Green Fail: GE Guts Offshore Wind-Power Plans

There just isn't a market for it. The only thing propping up green energy is massive amounts of public spending by several countries. The money is running out.

Forbes reported:

General Electric, the U.S.-based industrial giant and leading manufacturer of wind-power turbines, is scaling back efforts to expand its presence in the offshore wind power market.

The rationale: there is no meaningful offshore wind market to speak of – at least not yet.
Given slower-than-expected industry growth, the offshore market may not mature as rapidly as many wind boosters once believed.

In 2009, GE moved into the offshore market by acquiring Norway’s ScanWind, a developer of direct-drive turbines, based in the city of Trondheim.

GE is considering laying off about 40 employees in Norway as it scales-back its offshore operations there, according to reports in Recharge. The company has also suspended plans to construct a manufacturing facility in the United Kingdom indefinitely.