brenthutch

Speaking of more expensive… “At least eight multinational companies in three states have quietly started to back out of wind contracts, or ask to renegotiate deals in ways that will pass more costs to consumers. Beyond Shell (ticker: SHEL), they include BP (BP), Denmark’s Orsted(DNNGY), Norway’s Equinor (EQNR), Spain’s Iberdrola (IBDRY), Portugal’s Energias de Portugal (EDPFY), and France’s Engie (ENGIY) and state-owned Electricite de France. The projects those companies are building will collectively cost tens of billions of dollars to construct and connect to the grid. The cost problems they’re facing make offshore wind a dicey investment proposition today, with the potential for substantial write-downs ahead.” Either the ratepayers or taxpayers or more likely both are going to take it in the shorts on these boondoggles.

If having uncomfortable realities shared makes you upset, you may want to try on some thicker skin.

Well clearly it is more than just one company being mismanaged. https://www.barrons.com/articles/offshore-wind-power-energy-costs-24a9b387

You didn’t provide a link, now I know why. Also from the article you copied. “Sweden’s Vattenfall raised a red flag over rising costs this summer, halting work on its giant offshore windfarm off the Norfolk coast.” “Along with SSE and ScottishPower, it warned the UK government that its late summer auction for new subsidy contracts was set too low to cover costs. The government ignored calls for the auction to start at a higher price and no new offshore windfarms bid for contracts.” “The Danish windfarm giant Ørsted, meanwhile, has raised concerns about supply chain glitches and soaring interest rates, and told investors of a near £2bn writedown due to delays to a string of windfarm projects in the US.” https://www.theguardian.com/environment/2023/oct/27/is-crisis-at-siemens-energy-symptom-of-a-wider-wind-power-problem

Why would they want to expand? They already have the capacity to meet demand. They are delayed their EV production as the expected demand has failed to materialize.

https://www.zerohedge.com/commodities/siemens-energy-shares-crash-37-renewable-bust-sparks-green-panic “We have outlined for months a "financial crisis is unfolding in the offshore wind power industry" due to "soaring inflation costs have undercut the sector's growth and left major projects dead in the water… It's not just wind that's in trouble. Last week, solar equipment maker SolarEdge Technologies saw shares crash as much as 30% on sliding European demand. We coined the term 'green panic' a few months ago. Biden's renewable bubble is imploding in today's worsening macro environment.” It looks like it is more than just the EV sector that is going through a reset.

Neo Malthusian nonsense

They already have internal combustion engine factories.

You’re welcome

The fact Ford is pulling billions from EVs speaks volumes on what they feel about the future of EVs. Not me but the company that has real skin in the game

Internal combustion engine vehicles are responsible for that revenue while EVs are responsible for billions in losses.

Only a delusional lefty would characterize $12 billion as a minor adjustment and your quotes would best be characterized as wishful thinking

No I’m just waiting for you and your ilk to call me out and make fools of yourselves https://www.businessinsider.com/ford-delays-ev-manufacturing-investment-cars-too-expensive-2023-10

“Ford also said it plans to delay about $12 billion in previously announced spending on EV manufacturing capacity, saying that its customers in North America are no longer willing to pay a premium for an EV vehicle versus a comparable internal-combustion alternative.” No longer willing to pay a premium….

“Ford also said it plans to delay about $12 billion in previously announced spending on EV manufacturing capacity, saying that its customers in North America are no longer willing to pay a premium for an EV vehicle versus a comparable internal-combustion alternative.” Just exactly what I said

And that is one of the reasons the growth in EV sales is slowing. (And the cost, the lack of charging stations, the depreciation, the battery fires, etc etc)

Here is some more maths: a 21% increase in a market share of 86% is much greater than a 50% increase in a market share of 14% in real terms. I am no math genius but it would seem neither are you. Feel free to correct me.

Mercedes, Ford, GM, and Honda aren’t scaling back their efforts in the traditional auto market, only in the EV sector.

Do you ever get tired of being wrong? https://www.cnn.com/2023/10/03/business/us-new-car-sales/index.html “US new car sales soared in the third quarter, despite the combination of a strike at General Motors, Ford and Stellantis, high prices and rising interest rates. GM reported a 21% jump in sales in the quarter, compared to a year earlier.”

Which is how car manufacturers overestimated demand for EVs and are now scaling back their efforts. Do you have anything to contribute?

The reason you don’t have an EV is the same reason most folks don’t own one, $$$. It is curious that one who claims EVs will outsell traditional cars in the next few years doesn’t even own one.

You are correct Phil, the rate of growth is slowing, I should have been more precise. It really doesn’t matter in the big picture of energy transition. Fossil fuel use will continue to grow for the rest of the decade and plateau at record or near record levels for “many years” according to the IEA.

Based on an accelerated adaptation of EVs. As I have pointed out, demand is slowing not growing. So their prediction is based on a faulty premise. That aside they do not predict a swift energy transition, instead they predict “an undulating plateau lasting many years”

Except that is not the case, sorry Phil. https://climatechangedispatch.com/shell-takes-axe-to-its-low-carbon-division-refocusing-efforts-on-fossil-fuel-extraction/ Across the globe, oil giants have been doubling down on their commitment to fossil fuels in the face of global plans to shift to sustainable energy. Earlier this week Chevron, the second biggest oil company in the U.S., bought rival Hess Corp. in a $53 billion deal. The acquisition, its biggest ever, gives the group a significant foothold in the growing oil exploration market of Guyana. That purchase followed Exxon Mobil’s $59 billion deal to buy the fracking giant Pioneer Natural Resources. The group expanded its presence in the Permian region straddling Texas and New Mexico with the deal, and left the world in little doubt about its commitment to fossil fuels. The fresh arms race to secure oil resources comes despite the International Energy Agency (IEA), the world’s leading energy agency, reaffirming its prediction that demand for coal, oil, and natural gas would peak in 2030. Still, oil groups have been emboldened by rising prices in recent years tied to supply chain logjams following COVID-19 and Russia’s invasion of Ukraine, which has left the commodity in short supply and helped companies like Shell to eye-watering profits.

Yet it is still here, in spite of all of the prognostications of the so called experts. More ice today than a decade ago.