dsedy
Well-Known Angler
The guy shellengerger was fine...the two hosts on either side of him...not so much IMO
Do they think we're idiots!
- Thread starter george
- Start date
Quite common. Hosts want to hear their own voices far too often and should just STFU.
Our best ally, overseas corporations looking at the bottom line that's not being bolstered by the Federal Government. Keeping up the delays are the best strategy!!
Orsted, the Danish renewable energy giant, has warned that it may write off as much as $2.12 billion because of supply chain problems and other issues at three giant offshore wind installations off the United States’ East Coast.
The announcement from the company, which has been a global pioneer in offshore wind energy, is the latest sign of trouble in an industry expected to supply an increasingly large portion of clean energy to meet the climate-change goals of many countries, including the United States.
“This will not be the last that we will see this year,” said Soeren Lassen, the head of offshore wind at Wood Mackenzie, a consulting firm.
Orsted’s shares tumbled 25 percent after the news.
The wind farms covered in the announcement would supply power to customers in New York, Connecticut and New Jersey. Orsted also said it would reconfigure plans for two other projects to avoid similar problems.
The company said the projects were being hit by delays to suppliers and contractors, like wind turbine component manufacturers and the specialized ships needed to install the large machines, whose blades are as long as football fields.
“There is a continuously increasing risk in these suppliers’ ability to deliver on their commitments and contracted schedules,” Orsted said in a statement on Tuesday.
Orsted said such delays could lead to extra costs and slower-than-anticipated receipts of revenues from the power generated by the turbines. It also said that at this point, it would continue to perform preliminary work on building the wind farms — although walking away was an option.
“We are willing to walk away from projects if we do not see value creation that meets our criteria,” Mads Nipper, Orsted’s chief executive, said on a call with analysts on Wednesday, according to an unofficial transcript. - Please or please!! My note...
The company said the sharp rise in interests rates would also increase costs in the United States. Renewable energy projects require billions in investment upfront. Orsted also said it might not be able to achieve tax credits from the United States as large as it had anticipated.
The impairments amount to about half of the $4 billion that Orsted said it had invested in its offshore portfolio in the United States but are only a fraction of the estimated overall cost of these projects, which is more than $10 billion, and the company’s overall American plans.
Orsted owns a small operating wind farm off Rhode Island and is developing seven others off the East Coast, according to the company’s website.
While other companies have abandoned some contracts to supply power or threatened to, Orsted has so far said it does not wish to. The United States remains an important future market for the company and other developers. On the call with analysts, Mr. Nipper said giving up on these projects would not be the right thing for shareholders at this time.
The offshore wind industry, which has been developed in countries like Denmark, Britain and Germany in recent decades, has won favor with governments and investors looking to place large sums in clean energy.
Large arrays of turbines with the capacity of conventional power-generation plants can be built at sea, where winds are stronger and steadier than on land. In Europe, at least, there is also less opposition to planting towers with enormous spinning blades offshore than installing them on farms or hillsides.
After rapid growth, the industry has recently been upended by a variety of factors including manufacturing and logistics delays from the pandemic and inflation, which has drastically changed the economics of projects that can take a decade to move from the drawing board to an operating wind farm.
In a potential indication of a souring on prospects for offshore wind in the United States, an auction of wind lease areas in the Gulf of Mexico on Tuesday produced disappointing results, attracting just two bidders.
Mr. Lassen of Wood Mackenzie said that the United States was a new market for the offshore wind industry and that delays were not surprising. The network of suppliers for offshore wind in the United States is in its infancy, and vessels used to install the big turbines must be brought from Europe, adding to costs and delays. One reason for the disappointing talks on taxes may be that developers cannot find enough suppliers to meet rules for using locally based goods and services, analysts say.
Mr. Lassen said that while early delays might be expected, a major risk was that they would cascade, frustrating efforts to make offshore wind a key source of electric power in the United States and elsewhere.
“They want policymakers to recognize the issues that the industry is facing,” he said.
