Wind Energy Woes
Despite spending 1.8 trillion on clean energy last year, the world is still 81% fossil fueled—burning more than ever
By Jack Dini —— Bio and Archives--June 26, 2024
Global Warming-Energy-Environment | Comments | Back To Full Article
America’s first large scale offshore wind farm began sending power to the Northeast in early 2024, but a wave of wind farm project cancellations and rising costs have left many people with doubts about the industry’s future in the US. (1)
Several big hitters, including Orsted, Equinor, BP and Avangrid, have cancelled contracts or sought to renegotiate them in recent months. Pulling out meant the companies faced cancellation penalties ranging from $16 million to several hundred million dollars per project. It also resulted in Siemens Energy, the world’s largest maker of offshore wind turbines anticipating financial losses in 2024 of around $2.2 billion. (2)
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