Tag: build more nukes

Orsted Shares Plunge Amid “Surprise” Impairment News And Trump’s Offshore Wind Lease Halt 

Danish wind company Orsted got another kick in the nuts this morning. With any luck, the death of the entire wind industry will not be far behind.

[I wrote about this company almost 18 months ago and how they were doomed]

Europe’s wind energy and renewable companies were pressured after President Trump signed an executive order on Monday to halt US offshore wind lease sales in federal waters temporarily. Adding to the industry-wide gloom, Danish offshore wind developer Orsted revealed impairment charges that exceeded Wall Street analyst expectations. 

Shares of Orsted plunged as much as 18% in Copenhagen – the most since November 2023 – after the company revealed an impairment charge worth 12.1 billion Danish kroner ($1.68 billion) at its troubled US unit. 

[Talk about a chart of doom. I wonder how many shares of this turd company wind-loving Comrade Clayton has in his portfolio. LOL. Remember: this is WITH the government subsidies that run into the hundreds of billions of dollars! They STILL can’t compete. That is because wind is total shit.]

“The impairments announced today, and especially the continued construction challenges, are very disappointing,” CEO Mads Nipper wrote in a statement. 

Orsted pointed to the “interest rate increase, seabed leases, and the execution of Sunrise Wind” project, which will, in aggregate, result in the $1.68 billion impairment charge in the fourth quarter of 2024. The Sunrise Wind project is located off the coast of Montauk, New York. 

Storm clouds continued to gather for the Danish company after Trump’s executive order on Monday, which suspended new offshore wind lease sales in federal waters and halted the issuance of approvals, permits, and loans for both onshore and offshore wind projects.

Trump’s announcement weighed on renewable shares, sending iShares Global Clean Energy ETF (ICLN) slightly lower in premarket trading. ICLN shares have slid for 3.5 months on the anticipation that Trump will dial back green energy spending. Shares are now trading near 2020 lows.  

Trump yesterday: “we’re not going to do the wind thing.” BAHAHAHAHAHAHAHA! I love it.

Morons Who Thought Putting Solar Panels On Water Was a Great Idea Find Out Otherwise.

I’m not an engineer or power expert, but even I knew this had to end in disaster. Why in hell would you go putting solar panels on water when there is PLENTY of dry land around to use. The costs and possible future problems just explode exponentially on water – which the “offshore wind farms” morons will also soon learn.

Power Bills Soaring Again. Thank Greentards And Their Pinwheel/Solar Pipe Dreams.

Tens of millions of Americans are having trouble paying their power bills as residential electricity inflation continues to run rampant. The latest data from the US Bureau of Labor Statistics (February’s print) shows that three out of every four major cities in the US had power prices rise for residential customers. 

“Food has been a worry, but now electricity is the worry,” 75yo Alfredo De Avila told Bloomberg, adding, “Unless you want to go to candles and firewood, we have no other choice but to bite the bullet and pay.”

For the Oakland, California, resident, already battered by high taxes, food inflation, elevated fuel pump prices, and out-of-control violent crime, the latest price increase from the state’s largest electricity utlity, PG&E Corp, of a 13% jump in power bills in January, plus more expected rises this year, could put the retiree under more financial pressure. 

BLS data (from February’s print) shows that power prices nationwide have jumped 27% since early 2021. 

The National Energy Assistance Directors Association, representing state directors of the Low Income Home Energy Assistance Program, recently reported that the average US household heating bill was $836. This decreased from $978 the previous year and slightly down from $849 in 2020. Nonetheless, the Household Pulse Survey data in March indicated that 19.2% of families could not pay at least one energy bill in the past 12 months, an increase from 16.5% in the same period the year before.

And power bill debt in the nation has just hit a record high. 

Soaring power costs are happening during a major upgrade of the nation’s power grid. Bloomberg said utilities are “undergoing multibillion-dollar overhauls to replace aging fossil fuel plants with greener alternatives.” 

“A lot of people’s eyes just popped out in the past six months,” Rob Gramlich, president of Grid Strategies LLC in Washington, DC, said, adding, “It’s been 20 to 25 years of flat power demand, but now we’re in a new mode.”

Emily Fisher, executive vice president for clean energy at the Edison Electric Institute, a trade group for the utility industry, said these costs can no longer be avoided, noting, “We have to make these investments to have a reliable and affordable system.” 

Add rampant electricity inflation to the long list of soaring costs, such as the recent surge in gasoline prices at the pump as they inch closer to the politically sensitive level of $4 a gallon, elevated food prices, and the worst housing affordability in a generation. No wonder the vast majority of Americans are fed up with the failure of Bidenomics, as the president’s polling numbers have been going down the drain.