Wind Energy Giant Orsted Says Delays in U.S. May Cost $2 Billion
Supply chain problems and high interest rates are hurting U.S. projects, the Danish company said.Orsted, the Danish renewable energy giant, has warned that it may write off as much as $2.12 billion because of supply chain problems and other issues at three giant offshore wind installations off the United States’ East Coast.
The announcement from the company, which has been a global pioneer in offshore wind energy, is the latest sign of trouble in an industry expected to supply an increasingly large portion of clean energy to meet the climate-change goals of many countries, including the United States.
“This will not be the last that we will see this year,” said Soeren Lassen, the head of offshore wind at Wood Mackenzie, a consulting firm.
Orsted’s shares tumbled 25 percent after the news.
The wind farms covered in the announcement would supply power to customers in New York, Connecticut and New Jersey. Orsted also said it would reconfigure plans for two other projects to avoid similar problems.
The company said the projects were being hit by delays to suppliers and contractors, like wind turbine component manufacturers and the specialized ships needed to install the large machines, whose blades are as long as football fields.
“There is a continuously increasing risk in these suppliers’ ability to deliver on their commitments and contracted schedules,” Orsted said in a statement on Tuesday.
Orsted said such delays could lead to extra costs and slower-than-anticipated receipts of revenues from the power generated by the turbines. It also said that at this point, it would continue to perform preliminary work on building the wind farms — although walking away was an option.
“We are willing to walk away from projects if we do not see value creation that meets our criteria,” Mads Nipper, Orsted’s chief executive, said on a call with analysts on Wednesday, according to an unofficial transcript. - Please or please!! My note...
The company said the sharp rise in interests rates would also increase costs in the United States. Renewable energy projects require billions in investment upfront. Orsted also said it might not be able to achieve tax credits from the United States as large as it had anticipated.
The impairments amount to about half of the $4 billion that Orsted said it had invested in its offshore portfolio in the United States but are only a fraction of the estimated overall cost of these projects, which is more than $10 billion, and the company’s overall American plans.
Orsted owns a small operating wind farm off Rhode Island and is developing seven others off the East Coast, according to the company’s website.
While other companies have abandoned some contracts to supply power or threatened to, Orsted has so far said it does not wish to. The United States remains an important future market for the company and other developers. On the call with analysts, Mr. Nipper said giving up on these projects would not be the right thing for shareholders at this time.
The offshore wind industry, which has been developed in countries like Denmark, Britain and Germany in recent decades, has won favor with governments and investors looking to place large sums in clean energy.
Large arrays of turbines with the capacity of conventional power-generation plants can be built at sea, where winds are stronger and steadier than on land. In Europe, at least, there is also less opposition to planting towers with enormous spinning blades offshore than installing them on farms or hillsides.
After rapid growth, the industry has recently been upended by a variety of factors including manufacturing and logistics delays from the pandemic and inflation, which has drastically changed the economics of projects that can take a decade to move from the drawing board to an operating wind farm.
In a potential indication of a souring on prospects for offshore wind in the United States, an auction of wind lease areas in the Gulf of Mexico on Tuesday produced disappointing results, attracting just two bidders.
Mr. Lassen of Wood Mackenzie said that the United States was a new market for the offshore wind industry and that delays were not surprising. The network of suppliers for offshore wind in the United States is in its infancy, and vessels used to install the big turbines must be brought from Europe, adding to costs and delays. One reason for the disappointing talks on taxes may be that developers cannot find enough suppliers to meet rules for using locally based goods and services, analysts say.
Mr. Lassen said that while early delays might be expected, a major risk was that they would cascade, frustrating efforts to make offshore wind a key source of electric power in the United States and elsewhere.
“They want policymakers to recognize the issues that the industry is facing,” he said.
