This post updates the financial troubles of Denmark’s Ørsted, recent BOEM auctions, and pushback against Maryland governor Wes Moore. Today, operational offshore wind capacity is less than 50 megawatts versus the Biden-Harris Administration goal of 30,000 MW by 2030.
Ørsted
Denmark’s Ørsted, the worldwide leading offshore wind developer, recorded a $575 million loss in the second quarter. In part, the loss is the result of disappointing developments in the U.S.
The company has delayed commercial operation of its 704-MW Revolution Wind project off the coast of Rhode Island and Connecticut from 2025 to 2026. Ørsted’s ambitious U.S. offshore wind program has been lagging, despite solid support (subsidies, permits) from the Biden administration.
A year after an Interior Department’s Bureau of Ocean Energy Management (BOEM) auction for Gulf of Mexico leases failed to attract significant interest, BOEM continues to delay another attempt to find adequate bidders off the east coast.…
“The fusion propaganda machine has produced a wave of mostly offbeat projects, more than 40 since 2018 by one estimate. The likelihood that any of these fusion pipedreams will produce anything other than red ink is less than slim.”
Harsh reality is again clashing with the fanciful hype of the past several years regarding fusion energy. The only credible attempt to harness the physics of the sun, the International Thermonuclear Experimental Reactor, has again pushed back the date when it will attempt a sustained fusion reaction toward practical energy production.
For the second time in two years, the 35-nation project has announced a snag in the project, although it has reported some better news. At a July 3 press conference at ITER headquarters in France, Director-General Pietro Barabaschi said the new goal is to be able to run the toroidal magnets in the donut-shaped tokomak briefly at full power in 2036.…
“The House bill [H.R. 6544] would also extend the Price-Anderson federal accident insurance subsidy, first enacted in 1957 and renewed seven times since then. The program expires at the end of 2025. It isn’t clear why this federal subsidy for nuclear in still needed when the industry insists its new, advanced reactor designs are ‘inherently’ walk-away safe.”
The U.S. nuclear industry in recent days has hit three cherries on the federal money-and-policy slot machine. The open question is whether the largess (some might call it pork) will have the intended results: revitalizing a moribund industry by hitching its wagon to the feverish fear of climate change and long-run animosity toward nuclear rivals China and Russia.
First, the money–the most tangible of the goodies Congress and the White House have doled out.…