October 23, 2023 — The adventures of the governments and private companies creating a new offshore wind energy industry in America are continuing and far from finishing. The favorable conditions before the pandemic have crumbled in the face of higher costs for financing, for sourcing components and for securing needed approvals. That is wrecking plans for projects.
Yet there is also a sign that the necessary adjustments to current market conditions will include fixing a major mistake made by East Coast states at the start. Unfortunately, so far New Jersey officials are sticking to their outdated plan to be the first to put wind turbines into the Atlantic, which could make residents overpay for this clean energy.
At the start of summer, the New Jersey Legislature and Gov. Phil Murphy sweetened the financing for the first wind farm, off Atlantic City, by allowing Ørsted to keep federal tax credits possibly worth $1 billion that were to be passed through to ratepayers.
Read the full article at the Press of Atlantic City