Northland Power Inc (Ontario) T.NPI

Alternate Symbol(s): NPIFF | T.NPI.PR.A | T.NPI.PR.B | NPICF

Utilities Utilities - Independent Power Producers

Northland Power Inc. is a Canada-based global power producer focused on helping the clean energy transition by producing electricity from clean renewable resources. The Company owns and manages a diversified generation mix, including onshore renewables, natural gas energy, as well as supplying energy through a regulated utility. Its facilities produce electricity from clean-burning natural gas and renewable resources such as wind and solar. The Company’s segments include offshore wind facilities, onshore renewable facilities, natural gas facilities, and utilities. The Company’s natural gas facilities use turbines to produce electricity. It owns or has an economic interest in approximately 3.4 GW (net 2.9 GW) of operating capacity. The Company also has an inventory of projects in construction and in various stages of development encompassing approximately 12 GW of potential capacity. It operates power infrastructure assets in Asia, Europe, Latin America, and North America.

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Northland Power Inc (Ontario) > from the "Morning Brew"

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Post by Possibleidiot01on Nov 02, 2023 1:25pm

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Post# 35714012

from the "Morning Brew"

Offshore wind is straight up not having a good time

John Moore/Getty Images

Like all those suburban fro-yo shops that opened the summer of 2014, many planned offshore wind energy projects just aren’t as profitable as they used to be.

Orsted, the world’s largest offshore wind farm developer, announced this week that it’s pulling the plug on two big projects in New Jersey—which will leave the Biden administration’s clean energy ambitions wheezing. The Danish company said financing the operation became unsustainable due to higher interest rates and supply chain delays, forcing it to write off $4 billion.

Building a wind farm in the US is anything but breezy. Orsted CEO Mads Nipper told the NYT that while the renewable energy industry has also struggled in Europe, its problems are “more acute” in the US. In addition to the financing issues, public opposition and inadequate subsidies plague the industry.

Orsted warned in August that NJ’s tax break wasn’t enough for the projects to continue amid rising costs.
Republican lawmakers and Jersey Shore residents challenged the projects in court, leading to costly delays.

And yet…yesterday, the federal government greenlit the Coastal Virginia Offshore Wind Project, which would be the largest offshore wind farm in the US. So, there’s still a chance offshore wind production can have its “we are so back” moment.—CC