New York State cancels 3 large offshore wind projects, plans to seek new bids
New York State has unexpectedly hit the brakes on three large offshore wind projects it awarded last year for the waters between Long Island and New Jersey, citing “technical and commercial complexities” with a turbine manufacturer. The decision to nix the three projects comes atop months of hard knocks for the nascent U.S. offshore wind industry and poses big challenges for New York’s plans for some 9,000 megawatts of the green energy by 2035, including the state’s plan to subsidize the manufacture of turbines in New York. The industry had already been beset by soaring costs for turbine materials and rising interest rates, leading to canceled projects in New Jersey, New England and Maryland. Overseas wind-energy developers have taken billions of dollars in impairment charges reflecting the lower value of the projects. The three newly canceled New York projects, known as Community Offshore Wind, Excelsior Wind and Attentive Energy One, represented just over 4,000 me...