Tag: Investing in offshore wind power

Beyond Pathetic: BP’s Offshore Wind Plans End With $Billion Investment Wipeout

Right now, the fastest way to lose cash is to invest in an offshore wind power outfit. Dozens of projects have been scrapped, and investors can’t be found outside of lunatic asylums. A while back British Petroleum (BP) tried to kid us that BP stood for Beyond Petroleum. A clever marketing ruse with all the … Continue reading Beyond Pathetic: BP’s Offshore Wind Plans End With $Billion Investment Wipeout

Floating Wrecks: Perpetually Failing Siemens Offshore Wind Turbines Practically Uninsurable

The wind industry’s sudden implosion saw Siemens suffer a €5.8 billion ($6.3 billion) market value write-down in a single day in June, followed by another 40% write-down in October - slashing a further €3 billion ($3.16 billion) off its market value, following revelations by Siemens that it was demanding billions in government-backed guarantees from the … Continue reading Floating Wrecks: Perpetually Failing Siemens Offshore Wind Turbines Practically Uninsurable

America’s Wind Industry Implodes: More Offshore Projects Scrapped

In the US the offshore wind industry is completely underwater, in every sense. The insane cost of attempting to (occasionally) generate electricity with no commercial value in hostile marine environments has finally caught up. Projects are being scrapped in the same way that punters rip up their betting slips when their long-shot nag fails to … Continue reading America’s Wind Industry Implodes: More Offshore Projects Scrapped

Wanton Waste: World’s Largest Wind Farm = World’s Largest White Elephant

Want to make a small fortune? Then take a large one and put it into offshore wind power. The costs of generating sporadic electricity using wind are staggering; doing so offshore makes them astronomical. And, it seems, the bigger the boondoggle, the more costly it becomes for the unwitting taxpayers, who are always left to … Continue reading Wanton Waste: World’s Largest Wind Farm = World’s Largest White Elephant

Transmission Break: Frequently Faulty Cables Costing Offshore Wind Power Generators Hundreds of $Millions

Turns out offshore wind power is more financial heartbreak than cash cow. Thanks to the phenomenal cost of repairing its undersea cables, Denmark’s Orsted is literally bleeding cash. The cost of fixing faulty cables connecting their turbines to each other and transmission facilities onshore is already in the hundreds of $millions, and set to rise … Continue reading Transmission Break: Frequently Faulty Cables Costing Offshore Wind Power Generators Hundreds of $Millions