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Offshore Wind Projects Are Going Broke

President Biden’s Green New Deal suffered yet another serious blow this week.

The New York Public Service Commission, which oversees utilities, rejected an attempt by offshore wind developers to wring more money from customers to make up for inflationary increases in the price of their projects. In one case, Equinor and BP were demanding a 54% increase because of rising green energy costs.

The Biden White House goal of using wind to power 10 million homes in the Northeast is faltering, with roughly a quarter of projects likely to be delayed or canceled. Since July, four Massachusetts contracts and one in Connecticut have been shelved.

“These companies are losing money hand over fist,” says James Lucier, an energy analyst in Washington.“One of the companies has just admitted that it’s time to be candid about just how much more renewable electricity is going to cost.”

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