Projected Renewables Two to Five Times More Expensive than Natural Gas Power in New York

Wall Street Journal posting reports:

“New York State Energy Research and Development Authority (Nyserda), large offshore wind developers are asking for an average 48% price adjustment in their contracts to cover rising costs. The Alliance for Clean Energy NY is also requesting an average 64% price increase on 86 solar and wind projects.”

The WSJ goes on to say that:

“The Inflation Reduction Act (IRA) includes hundreds of billions of dollars in subsidies for green energy, yet now renewable developers want utility rate-payers in New York and other states to bail them out.”
“The climate lobby says power from wind and solar is cheaper than from fossil fuels, but that’s true only with generous subsidies and near-zero interest rates. Price adjustments that renewable developers want in New York would make solar and wind two- to five-times more expensive than natural gas power.”

“Don’t be surprised if the state eventually asks New Yorkers to turn down their thermostats or turn off the lights at some hours of the day. The green energy crunch and bailout are coming.”

And this does not seem to be a problem only in New York.  

“Nyserda adds that “requests for inflationary relief on clean energy projects” have also been submitted in California, Connecticut, Hawaii, Indiana, Maine, Maryland, Massachusetts, Michigan, New Jersey, New Mexico, and Rhode Island, among other states. Electric customers will get no such relief when their bills increase.”

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The Wall Street Journal posting is behind a paywall. But if you are a subscriber the link is       The Coming Green Energy Bailout – WSJ