The world’s largest wind turbine manufacturer is going broke

Two weeks ago, Penny Wong told the Senate "renewables are cheaper"...

"Renewables are cheaper...

"Renewables are cheaper...

"Renewables are cheaper...

On and on she went.

One week later, Prime Minister Anthony Albanese said, “renewables are the cheapest form of energy”.

But according to the world’s biggest wind-turbine maker, Penny and Albo are flat-out wrong!

Vestas Wind Systems CEO Henrik Andersen says wind turbine manufacturers are facing huge losses and reduced demand just as the global energy crisis ramps up.

He says the green industry’s insistence that clean electricity can only get cheaper is to blame.

“It made some people make the wrong assumption that energy and electricity should become free,” Andersen said in an interview in London.

“We created the perception to some extent. So, we are to blame for it. That was a mistake.”

It sure was, mate!

Bloomberg now says soaring commodity costs and supply-chain bottlenecks have wiped out profits for much of the wind industry this year.

For instance, Vestas expects its profit margin to be around negative 5 per cent in 2022. This is even after the turbine manufacturer raised its prices by 30 per cent to offset losses.

Their solution to their failing business?

Well, Vestas says governments need to make it easier for new wind farms to get off the ground.

In other words, they want a leg-up over other power generators.

Imagine our surprise!

A renewable energy company asking the government for special benefits to remain competitive…

We’ve seen this before in Australia, haven’t we?

Here renewables get $19 billion a year in subsidies while fossil fuels get nothing but demonisation from the media, bureaucracy, and political elites. For instance, each wind turbine in this country gets $600,000 in taxpayer subsidies a year. They only work 40 per cent of the time. And more than three-quarters of them are foreign-owned.

When the sun isn’t shining and the wind isn’t blowing (meaning the renewables are useless), our ageing coal-fired power plants and gas turbines are forced to rapidly scale up to keep the lights on – a role they were never designed to play.

…and whenever anybody makes these points, they’re labelled “climate deniers” or “shills of the fossil fuels industry”.

So, to Penny Wong and Anthony Albanese:

  • Renewables are not the cheapest form of energy.
  • Renewables are far more expensive than coal, gas and hydro when the costs of transmission and storage are taken into account.
  • Renewables do not produce free power from the sun and the wind.
  • Renewables are produced using metals that are going up in price on a daily basis. The renewables only last a decade and then have to be replaced after going into landfill. So, the more renewables we put in the grid, the higher metal prices will go.
  • …and renewables are not better for the environment.

Wind turbines kill birds, bats, crabs, cows and compromise the health of humans. They end up in landfill. They are made using coal. They require enormous amounts of metals that are mined in sub-Saharan African nations by child slaves.

But the cult of holier-than-thou green activists doesn’t seem to care…