October 5, 2023 — Three U.S. states in New England – Massachusetts, Rhode Island and Connecticut – on Wednesday agreed to jointly procure offshore wind power as soaring interest rates and rising equipment and labor costs have made some projects uneconomic.
By joining forces, the states hope to counter the pain rippling across the nascent U.S. offshore wind industry, which is expected to play a key part in decarbonizing the power sector and revitalizing domestic manufacturing.
Earlier this week, another offshore wind developer canceled agreements to sell power to local utilities – this time in Connecticut – because the previously agreed upon prices for that power was too low to cover the rising cost of building the project.
Massachusetts Governor Maura Healey announced the agreement between the three states at the American Clean Power Association’s Offshore WINDPOWER Conference in Boston, according to a press release on the governor’s website.
Read the full article at Reuters