It currently costs NY about $36 per MWH for energy. But the state demanded wind. Let’s discuss the amazing bottom line results.
The Wall Street Journal asks Why Is New York Paying So Much for Wind Power?
New York state signed a contract in June to buy electricity generated by two large wind farms, Empire Wind 1 and Sunrise Wind, off the coast of Long Island. The projects are expected to begin in 2026 and 2027, with power delivered to Brooklyn (Empire) and Long Island (Sunrise). The state will pay $155 and $146 per megawatt-hour, respectively. These prices are steep, at least four times the average grid cost paid over the past year.
States agree to pay wind-power operators—known as the “offtake price”—based on a project’s “break-even cost,” the estimated bill for building and operating the wind farm over its useful life. That is undoubtedly part of the problem. The offshore wind business off the East Coast is in turmoil. Operators have canceled projects from Massachusetts to Maryland that were due to be constructed in the next four years. Some have been delayed, while others have renegotiated their contracts at prices 30% to 50% higher than originally promised.
Two widely quoted sources of break-even costs are the U.S. Energy Information Administration and Lazard, an investment bank. In its most recent estimates, the EIA suggests the average break-even cost of offshore wind farms, adjusted to 2024 prices, is $131 per megawatt-hour, not counting government subsidies, and $101 per megawatt-hour after allowing for basic tax credits. The latter figure is what matters, because every offshore wind farm expects to take advantage of investment or production tax credits under the Inflation Reduction Act. […]
— Read More: www.zerohedge.com
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