New York Rejects Offshore Wind Requests for Higher Rates (3)

Offshore wind developers are reevaluating some New York projects after regulators rejected higher rates by Equinor ASA, Orsted A/S and others that would have added as much as $12 billion in costs.

Developers planning to build more than 4 gigawatts of wind-power capacity off Long Island must abide by existing contracts to deliver power, the New York Public Service Commission unanimously ruled during a meeting Thursday.

The ruling is the latest blow to the US offshore wind industry already contending with inflation and supply-chain issues. The future of projects such as Orsted’s Sunrise Wind is now in question after ...