It’s 2023, and Joe Biden is guiding us into a brave new world of green energy. At least, that’s what the left would have us believe. Since taking office, Biden has placed a chokehold on the American energy industry, driving prices at the pump higher, as well as home heating, grocery stores, and anywhere else that depends on fuel to survive.
While things don’t appear to be progressing quite as planned, the Biden Administration still continues to cancel leases, offer subsidies, and fearmonger in support of the concept of zero-carbon and renewable energy.
Most Americans agree that green energy is unlikely, if not decades away from feasibility, but still, a captive American people are being forced into renewables. Wind, solar, and electric fired by coal plants, btw, are set to theoretically replace fossil fuels.
However, one wind company is scuttling two projects off the coast of New Jersey, dealing a major blow, pun intended, to Joe Biden’s green energy agenda. Orsted, a Denmark offshore wind firm that operates in the United States, has reported that it is canceling two major projects.
Ocean Wind 1 and Ocean Wind 2, both off the coast of New Jersey, were canceled following weeks of growing financial problems for the company and the industry as a whole. It’s another blow for the Biden Administration and their green agenda.
David Hardy, group executive vice president and CEO of Americas at Orsted, said: “Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments. As a result, we have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2. We are extremely disappointed to have to take this decision, particularly because New Jersey is poised to be a U.S. and global hub for offshore wind energy.”
The company’s struggles became clear in August when they announced they were marking down the expected value of several of their projects by more than $2 billion due to the same issues that ultimately sank Wind 1 and Wind 2.
When the company announced they were marking down value, the stock price tanked and has yet to recover, signaling the end of the Jersy Coast projects. It has been reported that a government bailout could be the only thing to save the offshore wind industry.
Joe Biden wants offshore wind to provide enough energy to generate electricity for a reported 10 million American homes by 2030, with a wider goal of decarbonizing America by 2035 and the overall U.S. economy by 2050.
However, the two canceled projects were projected to be responsible for more than 6% of the 2030 target, so the Biden Administration is left searching for some alternative to support their lofty aspirations.
It is up for debate whether climate change is real, a hoax, an existential threat, or cyclical, but what is clear is the left is going to try to drag us kicking and screaming into a green future that may include power outages, Electric cars are just the start, but the wind may be dying down on the offshore power industry as we wait.
"*" indicates required fields