Wind Turbines Keep Falling Apart
Wind energy is supposed to be part of the trio of renewables that will eventually reduce the use of fossil fuels. However, it has suffered from two drawbacks: the price of capital and flawed technology. Wind turbines have, in many cases, turned out to be fragile due to the workload they have to shoulder and the limited amount of inspection required to make them financially viable.
The most recent and newsworthy turbine problem was a large blade that fell into the ocean off Nantucket. Parts of it washed ashore. Vineyard Wind, a partnership between Avangrid and Copenhagen Infrastructure Partners, owns the wind farm that included this turbine. Avangrid’s stock has been hammered over the last two years.
YouTube Videos
YouTube has several videos of wind turbine failures. Envista Forensics has published a long analysis of these failures and their causes. Its researchers point out, “As with any high-growth industry, failures and outages within Wind Turbine Generators (WTGs) are extremely costly.”
The London Financial recently analyzed the expense problem, “The main challenge faced by offshore wind power today is financial: the costs of implementing this form of energy are proving to be higher than expected, not least because of galloping inflation, but also because financing is largely based on high-interest loans, and recently the increase in the price of raw materials and manufactured equipment has dealt another blow to the industry.”
High Loan Costs
The high interest rates loans will continue to be a hurdle, not just because of high interest rates, but also due to the extreme risk of the projects.
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