Overview

• Governor Kathy Hochul announced that New York will invest in three offshore wind projects: Attentive Energy One, Community Offshore Wind, and Excelsior Wind, together expected to generate 4,032 megawatts.
• Alongside these projects, 22 land-based solar, wind, and hydro projects have also been awarded, bringing the total energy sufficient to power 2.6 million homes, two-thirds of which would come from the offshore wind projects.
• Despite obstacles such as higher-than-expected material costs and supply chain issues impacting offshore wind projects globally, New York remains committed to its goal of 70% of its electricity from renewable sources by 2030 and a carbon-free electricity system by 2040.
• Developers of these projects reassess their viability following the refusal of power regulators to provide additional funding for four offshore projects that would have supplied 4,230 megawatts of power.
• Despite the increased costs of offshore wind development, state energy officials believe these projects will still be beneficial for consumers, anticipating an average bill increase of about $2.93 per month.