As I noted at the end of 2023, we may have reached the “sudden” point in the collapse of green energy. In the waning months of last year:
As we enter into 2024, the pace of green energy failure is not slowing.
European energy firms Equinor (EQNR.OL) and BP (BP.L) terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues.”This agreement reflects changed economic circumstances on an industry-wide scale and repositions an already mature project to continue development in anticipation of new offtake opportunities,” Equinor said in a statement on Wednesday, in an apparent reference to a new offshore wind solicitation launched by New York in November.The solicitation allows companies to exit old contracts and re-offer projects at higher prices. The winners of an expedited solicitation for offshore wind will be announced in February.An Equinor spokesperson declined to comment on the bid strategy for the 1,260-megawatt (MW) Empire Wind 2 project, but said it was “carefully assessing” the solicitation and was “encouraged by the state’s commitment to offshore wind.”
However, hope still resides in the hearts of the green energy robber barons. The firms’ are hoping for rebids that will allow them to proceed with the construction of the Empire 2 Wind Project.
They did, however, indicate the possibility of a rebid, at a higher price, on the proposed 1.2-gigawatt facility, which was slated to go off the south coast of Long Island and provide power for hundreds of thousands of homes downstate.The news could impact the Capital Region as the wind towers for Empire 2 are supposed to be manufactured at a yet-unbuilt facility at the Port of Albany.While officials from wind developers Equinor and BP stressed they planned a “reset” and may still participate in a current bid offering, news of the contract termination will, at a minimum, mean a delay in New York’s ambitious plans to decarbonize its power grid.This raises further questions about when and if the Port of Albany will build its wind tower facility, which is stalled amid rising costs.
Beege Welborn of Hot Air explains that trouble was on the horizon as early as last October.
The companies contracted for the proposed “Empire Wind” – European “energy giants” Equinor and BP (British Petroleum) – hadn’t put a stick in the water yet, but had come to the cold calculation that what they had agreed to when they bid for the project as far as what they’d receive for the power produced, etc., wasn’t going to begin to cover the costs of actually building it out.So they, along with developers of several other projects along the NY/NJ coast in the same financial squeeze, petitioned the New York Public Service Commission (PSC) for increases in the offtakes and allowable charges to consumers.
Apparently, the rate adjustments were over 50% higher than the ones initially proposed at the state of the project. In a shocking move, New York Public Service Commission took pity on its customer and nixed the increase.
And here we are today.
Rep. Anthony D’Esposito (Rep., NY04) said the companies demonstrated little interest in the concerns of local citizens who live along the coastline that was slated for the project. He notes, “Equinor’s failure was a problem of their own creation.”
The Biden economy is the nightmare destroying Biden’s green energy dreams.
Canceled offshore wind projects, imperiled solar factories, fading demand for electric vehicles.A year after passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda.
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