I can't believe New Jersey thought $1 billion in subsidies would be enough to start this offshore wind project.
SERIOUSLY, ONLY $1 BILLION?!?!?
Come on, Jersey, get with the program!
If you want wind energy you gotta pay a bit more than $1 billion in subsidies. Everybody knows that.
A green energy company on Tuesday pulled the plug on two wind projects off the coast of New Jersey which were approved for an estimated $1 billion in taxpayer-funded subsidies by Democratic Gov. Phil Murphy and state lawmakers.
The Danish outfit Orsted cited high inflation, rising interest rates and supply chain issues as their reasons for scrapping its Ocean Wind 1 and 2 projects - both of which were buoyed by tax incentives included in President Biden's so-called Inflation Reduction Act…
The failed development, which would have provided the state with its first offshore wind farm just 13 miles off the South Jersey coast, was expected to generate enough energy to power half a million homes.
These turbines were to power 500,000 homes, and New Jersey can only offer Orsted a billion dollars in subsidies? Is wind energy too expensive for the Garden State, or is it just me?
Uhh, I think wind energy is too expensive for, well, anyone really. I mean that's why we're running this story. This is just ridiculous, and I gotta drop the act.
Here's Orsted CEO David Hardy:
Macroeconomic factors have changed dramatically over a short period of time, with high inflation, rising interest rates, and supply chain bottlenecks impacting our long-term capital investments. As a result, we have no choice but to cease development of Ocean Wind 1 and Ocean Wind 2. We are extremely disappointed to have to take this decision, particularly because New Jersey is poised to be a US and global hub for offshore wind energy.
Bro, they just want more money. Like, how much is enough? $1 billion in subsidies already pays $2,000 per home the project powers. What does Jersey do, offer up $2 bil? This is unsustainable.
If wind energy was really a thing, this project would be finished by now. Instead, we throw free money at these projects (since nobody in their right mind would invest in them) and hope that they last, or even begin in this case. It's sort of crazy, to be honest.
Here's New Jersey Governor Phil Murphy, who probably received so many pats on the back from Washington for this deal that his eyeballs popped out, complaining about Orsted backing out:
Today's decision by Orsted to abandon its commitments to New Jersey is outrageous and calls into question the company's credibility and competence," Murphy said in a statement. "As recently as several weeks ago, the company made public statements regarding the viability and progress of the Ocean Wind 1 project.
Shoulda read Donald Trump's "Art of the Deal," Mr. Murphy.
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