The failure of renewable energy companies threatens Joe Biden’s green policies

Similarly, Reuters recalled that “earlier this year, European energy companies Equinor (EQNR.OL) and BP (BP.L) terminated their contract sell electricity to the state of New York from the proposed Empire Wind 2 offshore wind farm.

The departure of companies from renewable energy projects may affect the green policies pushed by Joe Biden. The White House indicated last year that the Democrat had set a goal for implementation 30 gigawatts of electricity from offshore wind farms by 2030enough to power more than 10 million U.S. homes with clean energy.

In this context, The Telegraph explained that Vineyard Wind 1 “will deliver an intermittent 25-30 percent of 68 megawatts (MW) to Massachusetts residents in January by running 5 offshore turbines. The South Fork Wind Project was also able to begin first deliveries to New York in March, with 12 turbines capable of generating some portion of the 130 MW.”

However, the editorial also stressed that these efforts represent less than 1% of Biden’s 30-gigawatt goal, with only 2030 is five and a half years away.

“Given the wind industry’s insatiable appetite for ever-increasing subsidies and ever-increasing utility bills, it remains an open question how many more billions of dollars the federal government can print to keep projects alive before voters revolt at that voter’s expense,” The Telegraph reported..

Meanwhile, states like Texas could face the consequences of focusing all of companies’ efforts on renewable energy. Specialist David Blackmon warned in The Telegraph that the state could face power outages over the summer. That’s because in recent testimony before the state legislature, grid managers from the Electric Reliability Council of Texas (ERCOT) explained that Texas has up to a 16% chance of rotating power outages at the peak of the August summer heat.

“It’s an inconvenience that many Texans have become accustomed to in recent years as the state’s power grid, overwhelmed by unpredictable, erratic wind and solar power, becomes increasingly unstable,” Blackmon said.

Blackmon reminded that this problem is not new. In the past, Texas has experienced power outages during weather disasters. However, Blackmon detailed: “This problem has been largely ignored by energy companies that have focused on building new wind and solar capacity to take advantage of a range of state and federal subsidies.”

Additionally, a Heritage Foundation report details that Joe Biden’s policy of aggressively pushing a transition to green energy alternatives is leaving the U.S. military vulnerable to attack by enemies.

“Current efforts to force a transition to green energy may limit available energy resources that U.S. forces will need to carry out their duties around the world – a serious gap that the United States cannot accept,” the report explained.

In the same vein, Brent Sadler, senior research fellow for naval warfare and advanced technology at the Allison Center for National Security, spoke with the Heritage Foundation about another report titled “China Handcuffs: Don’t Let the U.S. Military Become Dependent on China’s Green Energy “.

“Due to heavy dependence on foreign sources, poor policy choices and restrictions on fuel transportation, the United States the military may be defenseless. “There is a risk of local fuel shortages, global supply disruptions and Chinese economic coercion during the conflict, which will lead to a significant increase in energy demand,” Sadler stressed.

“European wholesale energy prices have fallen”

But renewable energy companies aren’t just causing a mess in the US In Europe, it is also having a big impact. A Bloomberg report explains that Germany will have to find more resources to finance its energy transformation ambitions, as the subsidies it has to pay to renewable energy producers have doubled.

This information was confirmed by the country’s Minister of Economy, Robert Habeck, who explained that the state would pay up to EUR 20 billion ($21.7 billion) to operators of wind and solar power plants by the end of 2024. This is twice as much as network operators expected.

All this happened at a time when the country’s renewable energy fund suffered losses in excess of 130 million euros in February.

In this context, Bloomberg pointed out that “European wholesale electricity prices have fallen sharply over the past year and remain at levels seen before energy crisis caused by Russia’s invasion of Ukraine. This means the government has to make up the difference to ensure renewable energy producers are paid the guaranteed minimum strike price.”