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U.S. Offshore Wind Plans Are Utterly Collapsing.

Views: 14

U.S. Offshore Wind Plans Are Utterly Collapsing.

By RealClear Wire’s David T. Stevenson

Offshore wind developer Ørsted has delayed its New Jersey Ocean Wind 1 project to 2026. Previously, the company had announced construction of the project would begin in October 2023. The delay was attributed to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government. For now, they are not walking away from all their U.S. projects but will reconsider long-term plans by the end of this year. Ørsted’s stock price has fallen 30% in 5 days. This is just the latest bad news for offshore win.

Ocean Wind 1 had one of the highest guaranteed prices among the 18 projects currently in the approval queue. The actual wholesale price guarantees for Ocean Wind 1 start at $98.10/MWh, rising 2% a year to $145.77. Over twenty years revenue will average $126.47/MWh according to the New Jersey Board of Public Utilities (BPU). Ørsted is seeking higher guarantees from the BPU and an increase in federal Investment Tax Credits from 30% to 40%. Recognizing the potential financial problems, New Jersey’s largest public utility, Public Service Electric & Gas Company sold its 25% share of the project to Ørsted in January.

The company said it is “reconfiguring” Ocean Wind II in New Jersey, and its Skipjack Wind project off the coasts of Maryland and Delaware because they do not currently meet its projected financial standards. The Maryland Public Service Commission guaranteed Skipjack Wind $146.42/MWh average over twenty years and also gets to keep revenue from sales to the regional grid. Apparently, the higher guarantee is still not enough to meet the company’s financial goals. Ørsted is working to renegotiate guaranteed prices on two other projects, Sunrise Wind and Revolution Wind, that would need a 30% increase just to meet the current Ocean Wind 1 guaranteed price.

Meanwhile, projects off New York are asking for an average 48% increase in guaranteed prices that could add $880 billion a year to electric rates, or almost $18 billion over twenty years (see table below).

 

In North Carolina, the latest long-term energy plan from Duke Energy drops offshore wind entirely in favor of nuclear, solar, and onshore wind. Furthermore, Duke has committed to only close any existing power plants once replacements are in operation, an idea that other states should follow. Two new offshore wind lease areas in the Gulf of Mexico failed to attract a bid. Vineyard Wind off Nantucket has begun construction but faces three unresolved lawsuits.

Wind turbine manufacturers are faring no better. Siemens Gamesa has announced almost $5 billion in 2023 losses from warranty repairs for turbines much smaller than those planned in the US. The company also faces price pressure. The stock price has dropped 30% since June.

This is not the time for Delaware to be considering offshore wind.

Clearly, the industry is in disarray, facing rising costs, durability, and legal issues. An 800 MW project similar in size and the current guaranteed price to Skipjack 2 may raise Delaware residential electric prices by $400 to $545/year and for businesses by the tens of thousands. A Monmouth University poll shows a major decrease in public support for offshore wind in New Jersey, falling from 84% to 54% with 40% opposed.

 

 

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America's Heartland Biden Cartel Commentary Corruption Economy Links from other news sources. Opinion Politics

Joe Biden on the picket line. Yeah right.

Views: 20

Joe Biden on the picket line. Yeah right.

Yes my friends Joey Boy was out here breaking bread, swapping war stories, carrying signs, leading the union brothers and sisters, just spending most of the day with his fellow union friends.

Actually Joe never was a union worker and in his younger days he worked for his father who owned a used car dealership. And did I mention that Joe was there for only 12 minutes.

What did he do the rest of the day? After his brief stop in Motor City, Biden headed to Atherton, California, for a fundraiser at the home of hedge fund Billionaire heiress Liz Simons. Simons and her husband, Mark Heising, run the Heising-Simons Foundation.

 

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Biden Cartel Commentary Corruption Economy Government Overreach How sick is this? Links from other news sources. Reprints from others. White Progressive Supremacy Work Place

Thank Joe Biden for this.

Views: 20

Thank Joe Biden for this.

By JOHN ELLIS

Americans outside the wealthiest 20% of the country have run out of extra savings and now have less cash on hand than they did when the pandemic began, according to the latest Federal Reserve study of household finances. For the bottom 80% of households by income, bank deposits and other liquid assets were lower in June this year than they were in March 2020, after adjustment for inflation. All income groups have seen their balances decline in real terms from a peak in 2021, according to the Fed survey. But among the wealthiest one-fifth of households, cash savings are still about 8% above their level when Covid hit. By contrast, the poorest two-fifths of Americans have seen an 8% drop in that period. And the next 40% — a group that roughly corresponds with the US middle class — saw their cash savings drop below pre-pandemic levels in the last quarter. The figures point to dwindling firepower available for US consumers, whose resilience has kept the economy growing at a rapid clip this year and staved off the recession that many expected. Some analysts warn a downturn is still in the cards as households run low on spare cash. (Source: bloomberg.com)


2. Consumers in the market for loans to buy homes and cars are discovering that, because of the Federal Reserve’s rate increases, their money gets them a lot less than it would have a few years ago. Meanwhile, those with credit cards and other loans that carry rates pegged to broader benchmarks are finding they have gotten much more expensive. Fed officials signaled last week that they plan to keep interest rates high for quite a while. For families who don’t need to borrow, higher rates might not affect daily life too much. But for those who do, the Fed’s aggressive rate increases are really beginning to sting. “The bite is starting now,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. (Source: wsj.com)

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America's Heartland Commentary Economy Links from other news sources. Opinion Politics

Winning. For now. Ford Pausing Construction of Michigan Battery Plant.

