New York's Rejection of Subsidy Increase May Jeopardize Offshore Wind Projects

October 16, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Late last week, the New York Public Service Commission (PSC) rejected a request from energy companies BP (NYSE:BP) (London, England), Equinor (NYSE:EQNR) (Stavanger, Norway), Orsted (Fredericia, Denmark) and other renewable energy developers for an increase in subsidies to help fund the construction of four offshore wind power projects and 86 land-based renewable energy projects. The developers have warned that the lack of additional funding threatens the viability of the projects, particularly the offshore wind projects.