GOOD NEWS AND BAD NEWS FOR WIND: The nation’s first commercial-scale offshore wind project inched closer to completion last week and finally has “steel in the water” after crews commenced installation of monopiles to support its dozens of gargantuan turbines.
But other projects are under duress: Developers often blame permitting delays for crimping and threatening projects. Not so much in this case, with the half dozen wind projects in the Atlantic seeking to restructure their power purchase agreements with utilities because inflation and other cost increases have made them uneconomical.
Developers behind the 1,200-megawatt Commonwealth Wind project, a neighbor to SouthCoast off the coast of Massachusetts, are also seeking to withdraw from their contracts and have gone to court with the state over the matter. The costs of construction and operation of offshore wind farms increased “well above 20%” since 2019, according to an analysis commissioned by SouthCoast Wind and included in its regulatory filing announcing its intent to cancel contracts.
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The facility is a lucrative option—it connects easily to EU grids, since Ukraine has long been a wayfare for Russian natural gas supplies sent to the bloc—and operator Ukrtransgaz has made available 2 bcm of capacity, or 10% of EU’s demand, which could help avert any looming supply shortages this winter. It could also be a key source of revenue for Ukraine at a key time in the war.
IN OTHER NATURAL GAS NEWS: Shell is seeking to expand its role in LNG markets and is weighing investments in new export facilities and long-term supply deals in target nations, such as India and China, as part of the company’s broader shift in strategy. ICYMI: DOE AWARDS CONTRACTS FOR FIRST SPR BUYBACK: The Department of Energy announced awards Friday to initiate its first buyback to begin refilling the Strategic Petroleum Reserve after its record drawdowns last year.
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