New York regulators on Thursday denied requests by builders of offshore wind tasks and dozens of land-based renewable tasks in search of billions of {dollars} in extra funding for current contracts to promote energy.
The state denial might pressure builders to cancel some money-losing contracts and cancel or delay tasks to promote energy in New York because it has for some offshore wind builders in Massachusetts.
The building of offshore wind and different renewable tasks is essential to the plans of New York and different U.S. states to transition away from fossil fuels and scale back carbon emissions.
The builders sought to renegotiate the contracts as a result of rates of interest which have been elevated to struggle inflation have boosted the price of constructing and financing their tasks, a few of which like offshore wind farms can value billions of {dollars}.
(Reuters – Reporting by Scott DiSavino; enhancing by Jonathan Oatis)
