New York will spend money on three offshore wind initiatives because the state tries to fulfill its bold timeline for transitioning to renewable vitality sources, New York Governor Kathy Hochul introduced Tuesday.
The Democratic governor introduced the conditional awards as excessive growth prices affect different offshore wind initiatives in New York and all over the world. The state additionally introduced the award of twenty-two onshore photo voltaic, wind and hydropower initiatives. Collectively, these initiatives will generate sufficient vitality for two.6 million properties, roughly two-thirds of which is able to come from the three offshore wind initiatives.
“This can be a historic funding to display our full dedication to renewable vitality sources,” Hochul mentioned on the ceremony asserting the investments.
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Offshore wind is a important element of New York’s plan to transition to a carbon-neutral electrical energy system by 2040. State regulation units targets for 70% of New York’s electrical energy to return from renewable sources by 2030, and 9,000 megawatts of offshore wind by 2035.
There’s presently an offshore wind challenge below building off Lengthy Island.
However offshore wind builders say they’re fighting higher-than-expected costs for supplies reminiscent of metal, in addition to elevated borrowing prices and provide chain issues. This has led to builders working to terminate contracts in different states. New Jersey officers this summer time permitted a tax break to assist a wind vitality developer.
New York Governor Kathy Hochul speaks after her ceremonial swearing-in on the New York State Capitol on August 24, 2021 in Albany, New York (Michael M. Santiago/Getty Photographs)
Hochul and the Democratic governors of 5 different Northeast states not too long ago wrote a letter to the Biden administration demanding extra federal cash for offshore wind initiatives, warning {that a} cornerstone of the struggle towards local weather change may very well be in jeopardy.
Earlier this month, New York vitality regulators rejected requests for added funding for 4 offshore initiatives that might provide the state with 4,230 megawatts of energy. These builders mentioned they might consider the feasibility of their initiatives in gentle of the regulators’ determination.
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Now, the New York State Power Analysis and Growth Authority will negotiate last contracts with three offshore wind initiatives totaling 4,032 megawatts: Attentive Power One, Group Offshore Wind, and Excelsior Wind.
The initiatives are anticipated to be operational by 2030.
Regardless of the rising prices of offshore wind growth, state vitality officers mentioned the three initiatives would nonetheless profit customers. The typical invoice improve for patrons shall be about $2.93 monthly, in line with the state.
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The bottom-based renewable vitality awards went to 14 new photo voltaic initiatives, six wind energy restoration initiatives, one new wind energy challenge, and one hydropower challenge being returned to service.