{"id":339961,"date":"2024-08-18T18:39:51","date_gmt":"2024-08-18T16:39:51","guid":{"rendered":"https:\/\/climatescience.press\/?p=339961"},"modified":"2024-08-18T18:39:53","modified_gmt":"2024-08-18T16:39:53","slug":"biden-subsidized-offshore-wind-developer-reports-massive-losses-in-latest-blow-to-industry","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=339961","title":{"rendered":"Biden-Subsidized Offshore Wind Developer Reports Massive Losses In Latest Blow To Industry"},"content":{"rendered":"\n
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From Watts Up With That?<\/a><\/p>\n\n\n\n

The Daily Caller<\/a><\/p>\n\n\n

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Owen Klinsky<\/strong><\/a>
Contributor<\/p>\n\n\n\n

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

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) \u201cRevolution Wind\u201d project off the coast of Rhode Island and Connecticut, the report showed<\/a>. The company also reported a variety of other problems, including losses related to its cancellation<\/a> of its Ocean Wind projects in New Jersey and its abandoned effort to produce eco-friendly methanol in Sweden.<\/p>\n\n\n\n

\u201cDespite encouraging progress on our US offshore wind project Revolution Wind, the construction of the onshore substation for the project has been delayed,\u201d Orsted\u2019s CEO Mads Nipper said in reference to the delay. \u201cThis is, of course, unsatisfactory, and we continue our dedicated efforts to de-risk our portfolio.\u201d<\/p>\n\n\n\n

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\u201cOffshore wind turbines provide zero reliability, increase utility costs, and will devastate our coastal community.” https:\/\/t.co\/pnOFP4NpHx<\/a>\u2014 Save Jersey (@SaveJersey) August 15, 2024<\/a><\/p>\n<\/blockquote>\n\n\n\n

<\/a>The delay at Revolution Wind was driven by soil contamination at an onshore transformer station, and resulted in an asset markdown of $310 million, or roughly 65% of the total impairment amount.<\/p>\n\n\n\n

Orsted\u2019s stock fell as much as 9% following the earnings announcement, according<\/a> to Reuters.<\/p>\n\n\n\n

The U.S. offshore wind industry has had a wave of project delays, missed production targets and public backlash in the past year.<\/p>\n\n\n\n

New York State scrapped<\/a> three offshore wind projects in April after failing to finalize power purchase agreements with developers. The failed efforts contributed to Democratic New York Gov. Kathy Hochul issuing an official review<\/a> in July admitting the state was going to miss its goal of 70% renewable electricity by 2030.<\/p>\n\n\n\n

A July report<\/a> from the American Clean Power Association found there will only be 14 gigawatts of offshore wind production capacity deployed by 2030, less than half the Biden administration\u2019s target<\/a>.<\/p>\n\n\n\n

The industry also came under fire in July after a broken wind turbine off the coast of Nantucket scattered debris into the ocean, resulting in multiple beach closures<\/a>. (RELATED: \u2018Bunch Of Suits Trying To Cover Their Tracks\u2019: Beach Town Locals Slam Offshore Wind Developer For Polluting Shores)<\/a><\/strong><\/p>\n\n\n\n

The Biden administration has provided billions of dollars in subsidies<\/a> to the offshore wind industry, including to Orsted<\/a>.<\/p>\n\n\n\n

\u201cWe maintain a strong focus on de-risking project execution and prioritizing growth options with the highest potential for value creation,\u201d Nipper said of Orsted\u2019s first-half earnings results.<\/p>\n\n\n\n

Orsted and the White House did not immediately respond to requests for comment.<\/p>\n\n\n\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org<\/a>.<\/em><\/p>\n\n\n\n

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

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.<\/p>\n","protected":false},"author":121246920,"featured_media":339965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","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_feature_clip_id":0,"_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":[691830218,691830217,691818301,691823284,691820753],"class_list":["post-339961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-coast-of-nantucket","tag-democratic-new-york-gov-kathy-hochul","tag-offshore-wind","tag-offshore-wind-industry","tag-orsted","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/08\/zScreenshot-2023-11-03-111148-1024x611-1.webp?fit=1024%2C611&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1qrf","jetpack-related-posts":[{"id":271793,"url":"https:\/\/climatescience.press\/?p=271793","url_meta":{"origin":339961,"position":0},"title":"Cash Inferno: Offshore Wind Power Fastest Way to Squander Countless\u00a0$Billions","author":"uwe.roland.gross","date":"08\/06\/2023","format":false,"excerpt":"Can\u2019t you just use wind energy to run the factories that produce wind turbines? 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Siemens AG shares have plummeted over 70% since mid-June, with the company abandoning its 2023 profit outlook due to challenges in its wind turbine\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\/11\/image-369.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-369.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-369.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-369.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":246106,"url":"https:\/\/climatescience.press\/?p=246106","url_meta":{"origin":339961,"position":5},"title":"From Bad to Worse: Wind Industry\u2019s Mounting Woes Down to Naturally Woeful Performance","author":"uwe.roland.gross","date":"02\/28\/2023","format":false,"excerpt":"The wind industry\u2019s eventual implosion is inevitable and unavoidable, just like death and taxes.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-966.png?fit=1200%2C630&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-966.png?fit=1200%2C630&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-966.png?fit=1200%2C630&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-966.png?fit=1200%2C630&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-966.png?fit=1200%2C630&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/339961","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=339961"}],"version-history":[{"count":3,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/339961\/revisions"}],"predecessor-version":[{"id":339966,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/339961\/revisions\/339966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/339965"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=339961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=339961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=339961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}