Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Reuters: NY offers new offshore wind auction, may revive troubled projects
NY offers new offshore wind auction, may revive troubled projectsBy Scott Disavino
November 16, 2023 4:48 PM EST
Nov 16 (Reuters) - New York State will issue a new offshore wind solicitation on Nov. 30 with bids due in January 2024, the state government said, in a move that should support the troubled industry.
European energy companies Orsted (ORSTED.CO), Equinor (EQNR.OL) and BP (BP.L) have taken a combined $5 billion of writedowns on U.S. offshore wind projects that are not even completed, in part because their existing power sales contracts would not cover the cost of building and financing the projects.
That is because soaring inflation, rising interest rates and supply chain problems have led to much higher costs than anticipated.
The new solicitation will be open to all bidders, including those with existing contracts. This would allow the companies to re-offer their planned projects at higher prices and exit their old contracts.
…
November 16, 2023 4:48 PM EST
Nov 16 (Reuters) - New York State will issue a new offshore wind solicitation on Nov. 30 with bids due in January 2024, the state government said, in a move that should support the troubled industry.
European energy companies Orsted (ORSTED.CO), Equinor (EQNR.OL) and BP (BP.L) have taken a combined $5 billion of writedowns on U.S. offshore wind projects that are not even completed, in part because their existing power sales contracts would not cover the cost of building and financing the projects.
That is because soaring inflation, rising interest rates and supply chain problems have led to much higher costs than anticipated.
The new solicitation will be open to all bidders, including those with existing contracts. This would allow the companies to re-offer their planned projects at higher prices and exit their old contracts.
…