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New York state officials said Friday they failed to reach final contract agreements with developers of three major offshore wind projects, in a blow to the U.S. offshore wind industry and a setback for the state's climate ambitions.
The New York State Energy Research and Development Authority said it failed to come to terms with the three projects after a decision by GE Vernova (NYSE:GEV) to abandon plans for a new 18 MW turbine in favor of smaller turbines.
The change meant the project developers would have needed to install more turbines to supply the amount of electricity they had promised to send to the state, raising project costs.
The projects affected include Attentive Energy One, developed by TotalEnergies (TTE); Rise Light & Power and Corio Generation, Community Offshore Wind, backed by RWE (OTCPK:RWEOY) and National Grid Ventures (NGG); and Excelsior Wind, being developed by Vineyard Offshore.