Over at Middle of the Right, B posted about the Trump administration removing subsidies from Ørsted and its wind project off the coast of Rhode Island.
Well, there’s more to the story. Apparently the Biden administration allowed them to start building without required information regarding how their project would affect “national ocean research activities and American defense interests in the area”.
Would any other industry be allowed to get 80 or 90% of a project done without the required paperwork? Especially considering the roadblocks put up for nuclear and the demonization of fossil fuels–oil, coal, natural gas, how was this allowed?
The simple answer is the fact that green energy sucks taxpayers dollars which are likely funneled back as payola. There was never a chance it could make it on its own.
ETA (ht B): Ørsted is back. Of course a court put a stay on the Trump administration’s stop work order. Because at this point it’s that extra step that the administration has to go through to do anything.
Ørsted and Skyborn Renewables sued to have the order lifted, and a U.S. District Court for the District of Columbia on Monday cleared Revolution Wind to restart activities while the underlying lawsuit challenging the stop-work order progresses.
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Due to unfavorable U.S. regulatory environment and runaway costs globally, Ørsted is seeking to raise $9.4 billion (60 billion Danish crowns) from shareholders via a rights issue, to have sufficient capital to complete its projects under development.
The ‘unfavorable US regulatory environment most likely refers to the fact that the company was allowed to start construction without meeting all regulatory requirements.
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