The New York State Energy Research and Development Authority (NYSERDA) has announced the launch of expedited renewable energy solicitations, in the US State’s fourth offshore wind auction. The tender follows the rejection by the State of pricing relief petitions that left over 13 GW of offshore wind and land-based development in limbo. Indeed, the US offshore wind industry has been undergoing financial turmoil for several months, with several developers exiting their power purchase agreements (PPAs) in order to rebid the projects, due to increased financial stress, supply chain disruptions and higher interest rates. Ørsted had thus announced in early November 2023 that it would cease development on its two largest US projects, Ocean Wind 1 and 2 (2.2 GW).
Bids for this new offshore wind solicitation must be submitted by 25 January 2024. The submission process has been significantly streamlined since the last tender, according to NYSERDA, which expects to award projects in February 2024 and execute contracts in the second quarter of the year.
New York aims to achieve a zero-emission electricity sector by 2040, including 70% renewable energy generation by 2030, and develop 9,000 MW of offshore wind by 2035.
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