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

Burning Cash: (Occasional) Offshore Wind Power More Than Six Times Cost of (Constant) Gas-Fired Power

The true cost of wind power is staggering - the cost of offshore wind power is astronomical: the latter is more than six times the cost of gas-fired power. The operating cost of maintaining any industrial machine in a marine environment starts out high and only increases over time, thanks to the corrosive power of … Continue reading Burning Cash: (Occasional) Offshore Wind Power More Than Six Times Cost of (Constant) Gas-Fired Power

How Long Do Wind Turbines Last? 10 Years or Until The Subsidies Run Out (Whichever Occurs First)

Wind power outfits still claim their turbines run on the smell of an oily rag and last for 25 years or more, needing little more than a hug from time to time. However, the operations and maintenance cost of these things, as reported by Australia's Infigen, is around $25 per MWh (hardly the zero marginal … Continue reading How Long Do Wind Turbines Last? 10 Years or Until The Subsidies Run Out (Whichever Occurs First)

Turbine Trouble: School Board’s Wind Turbine ‘Investment’ Ends in Financial Disaster

As Warren Buffett put it: “We get a tax credit if we build a lot of wind farms. That’s the only reason to build them. They don’t make sense without the tax credit.” Buffett might have continued, that it’s the only reason anyone invests in them. Apart from the subsidies they attract, wind turbines … Continue reading Turbine Trouble: School Board’s Wind Turbine ‘Investment’ Ends in Financial Disaster