New York Rejects Offshore Wind’s Request to Raise Rates
- Regulators turned down ‘jaw-dropping’ proposed adjustments
- Vote risks threatening the state’s renewable-energy goals
The construction of a wind farm off of the coast of Long Island near Wainscott, New York.
Photographer: Johnny Milano/BloombergThis article is for subscribers only.
Offshore wind developers are reevaluating some New York projects after regulators rejected higher rates by Equinor ASA, Orsted A/S and others that would have added as much as $12 billion in costs.
Developers planning to build more than 4 gigawatts of wind-power capacity off Long Island must abide by existing contracts to deliver power, the New York Public Service Commission unanimously ruled during a meeting Thursday.