Massachusetts wind power project ‘no longer viable’ without contract adjustments, says developer

[Geee]

CNBC

• The developer for a major offshore wind project in Massachusetts has asked state regulators to pause review of the contract for one month, saying that global price hikes, inflation and supply chain shortages are disrupting the plan.
• The Commonwealth Wind project, which would supply 1,200 megawatts of offshore wind power starting in 2028, “is no longer viable and would not be able to move forward” under the terms of contract, according to a motion recently filed by the developer.
• The rising cost of the Massachusetts project comes as the U.S. aggressively ramps up its offshore wind industry. The Biden administration has set a target for permitting 30 gigawatts of offshore wind by 2030.

[Geee]

America’s Offshore Wind Farms Face Headwinds

Plans for massive offshore wind farms that President Joe Biden hopes will power as many as 10 million American homes by 2030 are starting to wobble.

On Monday, New Jersey utility Public Service Enterprise Group Inc. said it’s deciding whether to pull out of Ocean Wind 1, a proposed project in the Atlantic Ocean that would generate 1.1 gigawatts — enough for 500,000 homes. Less than two weeks earlier, New England utility Avangrid Inc. said its similarly sized Commonwealth Wind project was no longer viable because of higher costs and supply chain woes. 

Offshore wind projects are “facing a number of headwinds,” said Timothy Fox, vice president of the Washington-based energy research firm Clearview Energy Partners, and it’s possible “other projects get delayed.”