Trump’s Move To Ruin Environment
There are several ways in which Donald Trump has taken away green progress in the US. Among the most well-known is the decision to kill Ørsted’s subsidiary Revolution Wind, which built a huge wind farm off the coast of Rhode Island and Massachusetts. The Trump administration stated that this was for national security reasons.
The decision occurred when the project was nearly done. It cost, by one estimate, $5 billion in Ørsted’s losses. The company has brought suit against the US government, but advocates of offshore wind believe a win is unlikely.
Ørsted is about to raise money at a value of 67% of its current share price. It plans to raise $9.4 billion. The dilution of current shareholders will be tremendous. The company continues to think it can do business off the US coast. It is hard to believe that could happen.
A few weeks ago, the Administration killed another $679 million of funding for other offshore wind installations.
Millions Of Homes
Offshore wind installations off the US coast are dead, and may be dead for decades. There was a belief that they would provide electricity to millions of homes and hundreds of thousands of businesses. That energy will need to come from somewhere else. And, the “somewhere else” may not exist.
The wind farm shutdowns come at a time when electricity use in the US has started to surge, and will surge more because of AI server farms. As this demand begins to rise, residential electricity rates have started to rise with it.
The challenge does not come down to just alacrity rates. More importantly, what happens which demand tops supply and demand is rising.
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