Bloomberg posted “Renewable power’s big mistake was to promise to always get cheaper” because they went too far with the cheap-energy pledge. Vesta now says that led some people to think “that energy and electricity should become free.”
FOLLOW THE MONEY – saveoursherman (google.com)
Renewable-energy producers have long touted the promise of cheap electricity, an assurance that’s helped them eat into the dominance of fossil fuels. But the pledge has gone too far, according to the world’s biggest wind-turbine maker.
From the Bloomberg’s posting:
“Soaring commodity costs and supply-chain bottlenecks have wiped out profits for much of the wind industry this year. Vestas expects its profit margin to be around -5% in 2022”.
“The output from the turbine has never been more valuable,” Andersen said. “But we are losing money in manufacturing a turbine.” Vestas has raised prices more than 30% in the past year to help stem losses.”
I have said this before—- the parasitic** cost of wind is never used in calculating the cost of wind turbine electricity. And the recently passed Inflation Reduction Act, that is really Green New Deal in disguise, expanded tax credits. If you use union labor, you probably can qualify for an expanded Investment Tax Credit (ITC) from 6% to 30%. The ITC is not used cost wise either.
One more time, if wind and solar energy is so cheap, why do they need any incentives? Do the taxpayers know this, especially the rate paying users of renewable energy that see the price of their electricity bill rise?
Reblogged this on Climatism and commented:
“… if wind and solar energy is so cheap, why do they need any incentives?”
They lose, you pay. Welcome to ‘green’ central planning!