GREEN MIRAGE: World’s biggest offshore wind farm developer warns industry is in serious trouble
09/14/2023 / By Cassie B.
The offshore wind industry is in trouble both at home and abroad as it fails to live up to expectations as a dependable source of “green energy.”
The world’s biggest offshore wind farm developer, the Danish energy firm Orsted, has seen its value fall by 31 percent since declaring $2.3 billion of U.S. impairments last month. The company, which is a key player in the American market, is struggling amid high interest rates and delays in supplies, along with a lack of new tax credits.
CEO Mads Nipper issued a warning to investors during a conference call, cautioning: “The situation in U.S. offshore wind is severe.”
Other energy firms that have been attempting to construct offshore wind farms in America have also been struggling, and this has led to serious doubts about the future of offshore wind.
https://www.climate.news/2023-09-14-biggest-offshore-wind-farm-industry-in-trouble.html
