The awful truth of inflation, the maintenance cost shocks and cable failures is all too much. Then there was the problem of needing a 100 years of copper, nickel and lithium production before Christmas.
It's all been kept quiet. Who knew there were no offshore wind investments in the EU last year, apart from a few floating projects?
After years of subsidies, wind power was meant to get cheap enough to be profitable and competitive all by itself, instead, 25 years later, it just needs bigger subsidies. When the great oil and coal price crunch came, wind power was supposed to rise through the ashes, instead we discovered that wind turbine and battery factories needed cheap coal and oil like the rest of the economy.
Right now Australia has no offshore wind turbines and is about to jump onto a burning ship:
The myth of affordable green energy is over
Kathryn Porter in The Telegraph,
Progress is stalled around the world as nobody wants to admit the real costs
Turbine manufacturers have been losing money hand over fist in recent years. Collectively over the past five years the top four turbine producers outside China have lost almost US$ 7 billion – and over US$ 5 billion in 2022 alone.
But the losses have also been driven by pricing structures designed to win market share, and aggressive windfarm developers who have refused to pay up, often while pocketing billions in subsidies. The market has started to look, if not like a Ponzi scheme, then like a house of cards built on the shakiest of foundations.