From Reuters via gCaptain, October 19:
Developers in the U.S. offshore wind industry will likely cancel some power sales contracts in New York after the state last week denied passing on more of the costs to consumers, but major projects off Massachusetts and Rhode Island are set to start up later this year.
Several states and U.S. President Joe Biden’s administration consider offshore wind to be a key part of their plans to transition away from fossil fuels for energy, create jobs and reduce carbon dioxide emissions.
Last week, New York utility regulators dealt the industry a severe blow by denying requests to increase the amount of money New Yorkers would have to pay under existing contracts for power to be produced at four offshore wind projects under development.
The wind developers, including units of European energy companies Orsted, Equinor and BP, requested those increases to cover rising labor and equipment costs due to soaring inflation and higher financing costs from interest rate hikes....
....MUCH MORE
Ørsted CEO Says U.S. Offshore Wind Targets Not Out of Reach
"The first US offshore wind auction in the Gulf of Mexico was a dud"
Although we didn't focus on it in August 30's "Ørsted, "World's Largest Offshore Wind Farm-Maker Crashes Most On Record After Catastrophic Results"", during that same conference call Ørsted said it considered abandoning their big offshore New Jersey wind farm but will stick with it, for now.
