Big Wind is at it again.
Wall Street Journal (9/21/23) reports: "If only the hot air blowing at the United Nations’ Climate Ambition Summit this week could be used to generate electric power. That would be especially convenient since Governors in the Northeast are lobbying the White House to bail out their states’ offshore wind projects, which have hit a gale of ballooning costs. 'Inflationary pressures, Russia’s invasion of Ukraine, and the lingering supply chain disruptions resulting from the COVID-19 pandemic have created extraordinary economic challenges,' wrote Govs. Kathy Hochul (N.Y.), Ned Lamont (Conn.), Phil Murphy (N.J.), Maura Healey (Mass.), Wes Moore (Md.) and Dan McKee (R.I.) to President Biden last week. 'Offshore wind faces cost increases in orders of magnitude that threaten States’ ability to make purchasing decisions,' they say. 'Without federal action, offshore wind deployment in the U.S. is at serious risk of stalling because States’ ratepayers may be unable to absorb these significant new costs alone.' The pandemic and Ukraine are excuses. The real problem is government policies that have increased demand for wind equipment and ships, which has inflated prices at the same time interest rates have climbed. Wind turbine makers are having to replace defective equipment, which is leading to order backlogs."
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"A monomaniacal attempt to create an all-EV future, especially in the time frames envisioned, involves not only more overall labor but an unprecedented offshoring of labor, as well as a massive misallocation of capital. The ultimate result will be economic havoc and bankruptcies—and that will certainly lead to fewer jobs."
– Mark P. Mills,
Manhattan Institute
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