Investors Are Abandoning Green Energy; Eclipse About To Test U.S. Solar Grid; + UK Requires Records Volumes Of Norwegian Power To Survive Winter
Investors Are Abandoning Green Energy
Offshore wind projects are being frozen around the world; decisions are being delayed, contracts abandoned, auctions left without bidders and almost no new projects started.
As told by Joana Nova and also by Kathryn Porter of The Telegraph: The Myth Of Affordable Green Energy Is Over.
The truth of inflation, the maintenance cost shocks and cable failures are all exposing the scam. There was also the problem of needing a 100 years of copper, nickel and lithium production before Christmas.
“It’s all been kept quiet,” writes Nova. “Who knew there were no offshore wind investments in the EU last year (apart from a few floating projects)?”
Years and years of subsidies were meant to buy wind power enough time to be profitable and competitive all by lonesome, but the reality, some 25 years later, has proven very different. Today, the industry needs even larger subsidies just to survive.
When the inevitable –clearly orchestrated– oil, gas and coal crunch came, wind –and solar– were sold as our savoir from cripplingly-high energy bills and the threat of blackouts.
However, it soon dawned on the schmucks in charge that the wind doesn’t always blow, nor the sun always shine; that turbines, in particular, have exorbitant maintenance costs, and require oil, gas and coal themselves during not only the manufacturing process, but also to run; it hit even the staunchest of investors in such tech –aka ‘the money’)’– that fossil fuels are, quite simply, superior.
“Progress is stalled around the world as nobody wants to admit the real costs,” writes The Telegraph’s Kathryn Porter.
The following passages are lifted from her article dated Oct 10, 2023:
Turbine manufacturers have been losing money hand over fist in recent years. Collectively over the past five years the top four turbine producers outside China have lost almost US$ 7 billion – and over US$ 5 billion in 2022 alone.
But the losses have also been driven by pricing structures designed to win market share, and aggressive windfarm developers who have refused to pay up, often while pocketing billions in subsidies. The market has started to look, if not like a Ponzi scheme, then like a house of cards built on the shakiest of foundations.
Offshore wind projects have been drying up around the world. During the whole of 2022 there were no offshore wind investments in the EU other than a handful of small floating schemes. Several projects had been expected to reach financial close last year, but final investment decisions were delayed due to inflation, market interventions, and uncertainty about future revenues. Overall, the EU saw only 9 gigawatts worth of new turbine orders in 2022, a 47 percent drop on 2021.
Over in the United States, despite the massive support offered by the Inflation Reduction Act, windfarm projects are also struggling. Orsted, the global leader in offshore wind, has indicated it may write off more than US$2 billion in costs tied to three US-based projects – Ocean Wind 2 off New Jersey, Revolution Wind off Connecticut and Rhode Island, and Sunrise Wind off New York – that have not yet begun construction, saying it may withdraw from all three if it can’t find a way to make them economically viable.
Meanwhile, projects off New York are asking for an average 48 percent increase in guaranteed prices that could add US$ 880 billion per year to electricity prices in the state.
Follow The Money
The cash is fleeing renewables, the ‘fiddle’ looks to have run its course.
The S&P Global Clean Energy Index, which is comprised of major solar and wind power companies and other renewables-related businesses, is down some 32% this year, most of that in the last three months:
Those investing into this industry now are merely ‘exit liquidity’. And while I expect ‘dumb money’ to continue flowing in for some time, driven in no small part by a bullish legacy media tone, one helped by the paint-tossing alarmists among us, the smart money is already out, and, looking at these numbers, there doesn’t appear to be a chance in hell of it reentering.
Also, as I mentioned them, let’s spare a though for the Great Brainwashed, for those poor catastrophists who have invested their literal lives into this industry. Because as gullible/childish as these serial beclowners are, nobody deserves this level of ‘playing’:
By contrast, the oil and gas-heavy S&P 500 Energy Index has anti-correlated with the ‘clean’ sector, up 287%:
Eclipse About To Test U.S. Solar Grid
As if the economic reality of renewables wasn’t bad enough, US grid operators are set to face “their largest controlled experiment for dealing with big swings in renewable power during this week’s “ring of fire” eclipse,” reports Bloomberg.
Skies will darken on Saturday, October 14, knocking out as much as 28,300 gigawatts of solar generation, the equivalent of one in nine Americans’ homes temporarily going dark as the sun becomes obscured. Grid operators are bolstering backup supplies, and they aren’t expecting any issues; but once again, this is a case of ‘fossil fuels to the rescue’.
