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America's Offshore Wind Ambitions Are Coming with Bigger Price Tags

1 points by Bostonian 3y ago

Bostonian 3y ago
It does not make economic sense for a state or even a country to take costly unilateral action to reduce CO2 emissions when the cost is localized and the benefits are diffuse. Many voters like green policies in the abstract but won't like the bills of those policies when they come due. https://archive.ph/WIVek https://archive.ph/WIVek 'Soaring costs are pushing up the price of big wind-power projects, challenging the country’s shift to renewable energy and potentially leading to larger-than-expected bills for residents. New York state officials in recent days unveiled a slate of wind-farm proposals that would result in higher electricity rates for residents than previously approved plans. That has firms behind older bids rushing to see if they can resubmit their plans at or near the new rate. The projects are among the country’s biggest and are being closely watched because they show how a nascent industry that is key to the U.S. energy transition will work through the upheaval of escalating costs. The struggles are threatening delays in the current pipeline of projects, which analysts say could hamper the Biden administration’s offshore wind ambitions. “It’s going to be a tricky 12 to 18 months for the sector,” said Harry Boyle, a portfolio manager at Impax Asset Management, which invests in companies including clean-energy firms.'
- ZeroGravitas 3y ago
  > It does not make economic sense for a state or even a country to take costly unilateral action to reduce CO2 emissions when the cost is localized and the benefits are diffuse. That's kind of tautological. What about actions that aren't costly or actually save money? Or create geopolitical stability or healthier local environments. Those are obviously a good idea, right, like heat pumps and well insulated buildings and reducing subsidies on things we don't want, like leaked methane?
ZeroGravitas 3y ago
The article works hard to not provide any context so, at that new higher cost offshore wind is comparable with: https://www.lazard.com/media/2ozoovyg/lazards-lcoeplus-april-2023.pdf https://www.lazard.com/media/2ozoovyg/lazards-lcoeplus-april... (See unsubsidized comparison on page 2) * the low end of household rooftop solar. * the low end of nuclear costs. * the midpoint of costs for solar on business roofs or community solar * 50% more than utility solar * double onshore wind * slightly above average coal costs * gas peaker costs

1 points by Bostonian 3y ago

It does not make economic sense for a state or even a country to take costly unilateral action to reduce CO2 emissions when the cost is localized and the benefits are diffuse. Many voters like green policies in the abstract but won't like the bills of those policies when they come due. https://archive.ph/WIVek https://archive.ph/WIVek 'Soaring costs are pushing up the price of big wind-power projects, challenging the country’s shift to renewable energy and potentially leading to larger-than-expected bills for residents. New York state officials in recent days unveiled a slate of wind-farm proposals that would result in higher electricity rates for residents than previously approved plans. That has firms behind older bids rushing to see if they can resubmit their plans at or near the new rate. The projects are among the country’s biggest and are being closely watched because they show how a nascent industry that is key to the U.S. energy transition will work through the upheaval of escalating costs. The struggles are threatening delays in the current pipeline of projects, which analysts say could hamper the Biden administration’s offshore wind ambitions. “It’s going to be a tricky 12 to 18 months for the sector,” said Harry Boyle, a portfolio manager at Impax Asset Management, which invests in companies including clean-energy firms.'

ZeroGravitas 3y ago
> It does not make economic sense for a state or even a country to take costly unilateral action to reduce CO2 emissions when the cost is localized and the benefits are diffuse. That's kind of tautological. What about actions that aren't costly or actually save money? Or create geopolitical stability or healthier local environments. Those are obviously a good idea, right, like heat pumps and well insulated buildings and reducing subsidies on things we don't want, like leaked methane?

ZeroGravitas 3y ago

The article works hard to not provide any context so, at that new higher cost offshore wind is comparable with: https://www.lazard.com/media/2ozoovyg/lazards-lcoeplus-april-2023.pdf https://www.lazard.com/media/2ozoovyg/lazards-lcoeplus-april... (See unsubsidized comparison on page 2) * the low end of household rooftop solar. * the low end of nuclear costs. * the midpoint of costs for solar on business roofs or community solar * 50% more than utility solar * double onshore wind * slightly above average coal costs * gas peaker costs