This article was in the Wall Street Journal last Thursday, America’s Wind Farm Revolution is Broken
I have highlighted certain captions in bold font, but the situation is not good and under the best of circumstances, this is going to result in long delays to get these projects operational.
These are issues that will not be easily fixed.
Rich
America’s Wind-Farm Revolution Is Broken
Even with generous green subsidies, offshore wind projects are being called off as developers struggle to make a profit
By Carol Ryan
Sept. 7, 2023 5:19 am ET
Offshore wind farms, such as this one near Bergen, Norway, should, in theory, be highly productive. Photo: Ole Berg-Rusten/EFE/Zuma Press
Offshore wind farms should be one of the best solutions to the climate crisis but are turning out to be a lousy business. Getting the struggling industry back on its feet will require a new approach from companies and politicians alike.
The public face of the dilemma is Ørsted, a former oil and gas producer that became the world’s largest offshore wind-farm developer. The Danish company’s stock has lost more than $10 billion, or a third of its market value, since warning last week that it may take impairments of up to $2.3 billion on its U.S. projects. On Tuesday, ratings provider Moody’s downgraded the stock, a further challenge for a company that, like a property developer, needs debt to fund its plans.