Eversource, that woke energy company that just raised our electric rates 110% (more on that here), has been quick to jump into offshore wind projects across the northeastern seaboard. But now they say they might sell some or all of their stake in these projects.
Nolan said the energy utility’s review of its wind investments would conclude by the end of 2022, during an earnings call Thursday.
The review could lead to the sale of all or part of the company’s stake in the Ørsted venture and the proceeds of such a transaction would be invested in the company’s existing energy and water delivery systems, according to Eversource. The company is confident it will receive large offers to scoop up its stake given its lease value, Nolan added.
Vapor ware?
Eversource has a 50% stake in three offshore wind projects which they would sell for large buckets of cash so they could do what? Waste it on other green energy projects.
“We see an opportunity to convert early, strategic investments in the wind industry to reinvest the proceeds in our core distribution, transmission, heating and land-based clean energy businesses – where we’ve identified an estimated $18B of initial investments in our 5-year capital plan – including utility-scale solar, EV charging infrastructure, and technologies to make our infrastructure smarter,” Eversource spokesperson Caroline Pretyman told the Daily Caller News Foundation in an email.
But it’s not exactly a waste. Not for the fat cats t Eversource. There are even larger buckets of federal cash getting handed around to support these other projects. Someone at Eversource is just calculating how to cash in on the opportunity for access to those on the wind side so they can tap into more of it on another.
Related: NH Gov. Chris Sununu Signing Bill to Ban Offshore Oil and Gas Drilling (But He Likes Wind!)
None of which will produce anything we actually need, especially come winter (discussed recently here).
Meanwhile, in the real world, no one has a plan to produce enough electricity to power all this new infrastructure which – by the way – isn’t possible without coal or oil. You can’t make metal or wire or cables (wind machines or solar sun catchers) out of wind and sunshine no matter how much of it you shine up someone’s ass.
What you can do is pretend there is value, encourage the government to tilt the marketplace in your favor, and then cash in, leaving someone else holding the bill in the dark.
