The Empire Wind One offshore wind farm project faces scrutiny after an analysis indicates New Yorkers would pay 2.5 times the market rate for electricity generated. Recently paused by the Trump Administration for further review, the project has broad support from state leaders. Critics argue it will overcharge taxpayers, as the contract stipulates a rate of $155 per megawatt hour, far exceeding the market price of $50. This discrepancy could lead to a $9 billion subsidy, raising concerns about the financial implications for consumers and taxpayers, further complicated by federal tax incentives for offshore wind projects.
New Yorkers are entitled to clean, affordable, reliable energy, and this is none of those things.
Empire Wind One was awarded a contract to charge $155 a megawatt hour (MWH) for their power, while utilities could buy power at about $50 per MWH.
The total amount of the subsidy for Empire Wind One would be $9 billion.
A company building an $8 billion offshore wind project can get up to half of that refunded to them as a tax credit.
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