2nd wind developer moves to terminate its contracts off Martha's Vineyard SouthCoast Wind Cancels 1,200 MW Offshore Project Off Martha's Vineyard, Agrees to Pay $60M Termination Fee
Date: August 31, 2023
SouthCoast Wind, an offshore wind developer, announced on Tuesday its decision to abandon initial plans for a 1,200-megawatt installation in the waters off Martha’s Vineyard. The company has agreed to pay a $60 million termination fee to utility companies, signaling the official collapse of its existing contracts.
The penalty breakdown includes $32.4 million for Eversource, $27.3 million for National Grid, and $591,000 for Unitil, as per amendments filed with the Department of Public Utilities. These utility companies are set to credit the payments back to ratepayers through future contract adjustments.
This announcement comes after months of SouthCoast Wind warning that the project had become financially unfeasible due to shifting economic trends. The move echoes Commonwealth Wind, another developer that received approval last week to terminate its own offshore wind contract. Both developers intend to submit new bids in the next state solicitation, aiming for higher project valuations.
Pending approval from the Department of Public Utilities, the termination will bring down the state’s already-approved offshore wind energy capacity from 3,200 megawatts to just 800 megawatts. The Healey administration aims to secure between 400 and 3,600 megawatts in the next bidding round, in alignment with Massachusetts' clean energy law, which requires 5,600 megawatts of offshore wind power by 2027.
First reported by CommonWealth Magazine, the termination agreement awaits the green light from state regulators. If approved, this would be a significant development, raising questions about the future pricing and viability of offshore wind projects in the region.
Shorty for the delayed updates. It's all happening so fast we can't keep up.
These two dead whales make it a total of 6 in NJ food the month of August.
This is the 6th confirmed whale to wash ashore living or deceased, or reported floating offshore for the month of August. Earlier today, 8/29, a whale (species not yet confirmed), washed ashore LoveLadies Beach north of Coast Avenue on Long Beach Island, NJ.
#ICYMI On Friday evening, 8/25, a deceased humpback whale washed ashore Rockaway Beach, NY. For updates regarding this whale, and preliminary necropsy results, please visit @Atlantic Marine Conservation Society's social media pages.
We as people must stay vigilant and not allow these excessive deaths to be normalized.
Photo 1 Description: Pygmy sperm whale, washed ashore Long Beach Island, NJ on 8/29
Photo Credit: Local Resident from Long Beach Island
Photo 2 Description: Humpback whale, washed ashore Rockaway Beach, NY on 8/25
Photo Credit: @Atlantic Marine Conservation Society
#whales
These two dead whales make it a total of 6 in NJ food the month of August.
This is the 6th confirmed whale to wash ashore living or deceased, or reported floating offshore for the month of August. Earlier today, 8/29, a whale (species not yet confirmed), washed ashore LoveLadies Beach north of Coast Avenue on Long Beach Island, NJ.
#ICYMI On Friday evening, 8/25, a deceased humpback whale washed ashore Rockaway Beach, NY. For updates regarding this whale, and preliminary necropsy results, please visit @Atlantic Marine Conservation Society's social media pages.
We as people must stay vigilant and not allow these excessive deaths to be normalized.
Photo 1 Description: Pygmy sperm whale, washed ashore Long Beach Island, NJ on 8/29
Photo Credit: Local Resident from Long Beach Island
Photo 2 Description: Humpback whale, washed ashore Rockaway Beach, NY on 8/25
Photo Credit: @Atlantic Marine Conservation Society
#whales
captmike28
Well-Known Angler
Could their overzealous greed and disregard for the environment and the ocean's wildlife actually wind up becoming our salvation? We can hope for this conclusion but also must keep the pressure on as everyone here mentions!
dsedy
Well-Known Angler
Some evil folks got a conscious perhaps? $'s be dammed. Not likely but maybe....They can go F themselves in any case.
In reality, very little of the green "tit" movement works without some form of subsidies from Government and the taxpayers.: weather its Teslaa get EV credits or a homeowner receiving discounts or grants for installing solar on their homes. None of it is economically feasible. Its all a scam
Seems to be the ace in the hole for folks not happy about the situation, and when corporations, mostly overseas ones in the case of ocean windmills, are involved quick U-turns can occur. Have to remember that they are only looking out for the financial well being of their shareholders. Therefore the "No Bucks, No Buck Rogers" paradigm is evoked as soon as the bottom line goes red...