Views: 19

Winning. For now. Ford Pausing Construction of Michigan Battery Plant. This is a major blow to the Governor who gave Ford hundreds of millions in incentives and tax breaks. The Chinese who are partners control the technology.

Ford Motor Co. said Monday that it’s pausing construction of a $3.5 billion electric vehicle battery plant in Michigan until it is confident it can run the factory competitively.

The move comes as the company is in the midst of national contract talks with the United Auto Workers union, which wants to represent workers at battery factories and win them top wages.

In February, Ford announced plans to build the plant in Marshall, Michigan, employing about 2,500 workers to make lower-cost batteries for a variety of new and existing vehicles. Marshall is about 100 miles (160 kilometers) west of Detroit and is near two major interstate highways.

But Ford spokesman TR Reid confirmed Monday that plant construction has been paused and spending has been limited on it.

“There are a number of considerations,” he said in an email. “We haven’t made any final decision about the planned investment there.”

This from Senator Rubio.

“… if Chinese companies like CATL are able to exploit both Chinese and United States incentives for battery and EV technology through clever corporate arrangements, then there is no use in investing federal funds toward industrial development in the first place,” Rubio wrote to officials earlier this year. “Taxpayer dollars should never be used to support [People’s Republic of China] champions.”

As Breitbart News reported,  CATL CEO Zeng Yuqun is a member of the Chinese People’s Political Consultative Conference (CPPCC) National Committee — a high-ranking CCP advisory body that serves as a central component of the party’s “United Front” efforts.

 

 

China’s “United Front” efforts, as the federal government has noted, are considered to be a front for CCP intelligence operations overseas.

“The United Front strategy uses a range of methods to influence overseas Chinese communities, foreign governments, and other actors to take actions or adopt positions supportive of Beijing’s preferred policies,” a federal commission report from 2018 details.

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Time to focus on where Republicans are winning with the American Voters.

Views: 12

Time to focus on where Republicans are winning with the American Voters. I’ve made a decision that it’s time to ease up on the criminal activities of Joe and Hunter Biden. Don’t get me wrong. There’s crimes that have been committed, but we must look at the big picture.

Republicans are winning on the Border, The Economy, Education, COVID, and Green Energy. The Biden administration is screwing up in all of those areas. They want us to just focus on Hunter so their other misdeeds will go unnoticed.

So unless it’s earth shattering and a main News issue of the day, this writer will ease up on the Hunter and Joe Biden money laundering.

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Black Supremacy Corruption Economy Links from other news sources. Reprints from others. Work Place

Chicago going with Socialist style Grocery stores?

Views: 14

Chicago going with Socialist style Grocery stores?

“The city of Chicago is reimagining the role government can play in our lives by exploring a public option for grocery stores via a municipally owned grocery store and market,” said Pawar, senior adviser at Economic Security Project. “Not dissimilar from the way a library or the postal service operates, a public option offers economic choice and power to communities.”

To write this in plain english:

The city of Chicago is re-imagining the role government can play in our lives by exploring a command economy for Chicago via government owned stores and markets. A public option takes away economic and personal choice and eliminates the buying power of the people.

For an example of how well this works.

This is Soviet (communist) grocery store from the 1980s.

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So go ahead and drink the Kool-Aid. Funnies to make your day.

Views: 27

So go ahead and drink the Kool-Aid. Funnies to make your day.















One-Minute Time Machine – (on Rumble)

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Back Door Power Grab Climate "change" Corruption Economy Faked news Government Overreach Leftist Virtue(!) Links from other news sources. Politics The Courts Work Place

Blaming Big Oil for their incompetence. California Sues Exxon, Shell and BP.

Views: 16

Blaming Big Oil for their incompetence. California Sues Exxon, Shell and BP.

Just in case you missed it, California is blaming their failures on big oil. So, they’re going to court. Yes, they claim big oil caused Climate change. What happened to mankind being the culprit?

The American Petroleum Institute, an industry group also named in the lawsuit, said climate policy should be debated in Congress, not the courtroom.

“This ongoing, coordinated campaign to wage meritless, politicized lawsuits against a foundational American industry and its workers is nothing more than a distraction from important national conversations and an enormous waste of California taxpayer resources,” institute senior vice president Ryan Meyers said in a statement.

If big oil caused this, why not sue for damages? But the state wants the establishment of a fund to offset future costs from extreme weather events and climate mitigation efforts.  In other words, it rains, or snows, big oil pays.

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America's Heartland Economy Just my own thoughts Opinion Work Place

Did the Union automakers rush to make the EV cars?

Views: 18

Did the Union automakers rush to make the EV cars? I honestly think that the union automakers miscalculated when they decided to spend billions on EV vehicles. I think they looked at Tesla and thought everyone wanted an electric car. They don’t.

EV cars are a Nitch market. Not mainstream. Plus, the expense to buy one is out of reach for many poor and lower income folks. When this strike is settled, they will be even more expensive.

 

 

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America's Heartland Commentary Economy Reprints from others.

‘Will the last steelworker out of Pittsburgh please turn out the light?’

Views: 18

‘Will the last steelworker out of Pittsburgh please turn out the light?’

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