More proof that wind power is not a self sustaining proposition.

Offshore Wind Company, Avangrid, Wants To Pay Large Fine To Break Contract In Latest Sign Of Trouble For Industry.

Offshore wind developer Avangrid filed a request to terminate power purchase agreements (PPAs) with Eversource Energy and United Illuminating for its Park City Wind project, which was set for construction off of the Massachusetts coast, according to UtilityDive. Avangrid cited inflation, supply chain backups and higher interest rates as the driving motivations for their termination requests, and the company could stand to pay fines totaling approximately $16 million if the Connecticut Public Utilities Regulatory Authority (PURA) approves the requests.
“One year ago, Avangrid was the first offshore wind developer in the United States to make public the unprecedented economic headwinds facing the industry including record inflation, supply chain disruptions and sharp interest rate hikes, the aggregate impact of which rendered the Park City Wind project unfinanceable under its existing contracts,” the company said in a Monday statement. “After exploring all potential solutions to the financial challenges facing the project, and engaging in good-faith and productive discussions with Connecticut state officials regarding these challenges, it is clear the best path forward for Park City Wind is in the termination of the Power Purchase Agreements and a rebid of the project.
Avangrid paid a previous fine costing $48 million to Massachusetts.
This is despite the fact that the Biden administration, abetted by our representatives, shoveled $7 billion down the wind farm drain.
Previously the administration was trying to sell wind farm leases in the Gulf of Mexico and got NO bites.  Because no one can make any money at it.   
Hopefully all of them will get shut down, because obviously the 'environmentalists' don't care about the whales anymore.
I'd like to see the ones on land all get shut down as well. Useless killing machines.

 

 

Read the rest at:
https://dailycaller.com/2023/10/04/offshore-wind-company-fine-contract-utility-trouble-industry/