"It’s a major blow to New York’s climate plan and to President Joe Biden’s energy ambitions."
"New York canceled power contracts for three offshore wind projects Friday, citing a turbine maker’s plans to scrap its biggest machines.
The news is a heavy blow to the U.S. offshore wind industry and a major setback for the climate ambitions of New York — and President Joe Biden. The three projects would have delivered 4 gigawatts of offshore wind to the state, amounting to almost half of New York’s 2035 goal.
The failed projects add to a tumultuous period for the Empire State, which saw delays on four other projects due to cost problems. Two of them proceeded after securing new contracts with higher prices, while two others have been paused.
Offshore wind has been hit hard by rising construction and financing costs. BloombergNEF estimates that the cost of building an offshore wind project rose 60 percent between 2021 and 2024, driven in large part by rising interest rates."
Advertisement 
