Tyler Durden
#ZeroHedge: "President Biden's 'wind revolution' is blowing down as the world's largest offshore wind farm developer abandoned two major US projects due to supply chain and interest rate impacts and recorded impairment charges well above previous forecasts. "
"The Biden administration has touted offshore wind farms as an essential component of decarbonizing America's grid. Under the Inflation Reduction Act, Orsted has received upwards of 30% tax credits, but more appears to be needed as a financial crisis is brewing in the offshore wind power industry.
Last week, Siemens Energy in Germany crashed after the company warned its wind turbine business is grappling with quality issues and offshore ramp-up challenges.
In the solar industry, SolarEdge Technologies shares plunged about two weeks ago after it warned about sliding European demand.
The renewable energy bubble is in meltdown.
"Mads Nipper, chief executive, [of Denmark-listed green energy giant Orsted A/S] said he was 'extremely disappointed to announce that we are ceasing the development of Ocean Wind 1 and 2,' adding, 'The significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates have led us to this decision, and we will now assess the best way to preserve value while we cease development of the projects.'"
Shares in Denmark-listed green energy giant crashed as much as 22%, falling to lows not seen in six years."