Absent subsidies, wind power often makes no economic sense. From Thomas Lifson at americanthinker.com:
The greenies’ dream of “clean” (except for millions of dead birds) energy from wind farms is dying in the face of the poor economics (even with tax subsidies) and unreliable technology. The big players in constructing wind turbines are facing massive losses and write-downs and cancelling big offshore wind projects. Brace yourself for demands for even more subsides to the failing industry.
The green energy subsidiary of German electrical equipment giant Siemens just reported Thursday that it lost nearly a billion dollars in the last quarter. Via Fox News (Hat tip: Beege Welborn, Hot Air):
Global green energy company Siemens Gamesa reported Thursday that it had lost a staggering $967 million during the three-month period from between October to December.
The Germany-based company, which dubs itself as “the global leader in offshore power generation,” noted the wind industry has faced various unfavorable pressures leading to negative growth in recent months and years, in its earnings report for the first quarter of fiscal year 2023 released Thursday morning. The company added that governments would need to further assist the industry to ensure future positive growth.
“The negative development in our service business underscores that we have much work ahead of us to stabilize our business and return to profitability,” Siemens Gamesa CEO Jochen Eickholt said in a statement.
“The beginning of fiscal year 2023 saw a further increase in global wind demand prospects for the next ten years, but further governmental action is needed to close the gap between ambitious targets and actual installations,” the company added in its release.
The translation of “further government action” is increased subsidies, beyond those already offered in the misnamed “Inflation Reduction Act,” which mostly subsidizes green energy. Think Solyndra-like loan guarantees beyond those already available.
STRAIGHT LINE LOGIC 