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Non-Tech : Kirk's Market Thoughts

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Nov 5 3:59 PM EST

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To: robert b furman who wrote (14141)	7/12/2022 9:50:22 AM
From: Kirk ©	Read Replies (1) of 26422

Windmill turbine blade demand was hot air from unicorn farts. GE Scraps Plan for Offshore Wind-Turbine Blade Factory in UK bnnbloomberg.ca General Electric Co. canceled a plan to build a factory making wind-turbine blades in northeast England that would have created hundreds of jobs. The company doesn’t have enough orders to justify the facility that was scheduled to start producing blades for offshore turbines in Teesside next year, a company spokesperson said. It’s a setback for the government’s Levelling Up policy, which seeks to boost investment outside of London and “Red Wall” Labour areas in northern England. Prime Minister Boris Johnson last year announced that almost £100 million ($118 million) would be invested in new wind ports in Teesside and the Humber, with the potential for seven offshore wind factories. GE’s was due to be the first of those. While the UK is by far Europe’s largest market for offshore wind, the manufacturing of many large components is based in Europe. GE is making the core part of the turbine at a factory in Saint-Nazaire on the west coast of France. Last year, GE said the new factory would create as many as 750 jobs, supply British plants and potentially be used for exports. GE is also turbine supplier to the world’s largest offshore wind farm, the 3.6 gigawatt Dogger Bank project being developed off eastern England and which will be able to power about 6 million British homes. The GE spokesperson said the company remains committed to supporting the growth of offshore wind in the UK. News of the cancellation of the factory plan was earlier reported by Recharge. ©2022 Bloomberg L.P.

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