The offshore wind industry is suffering a runaway cost crisis, but Dominion Energy says the cost of its monster project will not go up. Apparently, there is not even a risk of it going up. This preposterous claim is worth exploring.
On the crisis side, I recently wrote about it in general terms. See my https://www.cfact.org/2023/07/26/offshore-wind-has-a-cost-crisis/.
The financial magazine Barron’s has done some work on this crisis situation. Here is a telling quote from a recent article:
But behind the scenes, the news about wind power is more sobering. Financially, the industry is teetering, with a parade of companies planning to renegotiate or pull out of contracts, jeopardizing plans for projects that were expected to provide electricity for millions of homes. Inflation is erasing profits, causing some of the largest energy firms in the world to back away. โReturns on offshore wind are becoming more and more challenged,โ Shell CEO Wael Sawan told Barronโs last month, just days after a Shell joint venture said it would pull out of a power contract in Massachusetts. Shell wonโt build renewable projects that canโt earn initial returns of 6% to 8%, he said. (more…)






by Kerry Dougherty


by Bill O’Keefe


by Dick Hall-Sizemore

