Tag Archives: will cost Americans billions
Doomed to Fail: In the Northeast and Mid-Atlantic, a quiet reckoning over offshore wind
Crippling European electricity prices, soaring Northeastern heating bills, looming diesel-fuel shortages, and OPEC+ drama have captured headlines for months. More quietly, offshore-wind energy developers are discovering their projects’ economic infeasibility, undermining states’ offshore-wind goal of generating 40,000 MW by 2040. The Biden Administration must recognize this is a pipe dream, or it will cost Americans billions trying to salvage an industry doomed to fail. October brought the first sign of troubles,,, Massachusetts’ Commonwealth Wind, Mayflower Wind project, New Jersey Ocean Wind. All three project developers originally negotiated prices far above wholesale market prices. All three qualified for a production tax credit and additional offshore-wind state tax credits. All three will qualify for a new 30 percent offshore wind investment tax credit which was not available when they made their initial bids. Yet this federal and state largesse has still failed to keep the projects afloat. >click to read this< 18:17
