brenthutch 444 #1 Posted October 30, 2023 https://www.zerohedge.com/commodities/siemens-energy-shares-crash-37-renewable-bust-sparks-green-panic “We have outlined for months a "financial crisis is unfolding in the offshore wind power industry" due to "soaring inflation costs have undercut the sector's growth and left major projects dead in the water… It's not just wind that's in trouble. Last week, solar equipment maker SolarEdge Technologies saw shares crash as much as 30% on sliding European demand. We coined the term 'green panic' a few months ago. Biden's renewable bubble is imploding in today's worsening macro environment.” It looks like it is more than just the EV sector that is going through a reset. Quote Share this post Link to post Share on other sites
olofscience 480 #2 October 30, 2023 Nothing to do with them being renewables, but just a company being mismanaged: Quote The company expects heavy losses this year after faults were discovered in its newest turbine models. "Claudia Kemfert, an energy expert at the German Institute of Economic Research in Berlin, said that while Siemens’ wind power woes were “tragic” they were not emblematic of the wind industry, which was in good shape overall." “Wind power is literally on the rise globally,” Kemfert said. “The problems at Siemens Gamesa are homemade. The group must get a grip on quality problems. The fact that this has not been done to a sufficient degree to date is astonishing and must be changed.” Quote Share this post Link to post Share on other sites
brenthutch 444 #3 October 30, 2023 55 minutes ago, olofscience said: Nothing to do with them being renewables, but just a company being mismanaged: "Claudia Kemfert, an energy expert at the German Institute of Economic Research in Berlin, said that while Siemens’ wind power woes were “tragic” they were not emblematic of the wind industry, which was in good shape overall." “Wind power is literally on the rise globally,” Kemfert said. “The problems at Siemens Gamesa are homemade. The group must get a grip on quality problems. The fact that this has not been done to a sufficient degree to date is astonishing and must be changed.” You didn’t provide a link, now I know why. Also from the article you copied. “Sweden’s Vattenfall raised a red flag over rising costs this summer, halting work on its giant offshore windfarm off the Norfolk coast.” “Along with SSE and ScottishPower, it warned the UK government that its late summer auction for new subsidy contracts was set too low to cover costs. The government ignored calls for the auction to start at a higher price and no new offshore windfarms bid for contracts.” “The Danish windfarm giant Ørsted, meanwhile, has raised concerns about supply chain glitches and soaring interest rates, and told investors of a near £2bn writedown due to delays to a string of windfarm projects in the US.” https://www.theguardian.com/environment/2023/oct/27/is-crisis-at-siemens-energy-symptom-of-a-wider-wind-power-problem Quote Share this post Link to post Share on other sites
olofscience 480 #4 October 30, 2023 15 minutes ago, brenthutch said: You didn’t provide a link, now I know why. Also from the article you copied. “Sweden’s Vattenfall raised a red flag over rising costs this summer, halting work on its giant offshore windfarm off the Norfolk coast.” “Along with SSE and ScottishPower, it warned the UK government that its late summer auction for new subsidy contracts was set too low to cover costs. The government ignored calls for the auction to start at a higher price and no new offshore windfarms bid for contracts.” “The Danish windfarm giant Ørsted, meanwhile, has raised concerns about supply chain glitches and soaring interest rates, and told investors of a near £2bn writedown due to delays to a string of windfarm projects in the US.” https://www.theguardian.com/environment/2023/oct/27/is-crisis-at-siemens-energy-symptom-of-a-wider-wind-power-problem Thanks! None of that refutes what I posted though. Quote Share this post Link to post Share on other sites
brenthutch 444 #5 October 30, 2023 20 minutes ago, olofscience said: Thanks! None of that refutes what I posted though. Well clearly it is more than just one company being mismanaged. https://www.barrons.com/articles/offshore-wind-power-energy-costs-24a9b387 Quote Share this post Link to post Share on other sites
olofscience 480 #6 October 30, 2023 9 minutes ago, brenthutch said: Well clearly it is more than just one company being mismanaged. https://www.barrons.com/articles/offshore-wind-power-energy-costs-24a9b387 Yeah, one of my friends was complaining how his mortgage has gotten a LOT more expensive. It's like high interest rates affect a lot of things, right? Quote Share this post Link to post Share on other sites
billvon 2,997 #7 October 30, 2023 2 hours ago, olofscience said: Yeah, one of my friends was complaining how his mortgage has gotten a LOT more expensive. There's only one possible explanation - EVs are making mortgages more expensive! THANKS OBAMA! Quote Share this post Link to post Share on other sites
brenthutch 444 #8 October 30, 2023 1 hour ago, billvon said: There's only one possible explanation - EVs are making mortgages more expensive! THANKS OBAMA! Speaking of more expensive… “At least eight multinational companies in three states have quietly started to back out of wind contracts, or ask to renegotiate deals in ways that will pass more costs to consumers. Beyond Shell (ticker: SHEL), they include BP (BP), Denmark’s Orsted(DNNGY), Norway’s Equinor (EQNR), Spain’s Iberdrola (IBDRY), Portugal’s Energias de Portugal (EDPFY), and France’s Engie (ENGIY) and state-owned Electricite de France. The projects those companies are building will collectively cost tens of billions of dollars to construct and connect to the grid. The cost problems they’re facing make offshore wind a dicey investment proposition today, with the potential for substantial write-downs ahead.” Either the ratepayers or taxpayers or more likely both are going to take it in the shorts on these boondoggles. Quote Share this post Link to post Share on other sites
