running DC.