PART 2 - A financial crisis is unfolding in the wind power industry

PART 2 - A financial crisis is unfolding in the wind power industry. Danish 🇩🇰 offshore wind developer Orsted has officially withdrawn from a consortium set to bid on Norwegian offshore wind projects just days after pulling out of two U.S. offshore wind projects. Due to a prioritisation of investments in Orsted’s portfolio, it will withdraw from pursuing participation in offshore wind developments in Norway 🇳🇴. Today () Orsted’s Chief Financial Officer and Chief Operating Officer stepped down from their posts. In the US 🇺🇸, the Port of Virginia confirms an estimated $280 million-plus wind-turbine blade manufacturing project was scrapped by the Germany-based Siemens Gamesa Renewable Energy. Today, the German gov’t says it is granting a 7.5 billion-euro ($8 billion) loan guarantee to Siemens Energy as part of a 15 billion euro package to help the firm. Siemens Energy shares in Germany 🇩🇪 have been falling over the past weeks due to failing quality controls of their wind turbines but rose today 4% on news of the gov’t ’bailout’. One of Sweden’s 🇸🇪 largest wind farms, Markbygden Ett, has applied for reconstruction. The co. (75% Chinese 🇨🇳-owned) signed a very unprofitable agreement to sell electricity to Norwegian 🇳🇴Hydro Energi. The forecast for 2023 is that expenditure far exceeds revenue. Sales are expected to be EUR 40 million with a loss of EUR 52 million. Markbygden wants to terminate the agreement with Hydro Energi. Scottish politicians have been boasting that Scotland supposedly had 25% of Europe’s offshore energy potential, and it is now revealed to be far lower than estimated. Scotland 󠁧󠁢󠁳󠁣󠁴󠁿 is expected to lose £60bn including billions from the public purse due to ’underselling’ of leasing rights for offshore wind. Part 1 of series - Nov. 1 2023 Video source - CNBC Источник: The Paradigm Shift Channel ⏳