The previous total solar eclipse to impact the US was in 2017, and it had minimal impact. According to an analysis of the eclipse, fossil fuels were successfully ramped-up to compensate for the loss.
The issue in 2023, however, is that solar energy capacity in the United States is much higher: three times the capacity of 2017.
The 2023 annular eclipse’s path will begin in Oregon and move southeast, ending in Texas. Along this path, the eclipse will last around two hours total, with peak coverage of the sun lasting up to five minutes.
God has a sense of humor. The route just so happens to cross through a part of the country with high solar energy generation capacity: California, Nevada, Arizona, and Texas. A large swath of West Texas, in particular, has very significant solar capacity.
I, personally, am not expecting any issues. Even though solar energy now accounts for 5% of total energy generated in the U.S. (20% in California), the planned ramp-up of cheap and reliable fossil fuels should prevent any shortfalls.
News that the grid ‘handed the eclipse’ should obviously be framed as a win for fossil fuels, not renewables.
All of this is a needless risk, though. And still it needs saying: if you don’t like fossil fuels–for one reason or another–the only energy source to promote nuclear. But then nuclear risks solving a very profitable ‘crisis’, doesn’t it, so what bloody good is that…
UK Requires Records Volumes Of Norwegian Power To Survive Winter
To finish today’s trifecta of ‘power stories’, recent reports indicate that record electricity exports from Norway will be vital to keeping the lights on in Europe’s second-largest economy this winter, the UK.
An undersea cable from Norway will provide an energy lifeline for the UK on winter days when solar and wind fail to generate enough power, reports Bloomberg. The government is even outlying a “small” risk of shortages in January.
Next year, a second Nordic cable –‘the Viking Link’ from Denmark– will join Norway’s, as Britain desperately attempts to bolster its energy security while simultaneously appeasing Net Zero fantasies (we’ll just outsource our CO2 emissions — very green).
“Norwegian power exports for the UK will be very high all winter,” said experienced Oslo-based analyst, Sigbjorn Seland.
As well as electricity directly via undersea cable, Norway also supplies 30% of the UK’s gas which arrives via pipelines, mainland interconnectors and three LNG terminals.
The UK has to compete with the rest of Europe for Norway’s energy–with the likes of Belgium, the Netherlands and France.
Norwegian energy prices are far lower than those elsewhere in Europe, and given the mainland (and UK) shortages, Norway can charge a premium, too. Furthermore, the country’s dominant generating source, hydropower, has been bolstered by a wet year.
Exports from Norway to the UK will comfortably exceed 10 terawatt-hours in 2023, which is more than triple that of 2022.
The UK’s dependence on Nordic power will be cemented by the opening of the world’s longest interconnector cable from Denmark next year. The €1.6 billion, 765km-long Viking Link will have the same 1.4GW capacity as the existing Norwegian cable.
The UK is determinedly outsourcing its energy. This seem unwise, not least given the acts of sabotage in the region. You of course have Biden’s suspected blowing up of the Nord Stream last September. But just last week, an undersea gas pipeline in the Gulf of Finland was also attacked.
Further reading:
20 degree frosts hit Russia.
The “locomotive” of continental cold is the Oymyakon ulus. For the last three nights in a row, the temperature in Delyankir village has dropped to -20°C.
Winter has taken root in eastern Yakutia. There was a permanent snow cover with a height of 7 to 26 cm.
https://www.gismeteo.ru/news/weather/v-rossii-udarili-20-gradusnye-morozy/
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-Delyankir has already reached -20°C (or colder) on 4 days in a row, at the same time Eureka (Can) has also reached -20°C. (Ogimet ranking)
The absence of heat is a trend.
Here in the south of Brazil, where I live, we have already had 4 to 5 days with a very small temperature range, very low for this time of year (11°C to 14…15°C) with lots of clouds and rain/drizzle. Today a spring day 11…13°C. :-/
Averages for this time of year are falling, 15 to 25°C /14…25 / and now (still to be updated) approximately 13…21°C.
How to reduce electricity costs, to save enough energy for heating in homes if more and more EVs are being manufactured or encouraged? Perhaps if about 50% of taxes were added to them, they would also lose efficiency or not work properly on snowy or frosty days. Is this the ‘sustainable’ future? Or is it ideology that will save us or save the Earth?
