Wind Power Takes a Hit
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Wind Power Takes a Hit

Bloomberg reports problems in the wind power industry. It says:

Orsted A/S shares slumped to their lowest level in six years after the Danish utility dropped two US wind projects and recorded 28.4 billion kroner ($4 billion) in impairments as the crisis in the wind industry worsens.

The huge writedown is deeper than investors and analysts feared and just the latest in a string of bad news from an industry vital to slow global warming. Surging costs and rising interest rates have led to project delays and Germany‚Äôs Siemens Energy AG is in talks with the government to help shore up its balance sheet....

In the US, developers are rapidly backpedaling on their plans to develop offshore wind farms or asking to re-negotiate their deals due to a rampant rise in their cost of capital. Equinor, BP Plc, Orsted and Eversource Energy were the most recent developers whose pleas to the New York state to let them raise their rates were rejected, leaving the developers at a loss for how best to move forward.

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