For all the cash the Biden administration is frantically scrambling for within the wind sector — I am praying this can be a last-minute, panic gambit on their half as a result of November seems to be bleak — it is too late to assist a few of the large names in wind turbine improvement.
Siemens Gamesa, the Spanish renewables spin-off of German guardian Siemens Vitality (and considered one of my favourite villains within the wind farm conflict, although none on the prime) mentioned it was going to put off 4100 individuals in its turbine divisions in three international locations as a part of a “restructuring” transfer.
Siemens Gamesa plans to chop round 4,100 jobs from its wind turbine division as the corporate continues to restructure its enterprise. The downsizing, reported by Reuters on Could 28, impacts about 15% of the corporate’s workforce. The information service mentioned the layoffs had been talked about in an inside letter to staff by CEO Jochen Eckholt. The shortfalls had been anticipated because of the suspension of gross sales of two wind turbine fashions, after the corporate reported a lack of €4.6 billion ($4.9 billion) in 2023. The group reported a lack of €365 million ($395 million) for the second quarter of this yr. The corporate beforehand introduced that Eickholt – who has served as CEO since March 2022 – will go away on the finish of July and can be changed by present board member Vinod Philip. “Our present state of affairs calls for changes that transcend organizational adjustments. We now have to adapt to decrease enterprise volumes, diminished exercise in non-core markets and a streamlined portfolio,” Eickholt mentioned within the letter, in response to Reuters. The report mentioned jobs might be lower in Spain, Germany and Denmark, and a Siemens Vitality spokesman mentioned the corporate would make an official announcement after notifying all affected employees. A spokesperson mentioned that negotiations are underway with the employees.
As I advised you final December, due to guarantee points, inflation and subsidy cuts, they had been already in monetary bother, after which a much-needed bailout from the German authorities was unexpectedly torpedoed by the German Supreme Courtroom. They needed to drop a giant mission within the US that value them some severe scrap money and issues did not get any higher.
…The Germans, who had been presupposed to bail out turbine maker Siemens Gamesa, are actually in a backed pickle for his or her monetary state of affairs. Siemens was already in bother, and wound up pulling the plug on a serious US mission every week in the past.
Siemens Gamesa has halted plans to construct and function an offshore wind turbine blade manufacturing plant in Virginia, US.
The corporate’s USD 200 million (about 187 million euros) manufacturing plant was deliberate to be constructed on the port of Portsmouth Marine Terminal in Virginia. It was supposed to assist main US offshore wind initiatives, together with Dominion Vitality’s 2.6 GW Coastal Virginia Offshore Wind (CVOW) mission.
The German authorities, trapped in local weather cult fantasy land, has additionally all of a sudden run up towards partitions of its personal making. The subsidies it provides to renewable power suppliers for Voodoo doubled this yr as forecast.
GULP
Germany might want to discover extra cash for its power transition ambitions this yr after doubling subsidies to renewable producers on the again of falling wholesale electrical energy costs.
20 billion ($21.7 billion) for wind and photo voltaic operators by the top of 2024. Double what the grid operators had forecast In October, Economic system Minister Robert Habeck advised reporters in Berlin on Wednesday.
European wholesale electrical energy costs have fallen sharply over the previous yr and to ranges seen earlier than the power disaster triggered by Russia’s invasion of Ukraine. This implies the federal government should make up the distinction to make sure renewable producers are paid their assured minimal strike value.
Yeah would find it irresistible – what a shell sport.
Talking of Shells – Shell Oil, which has invested closely in offshore wind to avoid wasting and quell the ESG itches of activist traders, introduced yesterday that it’s making main cutbacks in its offshore wind initiatives and workforce. Why was the oil and fuel firm returning oil and fuel?
It’s now prioritizing returns for its traders.
British power big Shell is prepared As CEO Wael Sawan cuts his workforce within the offshore wind division The corporate’s focus shifted to grease and fuel, Bloomberg reported
The job cuts, primarily in Europe, are anticipated to start inside months.
A Shell spokesman mentioned: “We’re specializing in chosen markets and segments to ship most worth for our traders and prospects.
“Shell It’s taking a look at the way it can proceed to compete for offshore wind initiatives within the precedence market Whereas sustaining our concentrate on efficiency, self-discipline and simplification“
The corporate, which has invested considerably in offshore wind to capitalize on its offshore oil and fuel extraction capabilities, now Prioritize shareholder returns.
…Upcoming layoffs within the offshore wind division are a part of the cost-cutting measures, following earlier job cuts within the low-carbon options unit.
They’ve already lower the offshore price range and two prime division executives have left.
Feels like a fairly thorough housecleaning that leaves little ahead momentum room for the air division at each firms.
Vitality Big Shell PLC and Siemens Gamesa Slash Wind Sector: Is Wind Energy Failing?
