Posted on 11/01/2023 7:49:48 PM PDT by dennisw
A green energy company on Tuesday pulled the plug on two wind projects off the coast of New Jersey which were approved for an estimated $1 billion in taxpayer-funded subsidies by Democratic Gov. Phil Murphy and state lawmakers.
The Danish outfit Orsted cited high inflation, rising interest rates and supply chain issues as their reasons for scrapping its Ocean Wind 1 and 2 projects – both of which were buoyed by tax incentives included in President Biden’s so-called Inflation Reduction Act.
“Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments,” Orsted Americas CEO David Hardy said in a statement.
“As a result, we have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2. We are extremely disappointed to have to take this decision, particularly because New Jersey is poised to be a US and global hub for offshore wind energy.”
Murphy, a strong proponent of the project, fumed over Orsted’s announcement, calling the pullout “outrageous” amid the unprecedented accommodations granted by the Garden State to the foreign company.
“Today’s decision by Orsted to abandon its commitments to New Jersey is outrageous and calls into question the company’s credibility and competence,” Murphy said in a statement. “As recently as several weeks ago, the company made public statements regarding the viability and progress of the Ocean Wind 1 project.”
Murphy he would explore legal options regarding the abandoned Orsted project after the state worked hard to secure the funding.
(Excerpt) Read more at nypost.com ...
Did the big guy get his cut?
The good news here is that this windy project has flopped in its early stages. So it seems that New Jersey taxpayers and NJ electricity users have not been ripped off for hundreds of millions of dollars, the way Solyndra did. The great Solyndra rip off was a billion or so dollars Fail.
The whole ‘wind power’ thing doesn’t work...
10% of $1 billion is $100 million.
I’ll bet King Phillip the Unaccountable is really mad.
Good
Inflation is the big killer of high capital adventures.
Too bad we have children, retards and morons in charge of our gov.
“Inflation is the big killer of high capital adventures.”
Correct! A few other offshore wind projects have died in the cradle recently, due to this. One up in Massachusetts. A Danish company is involved. Denmark is a world leader in offshore wind-electricity generation.
“Denmark leads the world in the share of its electricity that comes from wind, with more than 50 percent, according to the BP”
Many whales are rejoicing
Other good news is that the gas and oil deposits off of the Jersey coast are still sitting there when somebody gets the common sense and the will to tap them.
Oh wait! The American serfs will still be bleeding from the anus from being screwed once again!
May Zelensky soon suffer the same fate!
The whole 'wind power' thingy is a f@rt in our general direction!
8 Sept: BBC: No bids for offshore wind in government auction
by Michael Race
No new offshore wind project contracts have been bought by developers at a key government auction, dealing a blow to the UK’s renewable power strategy...
Ed Miliband, Labour’s shadow energy security and net zero secretary, said the result of the auction was an “absolute disaster for Britain”, but should have been avoidable. He argued the government had been warned by the industry that “unless they adjusted the auction price this would happen”.
“They [the government] should be hanging their heads in shame,” he told the BBC’s Today programme...
https://www.bbc.com/news/business-66749344
protests are much bigger than climate alarmists ABC suggest in the following. plans are for offshore wind turbine along the stunning east coast of Australia:
29 Oct: ABC Australia: Hunter, Illawarra surfers paddle out against NSW offshore wind zone plans
By Bridget Murphy and Kelly Fuller
“It’s about the marine environment. Here, we share the whale populations moving up and down the coast of Australia with lots of small coastal communities like this one.”...
Patricia Elkerton said she allowed her seven-year-old daughter to paddle out with her dad in support of the No campaign.
“We don’t want our coast ruined, we don’t want animals injured, we don’t believe the information that has been provided is true, this could ruin my daughter’s future,” she said...
https://www.abc.net.au/news/2023-10-29/offshore-wind-protest-paddle-out-illawarra-hunter/103036846
30 Oct: Illawarra Mercury: Illawarra offshore wind impacts on whale migration
By Amandine Ahrens, and Connor Pearce
It is estimated that up to 40,000 humpback whales make the journey from the southern Antarctic feeding grounds to the breeding grounds off the north-eastern coast of Australia...
https://www.illawarramercury.com.au/story/8405603/illawarra-wind-farms-no-roadblock-on-humpback-highway-experts/
not only has Australia leased the strategic Port of Darwin in the north of Australia, near a US military base, to China for 99 years, but...
Wikipedia: Port of Newcastle
The Port of Newcastle is a major seaport in the city of Newcastle, New South Wales, Australia. It is the world’s largest coal port.
It is made up of facilities located at Port Hunter in the Hunter River estuary...
In April 2014 Premier Mike Baird and Treasurer Andrew Constance announced that a “a consortium which comprises Hastings Funds Management and Chinese state-owned China Merchants” had successfully bid $1.75 billion for a 98-year lease of the Port of Newcastle...
https://en.wikipedia.org/wiki/Port_of_Newcastle
Australia exports tens of millions of tonnes of coal to China from the Port of Newcastle each year.
2 March 2023: NPR: China is building six times more new coal plants than other countries, report finds
by Julia Simon
A new report finds that last year China permitted the equivalent of two coal plants per week...
China permitted more coal power plants last year than any time in the last seven years, according to a new report released this week. It’s the equivalent of about two new coal power plants per week. The report by energy data organizations Global Energy Monitor and the Centre for Research on Energy and Clean Air finds the country quadrupled the amount of new coal power approvals in 2022 compared to 2021...
https://www.npr.org/2023/03/02/1160441919/china-is-building-six-times-more-new-coal-plants-than-other-countries-report-fin
there are already approx 3,092 coal-fired power plants in China, yet in Australia...
17 Feb 2022: ABC Australia: Origin Energy to shut Australia’s largest coal-fired power plant, Eraring Power Station, by 2025
By business reporters Rhiana Whitson and Michael Janda
Eraring is the biggest of 16 remaining coal-fired power plants supplying the (Australian) National Energy Market (NEM), with seven of those already scheduled to close by 2035 and the last planned to shut by 2051...
https://www.abc.net.au/news/2022-02-17/origin-to-shut-eraring-power-station-early/100838474
A further selection of light reading on the subject (some articles may be partially subscription only, but typically feature a few opening paragraphs — enough to get the gist.
https://substack.com/search/whales?focusedPublicationId=279400
Follow the money.
LOL - I’m a Monty Python fan too...
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