New York's state government rejected requests from a group of offshore wind energy developers who asked to renegotiate existing contracts amid rising prices and inflation. The New York State Public Service Commission , the state's main regulator overseeing electric, gas and water utilities, issued the decision late last week, saying it would 'preserve the robust competitive bidding process that provides critically needed renewable energy resources to New York.
The petitions from the companies asked the state to adjust Renewable Energy Credit and Offshore Wind REC purchase and sales agreements they entered into with the New York State Energy Research and Development Authority years ago to address inflationary pressures 'impacting project economics.
With one shortsighted decision, the NYSPSC has thrown New York’s environmental and clean energy future into peril. Absent a robust offshore wind industry, it will not be possible for New York State to achieve its climate or environmental justice goals,' American Clean Power Association CEO Jason Grumet said in a statement. Meanwhile, following the decision from the NYSPC, Democratic New York Gov.
As part of those plans, the administration has leased hundreds of thousands of acres to energy corporations and plans future lease sales in the Gulf of Mexico and off the coast of California. Hochul's office didn't respond to a request for comment.