"Orsted said the company's discussions with "senior federal stakeholders" on obtaining more U.S. tax credits for its offshore wind projects had not progressed as expected, which in turn could lead to impairments of another 6 billion crowns."Orsted plunges 20% on risk of $2.3 billion in US impairments
Denmark's Orsted , the world's largest offshore wind farm developer, said on Wednesday it may see U.S. impairments of 16 billion Danish crowns ($2.3 billion) due to supply chain problems, soaring interest rates and a lack of new tax credits.www.reuters.com
I’m confused as to which whale we are talking about.Has anyone studied the impact on THE Whale?
"Once they are in the ground, the blades will remain there essentially forever - they do not degrade or break down over time."Hundreds of fiberglass wind turbine blades pile up in landfills
The municipal landfill in Casper, Wyoming, is the repository of at least 870 discarded blades, and one of the few locations in the country that accepts the massive fiberglass objects.www.dailymail.co.uk
Cool!
Heavily subsidized by federal and state tax credits. Show your work.
NJ's project is about to collapse. Political knees are buckling.
And cutting all that cheese!! C'mon RU Cheese, that was too easy for a screen name with cheese in it!!! Sorry for the cheesy joke. Please don't grill me about it.
To incentivize. It can easily stand on its own these days.
Pay up bitches! Big Wind is such a scam.Wow, that sounds like a lot!
Equinor, BP seek 54% hike in US offshore wind power price, filings show
Norway's Equinor and its partner BP are seeking a 54% increase for the price of power produced at three planned offshore U.S. wind farms, according to a filing made by a New York state regulatory authority.
Wow, that sounds like a lot!
Equinor, BP seek 54% hike in US offshore wind power price, filings show
Norway's Equinor and its partner BP are seeking a 54% increase for the price of power produced at three planned offshore U.S. wind farms, according to a filing made by a New York state regulatory authority.
apnews.com
ocnjdaily.com
Delayed for a few years!! Great news
Delay in Offshore Wind Farm Project Called "Victory" by Opponents | OCNJ Daily
Opponents of what would be New Jersey’s first offshore wind energy farm are celebrating the announcement that the project will be delayed until 2026, but vowed to keep up their fight until it fails altogether. After suffering a series of legal and regulatory setbacks in the past year, the...
How so? I don't want it, i'm happy its delayed.
| Ocean Wind 1 - the project off our coast - has been delayed and won’t be operational until sometime in 2026, according to Orsted It was originally supposed to be up and running in 2024, then it was delayed until 2025, now it is delayed until 2026 Orsted cites 3 reasons for the delay: 1) supply chain issues, 2) lack of additional tax credits from the US government, 3) high interest rates Future wind projects at earlier stages in development by Orsted appear to be in jeopardy Orsted has profitability concerns and is seeking a 40% tax credit on their investment from the US government vs. the 30% they are currently set to receive Last month, New Jersey approved an additional ~$1 billion in tax credits to Orsted— those credits were originally supposed to go to utility customers |
| Deeper dive: There are several planned wind projects off the East Coast of the United States. Ocean Wind 1 is the first major project in New Jersey, and it has received many green lights from regulatory bodies and the state. |
| Other projects, however, have faced hurdles for various reasons. There is plenty of public pushback, especially along coastal communities (as you are well aware). |
| Some of these projects, including Ocean Wind 1, began planning prior to the pandemic. Since then, supply chain issues, inflation, and higher interest rates have made it much more difficult for Orsted to operate profitably— something that already required government tax credits. |
| This summer, Orsted threatened to pull manufacturing jobs from New Jersey and bring them overseas if they weren’t given additional tax credits from the state. |
| Governor Murphy rolled over and signed a bill giving Orsted nearly $1 billion in additional credits. These were supposed to go to utility customers. |
| Clearly that wasn’t enough, though, because Orsted is still pushing for additional credits. They want a 40% credit on their investment vs. the 30% they are currently set to receive, and there is an implicit threat that they may abandon all projects if they don’t get it. |
| Our take: Even proponents have said that for offshore wind to make a meaningful impact on the electrical grid it will require large-scale investments up and down the coast. Think thousands of windmills, not hundreds. |
| While Ocean Wind 1 is on the leading edge of the country’s desire for offshore wind, it only represents 98 windmills. If other projects are increasingly less likely to move forward, then why, on Earth, would you experiment with a one-off on one of the most densely populated, tourist-heavy section of beaches in the country, in a county with the country’s most expensive second homes? |
| The plan was for windmills to dot the coast from Massachusetts to Carolina. That would have generated a meaningful amount of electricity. Your stance on windmills as a source of clean energy aside, if a large-scale rollout is almost certainly off the table for various reasons, then why allow this single project to move forward and serve as an expensive beacon for a failed initiative? |
Two points- Orsted seem like typical corporate scumbags that looked to get in on the deal and then blackmail and hold the stakeholders hostage, crying corporate poverty and demanding more tax credits, and then more tax credits. F them. Too much corporate welfare doled out by the government in this country at both federal and state levels. Certain industries have gotten way too cozy and close to the federal government and have gotten way too many tax breaks and corporate favors. Only two candidates for President have been railing against this, neither of which as a chance of being elected, as they have their own issues-- RFK Jr and Cornel West (Green Party).
They will be visible from the beach. It’s going to be horrible.
Delayed for a few years!! Great news
Delay in Offshore Wind Farm Project Called "Victory" by Opponents | OCNJ Daily
Opponents of what would be New Jersey’s first offshore wind energy farm are celebrating the announcement that the project will be delayed until 2026, but vowed to keep up their fight until it fails altogether. After suffering a series of legal and regulatory setbacks in the past year, the...
I noted the shipping channel, and note that I said "offshore" from the Raritan Bay, not in the bay itself.
As promised, the "delays" have begun. Trenton got scared of the backlash and the only person still pushing the plan is a lame duck. Not hard to do the political math here. LOL!Delayed for a few years!! Great news
Delay in Offshore Wind Farm Project Called "Victory" by Opponents | OCNJ Daily
Opponents of what would be New Jersey’s first offshore wind energy farm are celebrating the announcement that the project will be delayed until 2026, but vowed to keep up their fight until it fails altogether. After suffering a series of legal and regulatory setbacks in the past year, the...
Orsted will be bankrupt pretty soon. This is another reason for Trenton's delay. Why push an unpopular project that likely can't be completed as promised? Even if it had the required political will behind it, it will be a massive boondoggle (NJ's Big Dig). Lose-lose situation for those in Trenton that want to keep their state positions.
I offered my most brilliant solution and will offer it again. Put the windmills where American Dream stands! That will be gone soon, and seems like a perfect repurposing of a dead asset and useless mass of land. To boot, it will keep tailgaters cool in the hot summer and early fall months at concerts, Jets and Giants games. Let's make it happen!!!
I noted the shipping channel, and note that I said "offshore" from the Raritan Bay, not in the bay itself.
Seems to be a shit ton of sailboats in the Raritan Bay. I'm aware of your sailing knowledge. But are all those sailboats there not getting any wind?
The Meadowlands seem like a wonderful area for a massive windmill project. Great idea!
