{"id":2019211,"date":"2023-09-01T10:54:02","date_gmt":"2023-09-01T14:54:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-gave-a-foreign-company-big-tax-breaks-to-build-wind-turbines-it-may-scrap-the-projects-anyway\/"},"modified":"2023-09-01T10:58:31","modified_gmt":"2023-09-01T14:58:31","slug":"democrats-gave-a-foreign-company-big-tax-breaks-to-build-wind-turbines-it-may-scrap-the-projects-anyway","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-gave-a-foreign-company-big-tax-breaks-to-build-wind-turbines-it-may-scrap-the-projects-anyway\/","title":{"rendered":"Democrats granted significant tax incentives to a foreign company for wind turbine construction, but the projects might still be abandoned."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">40<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdemocrats-gave-a-foreign-company-big-tax-breaks-to-build-wind-turbines-it-may-scrap-the-projects-anyway%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2019211&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Democrats&#8217;\u200b Green Energy\u2064 Gamble Faces Setback as Danish Company\u200d Faces Financial Woes<\/h2>\n<div>\n<figure><figcaption>(Getty Images)<\/figcaption><\/figure>\n<\/div>\n<div>\n<p>Democrats in New Jersey and Connecticut approved hundreds of millions\u200c of dollars in \u200btaxpayer\u2064 funds to incentivize a Danish green energy company\u200b to build offshore wind \u2064farms. Now, the company\u200c is facing billions in lost value and\u200d may\u2064 need to scrap the projects.<\/p>\n<p>Denmark&#8217;s Orsted, the world&#8217;s largest offshore\u200b wind company, on\u2064 Wednesday <a href=\"https:\/\/www.nytimes.com\/2023\/08\/30\/business\/orsted-write-down-wind-power.html\">announced<\/a> it&#8217;s \u200dfacing supply chain problems and other \u200cissues\u200b that could cause it to take\u200b a $2.3 billion hit \u200cto its \u2064U.S. portfolio. The company&#8217;s issues are \u200bso\u200d significant, Orsted&#8217;s chief executive said, that the foreign green energy giant could &#8220;walk away \u200cfrom\u2063 projects&#8221; in the United States.<\/p>\n<p>That announcement is likely concerning for Democrats in New Jersey \u2063and Connecticut,\u200c two blue\u200c states that are using taxpayer cash to attract Orsted\u200d to build wind farms off\u2063 their coasts. New Jersey Democratic governor \u2063Phil Murphy\u2062 in July signed \u200da bill that <a href=\"https:\/\/freebeacon.com\/energy\/biden-backed-new-jersey-wind-farm-will-raise-electric-bills-experts-say\/\">approved nearly $1 billion<\/a> in subsidies for Orsted \u2064to install wind turbines off the coast of Atlantic\u2062 City. Connecticut\u200d Democratic governor Ned Lamont, \u200dmeanwhile, <a href=\"https:\/\/ctmirror.org\/2023\/05\/30\/ct-port-authority-new-london-state-pier-eversource-orsted\/\">funneled<\/a> \u2064 tens of millions of taxpayer dollars \u200dtoward public\u2064 pier renovations to help accommodate \u2064an Orsted wind farm. Those projects are now in question.<\/p>\n<p dir=\"ltr\">Murphy, Lamont, and Orsted did \u2064not return requests for comment.<\/p>\n<p>This is far from the first time a highly touted green energy company has encountered serious financial struggles despite receiving\u200c support\u2063 from liberal lawmakers. Earlier\u2064 this\u200b month, Proterra\u2014an electric vehicle \u2063company that the Biden administration repeatedly promoted\u2014declared bankruptcy, <a href=\"https:\/\/freebeacon.com\/energy\/biden-said-ev-maker-proterra-was-getting-us-in-the-game-it-just-declared-bankruptcy\/\">citing<\/a> \u200b&#8221;various market and macroeconomic headwinds.&#8221; Proterra shares \u200csubsequently tumbled\u200b more than 60 percent, but only after \u200cEnergy Secretary Jennifer Granholm sold\u200b her shares\u2062 in the company for $1.6 million.<\/p>\n<p>Orsted\u2019s shares also\u2062 took \u2064a \u2063large hit following Wednesday\u2019s announcement, with the foreign company losing a\u200c quarter of \u2063its market \u200cvalue. Consulting firm \u200dWood\u2064 Mackenzie expects other <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-proves-he-learned-nothing-from-obamas-green-failure\/\" title=\"Biden Proves He Learned Nothing From Obama\u2019s Green Failure\">green energy companies<\/a> to suffer similar fates. &#8220;This will not be the last that we will\u200b see this year,&#8221; Soeren Lassen, the firm\u2019s head of offshore\u2064 wind, \u2063 <a href=\"https:\/\/www.nytimes.com\/2023\/08\/30\/business\/orsted-write-down-wind-power.html\">told<\/a> the <em>New York\u2063 Times<\/em>.<\/p>\n<p>Orsted\u2019s project created\u2064 bipartisan controversy in New Jersey even\u200d before the \u200dcompany&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/france-germany-and-luxembourg-seize-assets-of-lebanon-central-bank-chief\/\" title=\"France, Germany and Luxembourg Seize Assets of Lebanon Central Bank Chief\">financial woes<\/a>. The state\u2019s\u2062 top Democrats are questioning the <a href=\"https:\/\/freebeacon.com\/energy\/biden-backed-new-jersey-wind-farm-will-raise-electric-bills-experts-say\/\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-propose-massive-new-legislative-package-cost-to-be-borne-by-taxpayers\/\" title=\"Biden to propose massive new legislative package, cost to be borne by taxpayers\">higher energy costs<\/a><\/a> associated with the project\u2014state \u2062House speaker Craig Coughlin\u200b and state Senate president Nick Scutari in an August joint \u2062statement cited the &#8220;many unanswered questions about \u200bthe\u2063 economic impact these projects\u200c will \u200chave on ratepayers.&#8221;<\/p>\n<p>President Joe Biden\u2019s support \u2062for\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-gave-a-foreign-company-big-tax-breaks-to-build-wind-turbines-it-may-scrap-the-projects-anyway\/\" title=\"Democrats granted significant tax incentives to a foreign company for wind turbine construction, but the projects might still be abandoned.\">failed green energy\u200d companies extends<\/a> beyond his presidency. \u2063As vice president, Biden heaped praise on solar energy company\u200d Solyndra, which received a $535 million loan from the \u2064Obama-Biden administration.\u200c Solyndra\u2063 went on to declare bankruptcy.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>announced significant losses and potential cancellation of offshore wind projects in New Jersey and Connecticut. The Democrats&#8217; decision to allocate taxpayer funds to incentivize the Danish green energy company has backfired, leaving Orsted with billions in lost value and uncertain future for the wind farms.<\/p>\n","protected":false},"author":2020,"featured_media":2019212,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-2019211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2019211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2020"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2019211"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2019211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2019212"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2019211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2019211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2019211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}