The Financial Viability of New Jersey’s Offshore Wind Farms Possibly in Jeopardy
The final nail in the coffin for offshore wind energy projects on the East Coast might be in danger by the policies of the very same people touting clean energy. Politicians like New Jersey Governor Phil Murphy and President Joe Biden, more specifically, their economic policies on energy, inflation, labor and equity could be the foundation for the failure of the very programs they are trying to enable. Inflation, supply chain issues, and the increase in goods and services due to raw materials and crude oil prices could eventually sink their plans for massive offshore wind energy farms. New Jersey is not alone in facing challenges with offshore wind energy. Connecticut’s Park City Wind, an 800-megawatt project, also finds itself in danger. >click to read< 11:37
Though it’s not all that surprising to those of us who have observing New Jersey politics-and New Jersey politicians for decades, it’s still kind of amazing that New Jersey’s tax- and rate-payers are still willing to put up with this fiscal irresponsibility. It seems that (almost) all of the corporations that made “successful” bids to lease wind sites from all of us (yes, that’s our ocean out there!) missed some key criteria in formulating their bids and now they want bail-outs. And apparently the Governor of New Jersey wants New Jersey’s people to provide those bail-outs. It looks like about the same strategy for President Biden at the federal level. One glimmer of sanity in what appears to be an increasingly insane strategy of building thousands of these out-to-sea white elephants without a clue about their environmental impact (remember when Environmental Impact assessments were required for just about any large construction project? Now we’ve got Environmental Assessment White Washes to go along with the White Elephants) is the New Jersey Legislature.