The renewable green energy disaster off the northeastern US is getting worse
JUNE 5, 2024
By Paul Homewood
A slow-motion collapse in the offshore wind industry continues to grow as sticky inflation and supply chain challenges force developers to delay or cancel major projects. In particular, progress towards the Biden administration’s goal of building large amounts of floating wind off the northeastern US coast is just about stalled.
Shell, which invested in a series of offshore wind projects in recent years, including offshore the northeastern United States, announced last week it would lay off much of its offshore wind business staff as the oil giant advances its program of refocusing on its core oil and gas business.
“We are concentrating on select markets and segments to deliver the most value for our investors and customers,” a Shell spokesperson told Bloomberg. “Shell is looking at how it can continue to compete for offshore wind projects in priority markets while maintaining our focus on performance, discipline and simplification.”
Wind turbine maker Siemens Gamesa announced even bigger layoffs, saying it would cut 15 per cent of its global staff to adjust to a slowing market. The announcement comes after the company reported a €4.6 billion loss for 2023, a losing trend that has continued over the first half of 2024…..
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