Just lately, two main power firms, Shell plc and Siemens Gamesa, have been making big cuts # or Sector enterprise. It could be that they notice their return on funding # or solely… pic.twitter.com/kFdxaNu7yq— SaveLBI (@saveLBIorg) May 30, 2024
…can it’s that they notice their return on funding # or Simply what would not repay? in all probability Warren Buffett’s phrases of knowledge within the air Turbine obtained it proper: “On wind energy, we get a tax credit score if we construct lots of wind farms… that is the one purpose to construct them. With out tax credit they imply nothing.“…
Do not assume for 2 seconds that Biden and his little inexperienced henchmen do not realize tax credit and subsidy losses are killing grift. These renewables merely, because the Warren Buffett quote above makes clear and as anybody in CA is aware of, can not exist in a free market state. They can’t stand on their very own. Their authorities has to assist them, mainly without end.
In order that’s it for Biden’s proposal and a broad swath of his mates within the local weather group. Each little pig from the ditch!
The Biden administration on Wednesday proposed increasing tax credit which have helped U.S. photo voltaic and wind power initiatives for years to cowl a variety of unpolluted power applied sciences, together with nuclear fission and fusion.
The Treasury Division introduced its steerage for the Clear Electrical energy Manufacturing Credit score and Clear Electrical energy Funding Credit score created below the Inflation Discount Act of 2022, which can be out there in 2025 because the beforehand out there wind and photo voltaic manufacturing and funding tax credit sundown.
“The Inflation Discount Act’s new technology-neutral Clear Electrical energy Credit score, which is able to take impact in 2025, is likely one of the Act’s most necessary contributions to addressing the local weather disaster,” mentioned John Podesta, Senior Advisor to the President on Worldwide Local weather Coverage. In an announcement.
He mentioned they might assist the US meet its objective of reaching a net-zero emissions power sector by 2035.
And Treasury Gnome is, like, Hell, sure We will print that cash!
…The proposal identifies a half-dozen applied sciences that would qualify for profitable tax credit, together with ocean and hydrokinetic power, nuclear fission and fusion, hydroelectricity, geothermal and a few types of waste power restoration. Credit for wind and photo voltaic initiatives had been as excessive as 30% if all situations had been met.
Treasury Secretary Janet Yellen advised reporters The IRA has already pushed greater than $850 billion in clear power and manufacturing investments. from the personal sector and resulting in report additions of renewable power capability.
The brand new program is the “subsequent key step,” she mentioned.
As you possibly can think about, the cultists had been upset.
The combat is ongoing.
Ørsted and the state of New Jersey introduced a settlement at the moment for 2 initiatives the corporate withdrew from final November.
…a thorn within the facet of the Jersey Shore closure mission – they’re accomplished.
World offshore wind developer Orsted mentioned Tuesday night time it’s pulling out of two of its initiatives slated to be constructed off the coast of New Jersey, a transfer that angered Gov. Phil Murphy and might be a serious blow to the state’s renewable power ambitions.
The Danish firm made the announcement following a choice by its board of administrators. Each the Ocean Wind 1 and a couple of initiatives, which had the capability to provide 2.2 GW of renewable power, can be cancelled.
The rodential governor of NJ, Phil Murphy, angrily gnashed his yellow enamel, vowing revenge for the foiling of his renewable plan, and for the corporate to pay for its disloyalty.
Appears to be like like they will write a examine.
However, sadly, a examine that Murphy would flip round and dump extra inexperienced grifts ruining New Jersey’s shoreline.
US offshore wind port developer invests US$50 million
Homecoming Capital, an investor in zero-emission infrastructure, has dedicated an preliminary USD 50 million (about 46.2 million euros) to US offshore wind port infrastructure developer Clear Vitality Terminal (CET).
Underneath the settlement, CET will leverage Homecoming’s funding to hold out early-stage improvement work on a portfolio Rebuilt and redeveloped Offshore wind ports alongside the east and west coasts of the US.
Upon completion, CET’s initiatives will tackle essential infrastructure gaps presently hampering the U.S. offshore wind trade, Homecoming mentioned.
In case you learn the article, you will see that those that took a knee on the deal had been all senior executives from Murphy’s New Jersey Financial Improvement Authority, which ran:
…improvement and building of the USD 1B+ New Jersey Wind Port (NJWP), Nation fFirst purpose-built offshore wind marshalling and manufacturing port facility.
One hand washes the opposite, proper?
Very misleading! This is likely one of the “simulations” creating the visibility of the wind generators off Holyoke Ave in Seaside Haven, our seaside. This reveals 157 wind generators out of a complete of 732 complete generators or solely 21.4% of the full # of generators. 575 generators are lacking from this simulation. pic.twitter.com/z1KiUlfP67
— SaveLBI (@saveLBIorg) May 29, 2024
The place will look nice if Biden, Murphy and crew undergo it.
No different state may have so many generators so near its shoreline, making NJ probably the most industrialized shoreline in America. pic.twitter.com/DVCPiQTEH4
— SaveLBI (@saveLBIorg) February 23, 2024
We will not elect sufficient Republicans quickly as a result of behind each bit of excellent information there are 5 dangerous ones.