I could be wrong, but this is not efficient or smart for the future (even more for a cold future). BS!
Guess what Martin. It’s cold in Siberia. Be serios man. In Siberia is cold all the time. Posts like this will make Cap/Electroverse look bad.
So…when Cap posts Siberian temps, he’s making himself look bad…?
I don’t think so.
I do not think so.
Adonis, do you live in Rio de Janeiro?
I was suspicious of Global Warming from the beginning, so I researched the coldest places on the planet, such places would suffer 1° in case of LIA. When I was in Yakutsk/Oymyakon, I felt the -50°C, but it’s hot there for about 4 months of the year.
Russians know how to deal with cold, and Abdussamatov was one of the most interesting researchers I found.
Typhoon off Japan rolls North to Kamchatka and pulls down cold air further SE Siberia to -22F as the High Pressure area sets up NW of the cyclone. Greenland reading -50F right now as a cyclone is off Norway just North of UK pulling the cold air down over Greenland. The Low moves over Finland Sunday and the EU gets the downdraft behind the heatwave going up the Volga. Temp in Iraq at the base of the heatwave 102F, Greenland reading -35F. Difference this time is there’s no major cyclone S of Iceland like there has been for eons, it went to Finland. Remnants of TS Max mid Atlantic headed for Portugal, Hurricane Lidia is NE US, they changed the pattern. No cyclone S of Iceland. Max and Lidia formed two weeks ago from Mexi volcano, other seismic activity in the Pacific volcano spewing ash watched the cyclones form when there was a big alignment with Mercury/Venus/Earth/Saturn.
https://www.windy.com/-Show—add-more-layers/overlays?temp,2023101618,58.540,159.082,4,i:pressure,m:fqMaj5I
https://en.wikipedia.org/wiki/2023_Pacific_hurricane_season
From an economic prospective wind and solar is becoming less attractive.
The fact that these systems never realized the battery storage, which was a key element of the original design, makes them flawed & life threatening upon instillation. No concern there yet, but it is coming. China who is an ancient culture and has endured many GSM’s is protecting their population with new power plants. Guess who will come out of the minimum as the dominant world power?
There’s less money to be made from investing in renewables than fossil fuels but more and more companies and investment banks are being persuaded to consider ESG (Environmental, Social and Governance) when deciding how to invest other people’s money. This means that renewable energy will always attract investment from virtue signalling companies. What is needed is for the sheep to wake up and use companies that prioritise maximum return on investments not some feel good factor for their pensions and other investments.
October 13, 2023
Carbon Dioxide Does Not Cause Warming
By James T. Moodey
https://www.americanthinker.com/articles/2023/10/carbion_dioxide_does_not_cause_warming.html
“In other words, carbon dioxide is not a greenhouse gas. Only in academic theory are there greenhouse gases that retain temperature from day to day. In the real world, they do not exist. The reason carbon dioxide causes no warming in our atmosphere is that it cools too quickly.
“These tests further prove that no gas — whether carbon dioxide, nitrogen, methane, or even humid atmospheric air — retains heat from day to day. They all cool too quickly. Prolonged warming, if it occurs, is caused by the Sun.”
I think I understand Moodey’s overall point but I do think water vapor facilitates maintaining some heat that would otherwise radiate away. We understand that from observing a cloudy night vs a clear night.
Moodey is saying such heat is not maintained in the longer timeframe of days, weeks and months, so no long term retention of warmth, aka no global warming.
I’m not convinced Norway can supply the UK, or Europe, with large amounts of electricity all winter. Their hydro reservoirs may currently be full, but from now until April a large percentage of precipitation in the mountains will be snow so the amount of water flowing into the reservoirs will be fairly small until the spring thaw. I bet this is something Governments haven’t taken into account, they’ll of simply seen that Norway’s hydro capacity is pretty large and assumed it can achieve close to 100% of theoretical output year round. This is as foolish as assuming any other form of renewable generation runs at close to 100% capacity.
“Cap Alon : I, personally, am not expecting any issues. ”
Here in Metcalfe County KY it kept getting cooler as the Eclipse wore on…started at 60°F and went down to 51°F!
I forgot that when an eclipse occurs, it gets colder…and it got COLDER!
AND I still can’t get any info on the Magnetic North Pole location and it’s spee/direction. I even asked NASA and they gave me blah blah blah…don’t worry.
If anybody has a place to get this info please tell me. Thanks.