Offshore Wind Now Costs More Than Double the Original Estimates in New York

Despite Biden’s belief that renewable energy such as wind and solar are the cheapest forms of electricity, New Yorkers are about to receive higher bills for offshore wind that will raise their rates by more than twice what was originally agreed to in earlier canceled contracts. New York’s solicitations to cover the higher cost for offshore wind is also being used in other Northeastern states, allowing wind developers to rebid for higher prices and receive new contracts. Offshore wind is much more expensive than most other forms of electricity and these states are committing their residents to markedly higher rates...