Tag: offshore wind

Another Offshore Wind Company Expects Huge Losses

Pennsylvania Daily Star Staff

Another offshore wind company has announced that it is expecting to take considerable losses as the industry continues to struggle, Bloomberg News reported Tuesday.

General Electric anticipates that it will lose $1 billion on its offshore wind operations this year, and that it expects to lose a similar amount next year, GE’s CEO said Tuesday, according to Bloomberg. The announcement is the latest sign of trouble for the offshore wind industry, which has seen other leading companies take substantial losses as supply chain woes, inflation, logistical problems and higher borrowing costs have eaten into profit margins.

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Commentary: Offshore Wind Is an Economic and Environmental Catastrophe

Pennsylvania Daily Star Staff

When it comes to “renewables” wreaking havoc on the environment, wind turbines have stiff competition. For example, over 500,000 square miles of biofuel plantations have already replaced farms and forests to replace a mere 4 percent of transportation fuel. To source raw materials to build “sustainable” batteries, mining operations are scaling up, with no end in sight, in nations with appalling labor conditions and nonexistent environmental regulations. But the worst offender is the wind industry.

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Commentary: President Biden’s Offshore Wind Venture Is Magical Thinking

Pennsylvania Daily Star Staff

Last March, President Joe Biden announced a goal of building 30,000 megawatts (MW) of offshore wind generation by 2030. Doing so will “strengthen the domestic supply chain and create good-paying union jobs,” according to the White House. It’s all part of the president’s executive order to “build a new energy economy that will create millions of new jobs.”

Except the executive order won’t accomplish this, not least because it rests on an assumption that endless green energy subsidies will produce boundless economic growth.

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