Why CT decided to take a temporary pass on offshore wind energy amid decarbonization efforts

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Tue, December 24, 2024

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Why CT decided to take a temporary pass on offshore wind energy amid decarbonization efforts

^{Published on 2024-12-24 10:00:58 - MSN}

After keeping the rest of New England waiting for months, Connecticut has decided to step away from a three-state, offshore energy buy as too expensive and concentrate its decarbonization efforts, at least over the short term,

The article from MSN discusses Connecticut's decision to temporarily halt its pursuit of offshore wind energy projects despite the state's commitment to decarbonization. This decision comes in the wake of several challenges faced by the offshore wind industry, including rising costs due to inflation, supply chain issues, and higher interest rates which have made projects less economically viable. Notably, companies like Orsted, Eversource, and Avangrid have either canceled or renegotiated contracts due to these financial pressures. Connecticut's Department of Energy and Environmental Protection (DEEP) has chosen to wait for more favorable conditions, such as lower interest rates and a more stable supply chain, before moving forward with new offshore wind solicitations. This pause aims to ensure that future projects are both cost-effective and beneficial for ratepayers, aligning with the state's broader environmental goals while managing economic realities.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/why-ct-decided-to-take-a-temporary-pass-on-offshore-wind-energy-amid-decarbonization-efforts/ar-AA1wqhIn ]

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