Many offshore wind companies have already leased offshore wind sites off the East Coast expecting to make a profit.
In order to go forward each ocean wind company had to established power purchase agreements ( PPAs ). The PPA allows the wind developer to finance the project through banks or venture capitalist markets. Electric rate hearings are held between state agencies, power companies with public input and rates are established and agreed to.
The ocean wind projects on the East Coast are companies mostly based in Europe and purchase their turbines and submarine power cables from European contractors. These prices are negotiated sometimes up to a year before deliveries.
Due to inflation European wind turbine manufacturers are reporting up to a ten percent loss every time they produce a wind turbine and are laying off workers. Sources forecast up to a two billion dollar loss this year.
Massive inflation leading to financial downturns raises questions over the East Coast ocean wind projects.
If states allow power purchase agreements to be renegotiated the next question is can the commercial and residential electric rate payers afford the higher prices . When does your electric bill become a second mortgage on your home?
Shareholders bought into these offshore projects because states established long term energy agreements with ocean wind companies. Stockholders or bond holders expect a profit.
Europe is facing an energy crisis due to the war in Ukraine causing to go back to a reliance on fossil fuels rather than build more wind turbines or other renewable energy projects.
President Biden called for eighty percent clean power by 2030. Since Joe Biden has been president inflation has jumped to almost an average of 14 percent resulting in destroying the offshore wind projects.
FYI : One of the offshore wind companies off the coast of Massachusetts and Rhode Island has no land route to get to the electric grid in Falmouth, Massachusetts or Portsmouth, Rhode Island.
Rhode Island is holding a hearing in mid December for the company to show it has the economic resources to build the wind farm.
While this is happening the Massachusetts Department of Public Utilities is holding hearings to OK the project and the project has NO access to the electric grid.
If NE states “allow”…?
Are you kidding?
Entrenched state bureaucrats are EAGER to renegotiate those agreements to “get going” with their much-delayed, highly subsidized offshore wind fantasies
Those bureaucrats made promises to the European fat cats, and were rewarded with goodies, such as luxury junkets to Europe “to view wind system facilities”
Those bureaucrats do not give a damn about decades of higher and higher household electricity rates, to be paid by already-struggling New Englanders, because they CLAIM they are “saving the world”; such bull crap.
Europeans surely know winds were minimal in 2021, which led to wind underproduction
Hydro underproduced due to a drought
Nuclear in France underproduced, due to a lack of plant maintenance, and, in some cases, a lack of cooling water.
And then the unelected, stupid, clueless, EU bureaucrats imposed coal, oil, and gas sanctions on Russia, which created a minor inconvenience for Russia, but major blowback on the European economy and its future international competitiveness
It is like kicking a soccer ball into a wall, and have it bounce back in your face. OOPS
The war in the Ukraine is not destroying Europe's power affordability , it is the the fake world wide Globalist Green Scam fleecing the public's pockets monthly from the Green AGENDA ,declaring the world is ending because of CO2/Heating etc.. That pushes the NON-DENSE UNRELIABLE INTERMITTENT POWER sources SUCH as Wind and Solar that are bankrupting the public if allowed to continue. Fossil fuels, BTU Dense Sources such as NUCLEAR are a necessity to fuel the world, or it will go broke with the exception of the Useless Elitists that created the theory.
"We The People" are waking up. Let us hope the full AWAKENING occurs sooner, rather than later.
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