olofscience 480 #9 October 30, 2023 (edited) 13 minutes ago, brenthutch said: The cost problems they’re facing make offshore wind a dicey investment proposition today Darn tech startup scene is also pretty grim these days, if you're a VC or invested in one. Oh, and mortgages too. Tough times if you have one. Wait, what was your point again? Edited October 30, 2023 by olofscience Quote Share this post Link to post Share on other sites
brenthutch 444 #10 October 30, 2023 (edited) 11 minutes ago, olofscience said: Darn tech startup scene is also pretty grim these days, if you're a VC or invested in one. Oh, and mortgages too. Tough times if you have one. I have two one on my primary residence and one on a rental 2.68% and 2.72% respectively nothing tough about them. Edited October 30, 2023 by brenthutch Quote Share this post Link to post Share on other sites
olofscience 480 #11 October 30, 2023 18 minutes ago, brenthutch said: I have two one on my primary residence and one on a rental 2.68% and 2.72% respectively nothing tough about them. Fixed rate? Quote Share this post Link to post Share on other sites
brenthutch 444 #12 October 30, 2023 1 hour ago, olofscience said: Fixed rate? And 15 year Quote Share this post Link to post Share on other sites
olofscience 480 #13 October 30, 2023 9 minutes ago, brenthutch said: And 15 year whoosh. Quote Share this post Link to post Share on other sites
gowlerk 2,200 #14 October 30, 2023 10 minutes ago, olofscience said: whoosh. Old enough not to be affected by the interest rate increases nor rising sea level. Or....."I'm alright, Jack". Quote Share this post Link to post Share on other sites
wmw999 2,452 #15 October 30, 2023 1 hour ago, gowlerk said: Old enough not to be affected by the interest rate increases nor rising sea level. Or....."I'm alright, Jack". AKA screw you I got mine Wendy P. 1 Quote Share this post Link to post Share on other sites
billvon 2,997 #16 October 30, 2023 31 minutes ago, wmw999 said: AKA screw you I got mine The motto of the MAGA conservative. Quote Share this post Link to post Share on other sites
brenthutch 444 #17 October 30, 2023 3 minutes ago, billvon said: The motto of the MAGA conservative. Jealous much? Quote Share this post Link to post Share on other sites
brenthutch 444 #18 October 30, 2023 (edited) 3 hours ago, olofscience said: whoosh. Now seven and three respectively. BTW just because I make smart financial decisions doesn’t make me a jerk. I sacrificed a lot in the earlier stages of my career in order to set me up for success later in life. Others who did not have the foresight and the discipline to do so as well, have revealed themselves with their snarky responses and jealousy. Edited October 30, 2023 by brenthutch Quote Share this post Link to post Share on other sites
wmw999 2,452 #19 October 30, 2023 Ya know, there are probably several people on this forum who are in the same financial stratum you are. They’re just not quite as smug about it. Maybe that’s the difference between a liberal and a conservative. Im not jealous, Brent. I have an amazingly happy and satisfied life. It’s more than enough for me; we agonize over where to send money each year. It’s only my business whether what we send is substantial or the widow’s mite Wendy P. Quote Share this post Link to post Share on other sites
brenthutch 444 #20 October 30, 2023 20 minutes ago, wmw999 said: Ya know, there are probably several people on this forum who are in the same financial stratum you are. They’re just not quite as smug about it. Maybe that’s the difference between a liberal and a conservative. Wendy P. A virtue signaling lefty lecturing me on being smug, that is rich. 1 Quote Share this post Link to post Share on other sites
SkyDekker 1,465 #21 October 30, 2023 1 hour ago, brenthutch said: Jealous much? Of what, having your wife provide for you? I mean good for you having a sugar mommy, but I get satisfaction out of doing it myself. To each their own. 1 Quote Share this post Link to post Share on other sites
brenthutch 444 #22 October 30, 2023 (edited) 22 minutes ago, SkyDekker said: Of what, having your wife provide for you? I mean good for you having a sugar mommy, but I get satisfaction out of doing it myself. To each their own. I already did it myself. The wife is now doing it herself. I’m not some patriarchal dinosaur whose self worth is wrapped up in the ability to earn a paycheck. I’ll opt for 40 minutes of tossing a football with my son over a 40 hour workweek for money I don’t need any day. Edited October 30, 2023 by brenthutch Quote Share this post Link to post Share on other sites
SkyDekker 1,465 #23 October 30, 2023 And yet here you are going on about your car and your properties...... Quote Share this post Link to post Share on other sites
brenthutch 444 #24 October 31, 2023 (edited) 20 minutes ago, SkyDekker said: And yet here you are going on about your car and your properties...... My car is an eleven year old Honda and I only have one rental left as I recently sold my other one to fund my kids 529 college fund. If my wife wants a big Mercedes SUV, that is her business. Enough about me, let’s get back to the topic at hand https://climatechangedispatch.com/brace-yourself-the-wind-and-ev-bailouts-are-coming/ Edited October 31, 2023 by brenthutch Quote Share this post Link to post Share on other sites
lippy 918 #25 October 31, 2023 19 minutes ago, brenthutch said: My car is an eleven year old Honda and I only have one rental left as I recently sold my other one to fund my kids 529 college fund. If my wife wants a big Mercedes SUV, that is her business. Enough about me, let’s get back to the topic at hand https://climatechangedispatch.com/brace-yourself-the-wind-and-ev-bailouts-are-coming/ And apparently, the topic at hand is right-wing propaganda disguised as science. Quote Share this post Link to post Share on other sites
