Want to make a small fortune? Then take a large one and put it into offshore wind power. The costs of generating sporadic electricity using wind are staggering; doing so offshore makes them astronomical.
And, it seems, the bigger the boondoggle, the more costly it becomes for the unwitting taxpayers, who are always left to pick up the monstrous bill.
The team from Jo Nova report below on work carried out by the Global Warming Policy Foundation that concludes the world’s largest offshore wind farm will soon become the world’s largest white elephant.
Dogger Bank wind farm: Big, New, and essentially worthless, with a value like minus £1 billion
Jo Nova Blog
25 November 2021
Dogger Bank will become the World’s Largest Wind Farm and maybe the World’s largest white elephant too.
Despite years of research and hyperbole we can conclusively say that offshore wind is still a charity project, losing money from start to end. The GWPF highlights a new Norwegian report that shows that the Net Present Value of Dogger Bank is “minus £970 million.”
Britain’s biggest, newest offshore wind farm still isn’t profitable. It may be killing eagles and hypnotising crabs, but it isn’t cost effective at making energy, and it isn’t cost effective at changing the global weather either.
The report confirms a series of findings published by the GWPF and others [1–5], which show that offshore wind costs are very high, at best are only falling slowly, and are far above the auction strike prices being agreed.
Andrew Montford, Deputy Director of Net Zero Watch said:
“We have been warning since 2017 that there has been no revolution in offshore wind costs. Every time we get new financial data from offshore wind farms, the cost estimates go up. Just this week, our estimates for the Seagreen 1 wind farm have increased by nearly 20%, and those for Dogger Bank by a similar amount.”
The Government’s Net Zero plans rely on a five-fold increase in the wind fleet, mostly from offshore developments, and an extraordinary decline in the cost of the power it produces.
The latest findings mean that the costs of delivering Net Zero will increase by hundreds of billions of pounds, and probably by trillions.
The wind might be free, but collecting it over vast kilometers of ocean is not so easy.
Jo Nova Blog
via STOP THESE THINGS
December 13, 2021 at 12:31AM