Offshore wind has a big up and down week
February 1st, 2024
The tumult in US offshore wind development has taken several steps lately, some forward, some not so much. Here is a quick overview of three serious events that are worth careful consideration.
First is the question of whether the developers will be able to bring forward their cost crisis and stick it to the ratepayers. As regular readers know, a lot of offshore wind project contracts with the client States have been pulled by the developers. They hope to come back with a higher price to cover their suddenly increased costs. The big Danish developer Orsted just pulled another contract in Maryland.
Well, the first of these new high-cost offers has indeed been accepted, in this case, by New Jersey. After all, the governor says, they want to go the impossible 100% renewables route as quickly as they can, making costs politically irrelevant. New Jersey ratepayers be damned.
There is a good chance that the other North Atlantic states will follow New Jersey, especially New York, Massachusetts, and Rhode Island, which have huge offshore wind construction targets.
https://www.cfact.org/2024/02/01/offshore-wind-has-a-big-up-and-down-week/
