The New York State Public Service Commission (NYSPSC) has denied requests by two offshore wind developers, namely joint-ventures of BP and Equinor and of Ørsted and Eversource Energy, to increase contract prices by nearly 50% for four offshore wind projects with a combined capacity of 4.2 GW and for 86 onshore wind projects in the state of New York (United States). The NYSPSC estimated that amending contracts would have resulted in raising residential customers electricity bills by 6.7%.
In September 2023, Ørsted and Eversource sought a 27% increase in the agreed price (US$110.37/MWh) for their 924 MW Sunrise Wind project, while Equinor and BP sought a 35% increase for their 816 MW Empire Wind 1 project (from US$118.38/MWh), a 66% rise for their 1,260 MW Empire Wind 2 (US$107.50/MWh) and a 62% revision for their 1,230 MW Beacon Wind ($118.00/MWh). Developers justified these significant price increases by inflation and cost increases and the state denial may incite them to scrap plans to sell power to customers in New York, delay or cancel projects.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.