The wheels are starting to fall off the green energy bandwagon
The wheels are starting to fall off the green energy bandwagon. The rose-colored glasses are clearing up and reality is sinking in.
The giant push toward a net zero utopia is not practical and has been a complete disservice to the American consumer. Components of the green movement are experiencing major setbacks, namely offshore wind, electric vehicles (EVs), and investments.
Offshore wind projects are struggling to secure financing and stay on track. The biggest blow came last month, when the world’s largest offshore wind developer Ørsted canceled two major projects off the New Jersey coastline, taking the wind right out of Gov. Phil Murphy’s green energy sails. Ørsted is also suspending work on offshore projects in Maryland and Delaware.
Among the wave of cancellations are projects in Massachusetts, Rhode Island, New York and Connecticut. Several other projects are on the ropes and a host of companies are paying millions to break their contracts.
The industry hit another snag recently when Germany-based Siemens Gamesa Renewable Energy pulled the plug on its wind turbine blade facility in Portsmouth, Virginia. Siemens Gamesa, one of the world’s leading suppliers, says, “development milestones to establish the facility could not be met.”
According to BloombergNEF, at least half of U.S. wind contracts have or are at risk of being terminated. The causes are typically due to skyrocketing inflation, high interest rates, choked supply chains and financial troubles.
Read the full Fox News article here.
Kristen Walker is a policy analyst for the American Consumer Institute, a nonprofit education and research organization. For more information about the Institute, visit www.theamericanconsumer.org or follow us on Twitter @ConsumerPal