Since delays and inflation were not factored in many of the construction plans, the corporate bean counters are realizing that it will be cheaper to pay the bail out penalties than to execute the contract, so "So Long Suckers!!"
dsedy
Well-Known Angler
And this also from Orstead
Shares of the world's largest offshore wind farm developer crashed in Copenhagen trading on Wednesday after it warned: "The situation in US offshore wind is severe."
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 -- a warning sign the green energy revolution bubble is in trouble.
CEO Mads Nipper warned investors on a conference call: "The situation in US offshore wind is severe."
Shares in Denmark-listed green energy giant crashed 25%, the largest daily decline since it went public in early 2016.
Bloomberg explained more about the headwinds plaguing Orsted:
Analysts at Bernstein warned clients in a note: "Today's announcement flags risks in the US portfolio and does not do anything to improve the downbeat investor sentiment on the stock."
"While the bulls could argue many of these issues related to the impairment are already known, the announcement is unlikely to bode well for an already-weakened Orsted share price," Citigroup Inc. analyst Jenny Ping told clients.
Analysts across the board were overwhelmingly pessimistic about the news (list courtesy of Bloomberg):
We ought to label Orsted's crash as the 'Green Panic.' Bulls eager to ride the climate energy revolution might want to rethink their mid-term views.
When naval ships and other sea vessels use sonar, many whale species flee for their lives; some even strand themselves on beaches in a desperate attempt to escape. Now, scientists have discovered the most likely reason: The loud sounds trigger the same fear response as when the animals hear calls emitted by one of their most terrifying predators: killer whales.
“It’s a great study,” says Robin Baird, who investigates the effects of sonar on dolphins and whales (collectively known as cetaceans) at Cascadia Research Collective, a marine science nonprofit. The work should help scientists predict which species are most susceptible to humanmade sounds, says Baird, who was not involved with the project.
Scientists know some cetaceans, such as harbor porpoises and beaked whales, flee from sonar, whereas others, such as pilot whales, seem indifferent. To figure out why, Patrick Miller, a marine biologist at the University of St. Andrews, and colleagues attached sound and dive recording tags (with suction cups) to randomly chosen members of four whale species—sperm, humpback, long-finned pilot, and northern bottlenoses—in the Norwegian Sea, above the Arctic Circle. The team tracked the animals from a research vessel, then followed them in a smaller boat that was either silent or transmitted three types of sounds: sonar in the 1- to 4-kilohertz band (similar to naval sonar), and clicks emitted by two types of killer whales—those that eat fish exclusively and those that prey exclusively on marine mammals, including other cetaceans. (Although the two types of killer whale are not known to interbreed, they have not yet been identified as separate species.)
This piece was written by well know and respected VIRGINIA MORELL
I guess the first part is recognizing there is a problem....
Surge in whale deaths in NY waters has scientists scrambling for solutions
Seventeen humpback whales have turned up dead along the Atlantic coast in New York and New Jersey this year.
www.lohud.com
dsedy
Well-Known Angler
Get ready to get slammed (pig fooked) with higher energy costs and fees NY residents. This is from the Wall Street Journal (gated)
EVs, solar, and wind projects don’t scale. Heck, they don’t scale even with subsidies. I have been saying this for months.
Needed minerals and skilled labor are in short supply. The US is still dependent on China and other foreign countries for materials.
The Coming Green Energy Bailout
Taxpayers will soon be on the hook for The Coming Green Energy BailoutThe speed at which these projects blew up seems stunning. But it really isn’t.
EVs, solar, and wind projects don’t scale. Heck, they don’t scale even with subsidies. I have been saying this for months.
Needed minerals and skilled labor are in short supply. The US is still dependent on China and other foreign countries for materials.
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