That ‘industries’ built on lies, myths and subsidies are in freefall is hardly surprising. Nothing about intermittent wind and solar have never made any sense. Now the markets are starting to cotton on.
Governments are refusing to bail out wind power outfits – rejecting their ever-increasing demands for ever-increasing subsidies. The knock-on effect on the manufacturers of these things has been catastrophic. Germany’s largest turbine maker, Siemens saw close to 40% wiped off its share price last month. America’s GE offshore wind division has suffered an annual loss approaching a lazy US$1 billion.
It’s almost like markets of rumbled the fact that subsidised wind and solar constitute the greatest economic and environmental fraud, of all time.
Here are three recent reports on the troubles and travails faced by those who once profited handsomely from the grandest scam of all.
Green Dreams Going Up in Smoke
Powerline
John Hinderaker
27 October 2023
Wind and solar are both terrible methods of generating electricity, both expensive and unreliable. The one thing that can make the situation worse is the drive to electrify everything, including motor vehicles. The impracticality of this “green” vision has become blindingly obvious, and the “green” movement has begun to fall apart.
Steve noted this afternoon the collapsing share prices of renewable energy companies. Here are some more indications that the “green” movement is spiraling downward:
From the Telegraph: “Electricity prices ‘must rise by 70pc to pay for more wind farms.’”
No new wind farms will be built off Britain’s shores unless the Government lets operators earn more money from the electricity they produce, the chief of the nation’s biggest generator has said.
Tom Glover, country chair of RWE’s UK arm, said the price offered by the Government to wind farm operators must rise by as much as 70pc to entice companies to build.
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His warning follows the disastrous result of the last offshore wind allocation round in September, which ended in a humiliation for ministers with not one company offering to build new offshore wind farms.
From Grid Brief: “GE Offshore Wind to Post $1 Billion in Losses.”
General Electric’s offshore wind division is set to post $1 billion in losses.
“Offshore Wind remains difficult this year with losses of roughly $1 billion,” Chief Executive Officer Larry Culp said on Tuesday. Culp added that he expects similar losses next year, but with a better cash performance.
Culp’s announcement comes as the wind industry reels from sustained headwinds—supply chain snags, materials costs, component price increases, and higher interest rates. Project delays plus decreases in demand for offshore wind are expected.
From Robert Bryce: “Ford Lost $62,016 For Every EV It Sold In 3Q.”
The bloodbath in Ford Motor Company’s EV division continues. On Thursday, Ford reported an operating loss of $1.3 billion in its EV division during the third quarter. That translates into a loss of $62,016 for each of the 20,962 EVs it sold during the period.
That’s a smaller loss than the company recorded in the second quarter, when it lost $72,762 for each EV and the $66,446 it lost per EV during the first quarter.
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In its October 26 press release, Ford provided an additional comment on the EV losses, saying, “According to the company, many North America customers interested in buying EVs are unwilling to pay premiums for them over gas or hybrid vehicles, sharply compressing EV prices and profitability.” …
That’s a truth bomb of the first order, one to which veteran observers of the EV hype should rightly reply, “ya think?” Consumers, that is, consumers who aren’t part of the Benz and Beemer crowd, have been unwilling to pay premiums for EVs throughout the century-long history of the EV business. The question that Ford shareholders should be asking the company’s management, and CEO Jim Farley in particular, is obvious: “What the hell took you so long to recognize that customers aren’t willing to pay high prices for EVs?”
It isn’t just Ford, of course:
On Thursday, Mercedes-Benz reported disappointing earnings and revenues. Reuters quoted the German automaker’s CFO, Harald Wilhelm, who called the EV sector a “pretty brutal space.” Reuter said some automakers are selling EVs at prices “below the level of internal combustion engine cars despite their higher production costs.” It also quoted Wilhelm as saying, “I can hardly imagine the current status quo is fully sustainable for everybody.”
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Last week, Elon Musk warned about slowing demand for EVs after Tesla missed revenue and profit targets for the third quarter. And if Musk is warning about demand, then the EV business must really be in trouble.
“Green” energy companies and electric vehicle manufacturers rely on governments to force consumers to buy their products, like it or not. But there is a limit to how much of a decline in their standard of living voters are willing to accept for the sake of “green” mythology. Blackouts have already begun (not to mention skyrocketing electricity prices), and as blackouts become more widespread, voters are going to punish the politicians who lied to them about “green” energy. Let’s hope that happens before tens of billions more dollars are poured into the coffers of the cynical “green” industries.
Powerline
Siemens Energy Shares Crash 37% As Renewable Bust Sparks ‘Green Panic’
Zero Hedge
Tyler Durden
27 October 2023
Siemens Energy shares in Germany crashed on Thursday after the company warned its wind turbine business is grappling with quality issues and offshore ramp-up challenges. The company said it’s evaluating various measures to strengthen its balance sheet and is discussing state guarantees with the German government. This comes as a financial crisis in offshore wind energy is brewing.
Siemens Energy said the wind business Siemens Gamesa “is working through the quality issues and is addressing the offshore ramp up challenges as announced in the third quarter communication for fiscal year 2023.
“As Siemens Gamesa is for the time being not concluding new contracts for certain onshore platforms and is applying strict selectivity in the offshore business, order intake and revenue are expected to be lower than market expectations for fiscal year 2024, and net losses and cash outflow are expected to be higher than market forecasts,” the statement continued.
The German company said, “The Executive Board is evaluating various measures to strengthen the balance sheet of Siemens Energy and is in preliminary talks with different stakeholders, including banking partners and the German government, to ensure access to an increasing volume of guarantees necessary to facilitate the anticipated strong growth.”
Shares of Siemens Energy crashed 37% in Germany.
We have outlined for months a “financial crisis is unfolding in the offshore wind power industry” due to “soaring inflation costs have undercut the sector’s growth and left major projects dead in the water just when their output is most needed.”
Two months ago, Orsted A/S, the world’s largest offshore wind farm developer, saw shares crash in Copenhagen trading after it warned: “The situation in US offshore wind is severe.” The stress revolves around inflation, high interest rates, and supply chain woes, which have led to the company considering abandoning US offshore projects:
“We are still upholding a real option to walk away,” Orsted CEO Mads Nipper told Bloomberg in an interview in London in early September.
It’s not just wind that’s in trouble. Last week, solar equipment maker SolarEdge Technologies saw shares crash as much as 30% on sliding European demand.
We coined the term ‘green panic’ a few months ago. Biden’s renewable bubble is imploding in today’s worsening macro environment.
ZeroHedge
The Daily Chart: More Red Ink for Green Energy
Powerline
Steven Hayward
27 October 2023
Yesterday we noted here the green energy fiasco of Siemens and a couple other renewable energy companies, but it turns out the damage is being seen across the board. Just a couple years ago everyone piled into green energy companies because they were said to be the future, while traditional oil, gas, and coal companies were doomed to long term decline, and who would want to have “stranded investments” in their stocks.
Well guess what:
And several leading companies in addition to Siemens are taking similar hits, while oil and gas are showing renewed vigor:
STOP THESE THINGS 
They’ve stolen trillions of dollars that could have helped an immeasurable number of people worldwide, all in the name of greed. And remember, most religions were on board, most countries politicians, the U.N., and they’ve done nothing but drive up the cost of everything.
Wind & Solar Industries Face Total Collapse …good on ‘ya Skippy!
Agreed.
Couldn’t happen to a more deserving group of con artists.