Expert warns green energy projects ‘are not worth it’ as prices spiral ‘out of control’
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One market expert has added on to many Republican lawmakers’ concerns over the transition to a green energy agenda.
“We just had Ørsted come out today and say they’re canceling their Norway project just after they canceled their two U.S. projects because costs are spiraling out of control. So these projects are just not worth it,” Hilltower Resource Advisors founder and CEO Tracy Shuchart said on “Making Money with Charles Payne” Monday.
Shuchart referenced the Denmark-based offshore wind company which announced Tuesday that its chief operations and finance officers were stepping down after significant losses, Reuters reported.
Ørsted specifically noted rising inflation, interest rates and supply chain delays as main causes for the switch up, while other green energy producers and stocks have found themselves in the red overall this year.
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