{"id":276846,"date":"2023-09-02T13:10:03","date_gmt":"2023-09-02T11:10:03","guid":{"rendered":"https:\/\/climatescience.press\/?p=276846"},"modified":"2023-09-02T13:10:06","modified_gmt":"2023-09-02T11:10:06","slug":"danish-wind-energy-giant-crashes-25-in-one-day-blames-severe-us-market","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=276846","title":{"rendered":"Danish Wind Energy Giant Crashes 25% in One Day, Blames \u201cSevere\u201d US Market"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

Essay by Eric Worrall<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

h\/t energywise<\/a> \u2013 \u201c\u2026 in talks with federal stakeholders to qualify for additional tax credits, which haven\u2019t progressed as expected. \u2026\u201d<\/p>\n\n\n\n

\n

World\u2019s Largest Offshore Wind Farm-Maker Crashes Most On Record After Catastrophic Results<\/strong><\/p>\n\n\n\n

BY TYLER DURDEN
THURSDAY, AUG 31, 2023 \u2013 01:05 AM<\/p>\n\n\n\n

Orsted A\/S was hit with a massive 16 billion Danish kroner ($2.3 billion) impairment on its US portfolio due to snarled supply chains, soaring interest rates, and easy money tax credits drying up \u2014 a warning sign the green energy revolution bubble is in trouble.\u00a0<\/em><\/p>\n\n\n\n

CEO Mads Nipper warned investors on a conference call: \u201cThe situation in US offshore wind is severe.\u201d\u00a0<\/em><\/p>\n\n\n\n

Bloomberg explained more about the headwinds plaguing Orsted:\u00a0<\/em><\/p>\n\n\n\n

The company\u2019s Ocean Wind 1, Sunrise Wind, and Revolution Wind projects in the US are being hurt by\u00a0supplier delays<\/strong>, which could lead to writedowns of up to 5 billion kroner, it said late Tuesday. High interest rates could also add another 5 billion. In addition, the developer is still in talks with federal stakeholders to qualify for\u00a0additional tax credits, which haven\u2019t progressed as expected<\/strong>. If unsuccessful, it could lead to\u00a0impairments of as much as 6 billion kroner<\/strong>.<\/em><\/p>\n\n\n\n

Analysts at Bernstein warned clients in a note:\u00a0\u201cToday\u2019s announcement flags\u00a0risks in the US portfolio<\/strong>\u00a0and does not do anything to improve the downbeat investor sentiment on the stock.\u201d\u00a0<\/em><\/p>\n\n\n\n

Read more:\u00a0https:\/\/www.zerohedge.com\/markets\/worlds-largest-offshore-wind-farm-maker-crashes-most-record-after-catastrophic-results<\/a><\/p>\n<\/blockquote>\n\n\n\n

<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

One interesting aspect of this situation, is it highlights how vulnerable the renewables industry is to changes in the political landscape, even when they haven\u2019t happened yet.<\/p>\n\n\n\n

WUWT focusses a lot on the Biden administration\u2019s apparent reluctance to conduct oil lease sales<\/a>, allegedly hostile EPA oversight<\/a>, and other apparent attacks on the fossil fuel industry. But equally, renewable investors and operators are suffering night terrors over the possibility a future conservative president might completely cancel their subsidy life support, at least at a federal level.<\/p>\n\n\n\n

Let us hope the green industry\u2019s worst fears are realised.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

World\u2019s Largest Offshore Wind Farm-Maker Crashes Most On Record After Catastrophic Results<\/p>\n","protected":false},"author":121246920,"featured_media":276853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691822262,691818131,691820753,691818130],"class_list":{"0":"post-276846","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-danish-wind-energy","9":"tag-offshore-wind-farm","10":"tag-orsted","11":"tag-renewables","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/image-52.png?fit=2127%2C1380&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1a1g","jetpack-related-posts":[{"id":353655,"url":"https:\/\/climatescience.press\/?p=353655","url_meta":{"origin":276846,"position":0},"title":"Nobody Wants to Build Wind Farms in the North\u00a0Sea","author":"uwe.roland.gross","date":"09\/12\/2024","format":false,"excerpt":"It is disappointing, the minister said, that no one has yet participated in the largest tender for offshore wind turbines in Danish history","rel":"","context":"In \"Danish Energy Agency\"","block_context":{"text":"Danish Energy Agency","link":"https:\/\/climatescience.press\/?tag=danish-energy-agency"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00windturbines_denmark_wad.jpg?fit=1200%2C694&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00windturbines_denmark_wad.jpg?fit=1200%2C694&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00windturbines_denmark_wad.jpg?fit=1200%2C694&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00windturbines_denmark_wad.jpg?fit=1200%2C694&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00windturbines_denmark_wad.jpg?fit=1200%2C694&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":353998,"url":"https:\/\/climatescience.press\/?p=353998","url_meta":{"origin":276846,"position":1},"title":"Denmark offers largest offshore wind area for auction, but no one bids anything","author":"uwe.roland.gross","date":"11\/12\/2024","format":false,"excerpt":"Denmark was the posterchild for the wind industry. It has the largest share of wind power in its national grid, and is home to the industry giants, Vestas and Orstead \u2014 two of the world\u2019s largest wind-manufacturers . Denmark is planning a large expansion in wind energy (or it was).\u2026","rel":"","context":"In \"3 GW offshore wind auction\"","block_context":{"text":"3 GW offshore wind auction","link":"https:\/\/climatescience.press\/?tag=3-gw-offshore-wind-auction"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00image-soutron-api.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00image-soutron-api.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00image-soutron-api.jpeg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00image-soutron-api.jpeg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/12\/00image-soutron-api.jpeg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":379113,"url":"https:\/\/climatescience.press\/?p=379113","url_meta":{"origin":276846,"position":2},"title":"Denmark Goes Full\u00a0Miliband","author":"uwe.roland.gross","date":"21\/05\/2025","format":false,"excerpt":"Just as in Britain. nobody can afford to build offshore wind farms in Denmark unless they are guaranteed obscene subsidies.","rel":"","context":"In \"Denmark\"","block_context":{"text":"Denmark","link":"https:\/\/climatescience.press\/?tag=denmark"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/0ChatGPT-Image-21.-Mai-2025-08_52_46.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/0ChatGPT-Image-21.-Mai-2025-08_52_46.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/0ChatGPT-Image-21.-Mai-2025-08_52_46.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/05\/0ChatGPT-Image-21.-Mai-2025-08_52_46.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":397882,"url":"https:\/\/climatescience.press\/?p=397882","url_meta":{"origin":276846,"position":3},"title":"Orsted Pull The Plug On\u00a0AR7","author":"uwe.roland.gross","date":"26\/08\/2025","format":false,"excerpt":"As we know, Orsted, Denmark\u2019s world leading offshore wind developer, pulled out of its Contract for Difference to build a giant 2400 MW Hornsea 4 wind farm in May. The contract had only been signed last year, with a guaranteed, index linked price on the table of \u00a384.97\/MWh. 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From JoNova By Jo Nova Marketing fantasies from the\u2026","rel":"","context":"In \"\u00d8rsted\"","block_context":{"text":"\u00d8rsted","link":"https:\/\/climatescience.press\/?tag=orsted-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0image-siemens-gamesa-113028.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0image-siemens-gamesa-113028.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0image-siemens-gamesa-113028.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0image-siemens-gamesa-113028.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0image-siemens-gamesa-113028.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/276846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=276846"}],"version-history":[{"count":6,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/276846\/revisions"}],"predecessor-version":[{"id":276855,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/276846\/revisions\/276855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/276853"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=276846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=276846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=276846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}