Over and over, the litany of causes is the same: inflation, higher interest rates that drive up capital costs and severe kinks in the supply chain.
These same problems are slamming proposed offshore-wind projects in New York as developers make final decisions on whether to start building turbines or cut their losses before they get worse.
Seeing that the wild cost increases threaten to make their projects unprofitable, these companies went hat-in-hand to the state’s Public Service Commission asking for increases of 35% to 65% on the price of electricity they hope to generate.
But the commission declined to dig deeper into ratepayers’ wallets, sending them away empty-handed.
The four companies behind these prospective wind farms have all taken big hits to their balance sheets. Equinor has written its value down by $300 million.
Developers looking to build thousands of wind turbines off the Mid-Atlantic and New England coast are coming up against a force even more relentless than the Atlantic winds: the Iron Law of Megaprojects, offering a warning of the trouble ahead for Read More
New York state officials this week took their most serious step yet to limit the state’s greenhouse-gas emissions. But they also showed they are more serious about taking care of one of the Read More
Public Service Commissioner John Howard recently warned that the state’s climate-action scheme will cost New Yorkers “hundreds of billions of dollars” Read More
The New York State Assembly adopted a bill requiring all new passenger cars and trucks sold in the state be “zero-emissions” by 2035. If electric cars are the future...New York had better get ready. Read More