Experts warn that Biden’s potential election-year bailout may be necessary to counter billions in losses for the wind industry, highlighting a failure in the Green Agenda.
Offshore Wind Industry Begs for Bailout as Losses Mount
Energy experts are sounding the alarm, claiming that the offshore wind industry is in desperate need of a bailout. With each passing breeze, it becomes increasingly clear that these projects are not delivering on their promises and are costing companies massive amounts of money.
General Electric is projected to lose $1 billion this year and next year due to its offshore wind project failures. Siemens Energy is facing a loss of $4.8 billion, while Orsted A/S is looking at a $2.3 billion loss over its projects.
Gee, who could have seen this coming?
Answer: anyone who’s ever driven past a wind farm.
Wind companies losing billions, prompting fears a federal bailout could be coming https://t.co/RnNkJVUeu0 via @JustTheNews
— Don Fotsch | fotsch.eth (@fotsch1) October 30, 2023
All signs point to a line forming for taxpayer cash, as experts warn that the Biden administration and congressional Democrats may be eager to use taxpayer money to prop up the failing offshore wind industry. Despite its unnecessary and environmentally destructive nature, offshore wind has become a centerpiece of the Green New Deal propaganda, and its supporters will stop at nothing to keep it alive.
According to energy consultant David Blackmon, an effort is likely underway in Washington, DC to allocate billions more dollars to bail out Big Offshore Wind developers. The billions already offered by state governments and the Inflation Reduction Act are simply not enough to sustain these companies.
Some experts argue that the government’s interference in markets it knows little about is to blame for this debacle. The government’s agenda and political targets take precedence over the enormous costs, grid reliability, and the impact on the American people.
If wind if so profitable why does Siemens Energy need an emergency bailout to save it from bankruptcy on wind turbine issues. GE Offshore wind posted $1 billion loss in 2023 and expects to lose same amount in 2024. Perhaps wind energy isn’t the goldmine you were suggesting? https://t.co/XxUhC2ImKy
— Robertplewis21 (@robertplewis21) October 26, 2023
The governors of six East Coast states, all Democrats, have expressed concerns that offshore wind projects may never be completed without federal funding. They warn that without intervention, these projects are at serious risk of failure, and states’ ratepayers cannot bear the burden of the costs alone.
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The post Green Agenda Fail: Biden Might Counter Billions in Wind Industry Losses with Election-Year Bailout, Experts Warn appeared first on The Western Journal.
What are the concerns about the environmental impact of offshore wind farms?
Everyone thought it was? https://t.co/RnNkJVUeu0 #GreenNewDeal #OffshoreWind #Bailout
— Peter Hamby (@PeterHamby) October 30, 2023
Opponents of the offshore wind industry argue that the sector is heavily reliant on government subsidies and tax credits, which keep propping up projects that are financially unsustainable. They believe that the market should dictate the success or failure of such endeavors, rather than taxpayers being burdened with the responsibility of rescuing failing companies.
Additionally, there are concerns about the environmental impact of offshore wind farms. These projects often require significant amounts of land and can disrupt marine ecosystems. The industry’s advocates argue that the benefits of renewable energy outweigh any negative consequences, but critics question the true sustainability and efficiency of offshore wind as a solution to our energy needs.
As the losses for companies in the offshore wind industry continue to mount, it is clear that urgent action is needed to address the situation. While the proponents of the Green New Deal may argue for further bailouts and government intervention, it is crucial to examine the long-term viability and economic impact of such decisions.
If the offshore wind industry is unable to sustain itself without continuous financial support, it raises questions about the feasibility and reliability of this form of energy generation. It is essential to consider alternative options and invest in technologies that have a proven track record of success in order to achieve a sustainable energy future.
Ultimately, the decision of whether to provide a bailout to the offshore wind industry rests in the hands of policymakers. They must weigh the economic implications, the potential environmental consequences, and the overall benefit to society in order to make an informed and responsible choice.
It is imperative that we prioritize the long-term stability and success of our energy industry while also considering the impact on taxpayers and the environment. The offshore wind industry may be begging for a bailout, but it is essential to carefully evaluate the costs and benefits before making any decisions that will have lasting effects on our economy and our planet.
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