You say you want a revolution
Well, you know
We all wanna change the world
Two offshore wind projects near Rhode Island, Revolution Wind and Revolution Wind 2, are dead in the water. Revolution Wind 2 was cancelled in 2023 as being too expensive.
Last week the earlier Revolution Wind project was halted on orders from Washington DC.
DB2
So are they saying they want an equivalent size fossil fuel plant or is it just NIMBYism? Do they want the benefit of electric generation without any of the costs of it?
Earlier this month Orsted admitted the need for a big capital raise, which was not well received by the markets.
DB2
No. What they are saying is fossil fuel and nuclear plants never go over budget. Oh, wait.
With it being over 80% complete, makes you wonder what they’re going to do with all of the turbines that have already been built.
Seems like a waste, from a fraud, who’s abusing his power. Where’s DOGE when we need them?
It’s a trifecta - win, place, and show.
Short of moving them, they’re stuck. Years from now perhaps they could restart, but if it has to go out for new bids will it be less expensive than Revolution 2 (which was too expensive)?
DB2
The government giveth and the government taketh away.
I’m reminded of the Keystone XL project and it’s political trials and tribulations.
DB2
Question: will the Sunrise Wind project be next?
Danish offshore wind farm developer Ørsted began construction in July [2024] on Sunrise Wind…
Ørsted executives had told Reuters in 2023 that Sunrise Wind was “extremely challenged” well before the change of administration. Two years ago, the company wrote off $4 billion, due largely to the cancellation of two similar proposals off the coast of New Jersey — Ocean Wind I and II — citing supply chain issues, rising interest rates and not securing enough tax credits. An Ørsted representative declined to comment on the Empire Wind 1 news.
DB2
Cancelling an oil pipeline that was only 8% complete because of environmental concerns seems different than cancelling a wind farm project that’s 80% complete because of one man’s dementia.
The April 8, 2025 rupture of the Keystone pipeline in ND provides legitimacy to why people were concerned about KXL.
Another nail in the coffin of the both sides crowd. Love it!
To repeat, the government (politics) giveth and the government taketh away.
DB2
You didn’t have to repeat it, I read it the first time. Repeating it doesn’t make your point any stronger.
This administration is not acting like previous administrations. It’s easy to compare TFG with the last guy. Both are old dudes who have trouble speaking. Both have trouble walking up and down stairs…but that’s where the similarities end.
The official reason for the stop work declaration - “national security interests”. Can you explain that to me?
My point was not the rightness or wrongness of the two decisions – it could be one of each, or both wrong or both right – it was that they were political decisions.
DB2
I was expecting more from you. We can all make superficial observations from afar. They were political decisions, made by human males! Yay me for contributing!
If you think the KXL decision was bad, say so with justification. If you think stopping the Revolution project was good, say so with justification. Comparing the two at the most superficial level does not provide any value.
He’s trying desperately to say “both sides are the same”.
I guess I’ll have to explain it to myself.
Greenland.
It would appear the US is taking to espionage against our ally as well.
With friends like US, who needs enemies?
From August:
Since then the stock has dropped from 180 to 120.
Orsted sold the shares at a price of 66 Danish kroner each ($10.30), a fraction of the stock’s publicly-traded price of about 120 kroner and a third of the most recent peak, 180 kroner, reached in early August. Just five years ago, when Orsted’s prospects seemed brighter and it was expanding into new markets, its stock briefly traded above 600 kroner.
DB2