New York Regulators Deal Huge Blow To The Offshore Wind Industry
Story by Nick Pope •
19h
New York state regulators rejected a request by offshore wind developers to renegotiate contracts with utility companies, marking a major blow to the industry on Thursday, E&E News reported.
The New York Public Services Commission (NYPSC) rejected requests by Orsted and Equinor-BP’s joint ventures to increase the prices the companies would receive from utility companies for offshore-wind generated power in the future in order to offset inflation, according to E&E News. The developers had requested more favorable terms for their projects as inflation, higher interest rates, and supply chain and logistical issues have eaten into their profit margins, trends that are troubling the entire offshore wind industry beyond New York state.
Had the petitioned requests been granted, ratepayers in the state could have been forced to pay more for their power as utility companies passed along the higher prices sought by the developers to cover their own costs, according to E&E News. Equinor and BP had requested a 54% price increase for their developments, while Orsted requested a 27% boost.
https://www.msn.com/en-us/money/markets/new-york-regulators-deal-huge-blow-to-the-offshore-wind-industry/ar-AA1iaVy6?ocid=msedgdhp&pc=U531&cvid=4f2e627e82b84bb6815a9fd6295939d5&ei=50
