Three New York offshore wind projects were canceled Friday in the latest sign of trouble for the stumbling industry and President Joe Biden’s green energy agenda, according to Politico. [emphasis, links added]
The New York State Energy Research and Development Authority (NYSERDA), the agency that handles offshore wind contracts, disclosed Friday that it could not finalize power purchase agreements with three developers that received conditional awards from the state in October 2023, according to Politico.
The announcement amounts to a cancellation of the projects, which deals a blow to New York’s goal to reach 70% green energy generation by 2030 and Biden’s goal to install enough offshore wind capacity nationwide to provide enough electricity to power 10 million U.S. homes by 2030.
New York announced awards for the three projects canceled Friday after the state’s Public Service Commission (PSC) shot down a push by other developers to charge more for the power their projects would produce to offset rising costs, according to Politico.
Several other projects were canceled following the PSC’s rejection, with similar dynamics playing out in other blue states like New Jersey and Maryland in recent months as well.
“Despite notable progress, the U.S. offshore wind industry is still in its infancy. As [with] any new sector, challenges are expected & require resolve from [federal], state & private sector to overcome,” Doreen Harris, NYSERDA’s president and CEO, wrote in a Friday post to X. “[NYSERDA] will take proactive measures to address these issues head-on. Next steps soon.”
The offshore wind industry is stumbling despite the availability of generous tax credits contained in the Inflation Reduction Act (IRA), Biden’s signature climate bill.
Inflation, higher borrowing costs, and logistical problems are gumming up projects and contracts that appeared lucrative and viable around the time that Biden signed the IRA into law.
Biden’s 2030 target continues to fall further out of reach with Friday’s cancellation, as Reuters reported in November 2023 that the goal already appeared to be unattainable given headwinds in the industry.
Read rest at Daily Caller
The Shorebirds Seabirds and Whales are happy about this and no eyesore Wind Turbines spoiling the view
So wind projects off the coast of NY are being cancelled due to (surprise) economics while the state has closed its reliable nuclear plants and continue to shutter coal plants. Gotta wonder where their electricity will be coming from while forcing citizens to give up natural gas for heating and cooking and forcing them to buy EVs that no one but the rich want (while still owning gas-powered cars and flying private jets).
What could go wrong?
The offshore wind projects were canceled because they couldn’t get approval to pass even more of their high cost on to consumers. Yet, in an USA Today earth day article it was repeatedly asserted that renewable energy the cheaper than any other. This just shows that once the climate change movement starts using a lie they will not let go of it. Common sense tells us if renewable energy was cheaper the free market would be using without mandates or subsides. The reason these are needed is the government is attempting to coerce us into using a more expensive as well as a less reliable source of energy.
David, as long as you ignore all costs to purchase, install and maintain the wind turbines as well as purchasing, installing, and maintaining the cables needed to hook up the turbines to the grid then yes it might be cheaper. Oh, and it would even be worse if the companies installing and operating the wind “farms” were required to also install the backup fossil fuel plants needed to provide electricity 24×7 as our advanced economies demand when the wind isn’t blowing enough to power the grid.