Economic Impacts / Costs

1/3/24
Albany’s Green Machine Goes Rogue
Empire Center
Ken Girardin
Equinor renewable developer asked the state Public Service Commission (PSC), which signs off on the subsidies, to boost its guaranteed minimum revenues by roughly $6 billion to $13 billion over 25 years. The PSC rejected the demands, saying in October the changes “were not in the best interest of the State’s ratepayers.” But NYSERDA, the state energy agency which negotiates and dispenses subsidies, looks to be ignoring the concerns raised by the PSC, with a plan for new “expedited” subsidy opportunities seemingly tailored for existing solar or wind projects that had been denied extra funding. NYSERDA already expected to pay around $44 billion in coming decades for the offshore wind subsidies awarded so far, with about half of the funds coming from homes and businesses north of New York City. It may be months before New Yorkers know who’s in control of the state’s potentially runaway renewable costs. They can be certain in the meantime, however, who will be stuck paying them.

9/8/23
New Wind Energy Costs Blow the Doors Off Projections
Empire Center
James E. Hanley
The myth that New York can replace fossil fuel power plants with cheap renewable energy has begun to crumble under renewable developers’ demands for higher prices to offset inflation and supply chain challenges. Multiple offshore wind projects that are not even built yet have asked the state’s Public Service Commission (PSC) to renegotiate their strike prices—the amount they will be paid per megawatt hour (MWh) of electricity produced. The demands for price adjustments are coming from onshore wind and solar power as well. Like the offshore wind projects, these facilities are not yet built but already the prices developers agreed to are allegedly no longer financially viable. New Yorkers have long been promised a bright future of energy that’s both climate– and wallet–friendly. It’s increasingly clear that whatever gains are made on the climate front, the price is going to be higher than advertised.

Image by Kevin Schneider from Pixabay

Money mage by Kevin Schneider from Pixabay

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