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Author Topic: Biden-Subsidized Offshore Wind Developer Reports Massive Losses In Latest Blow To Industry  (Read 681 times)

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Offline rangerrebew

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Biden-Subsidized Offshore Wind Developer Reports Massive Losses In Latest Blow To Industry
« on: August 17, 2024, 07:27:34 am »
 
Biden-Subsidized Offshore Wind Developer Reports Massive Losses In Latest Blow To Industry
Story by Owen Klinsky • 14h

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.”

https://www.msn.com/en-us/money/markets/biden-subsidized-offshore-wind-developer-reports-massive-losses-in-latest-blow-to-industry/ar-AA1oWGGl?ocid=msedgntp&pc=HCTS&cvid=c0049c77f80f4db3a043959c076f0ec6&ei=113
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Online massadvj

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Re: Biden-Subsidized Offshore Wind Developer Reports Massive Losses In Latest Blow To Industry
« Reply #1 on: August 17, 2024, 09:08:10 am »
Question 1: Why is the United States of America subsidizing a foreign manufacturer?
Question 2: Is any other country in the world so stupid as to use government money to pay foreign workers to build products for domestic consumption? I don't think even the Soviets or Chavez were this stupid.
Question 3: Aren't the Scandinavian countries supposed to be the most efficient, enlightened countries on the face of the earth (this is likely the reason Biden gave them the subsidy)?
Question 4: Why is it that politicians always want to subsidize businesses that fail?

I will answer #4: Because it is much easier to launder cash through a failing business. The eco business has been a cash cow for the Democrats since Carter.   
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