Eversource’s retreat from wind
Without the generation of a single watt of offshore electricity, Eversource’s sudden and surprising exit from New England offshore wind is an indication of corporate, state and federal government’s failure to properly plan and manage a rushed transition into renewable energy. (“Eversource exiting offshore wind business,” May 26).
Eversource has estimated that their exit from offshore wind will result in loss of about $220 to $280 million. Further, costs for the New London State Pier reconstruction, that involve Eversource, Orsted and others supporting installation and maintenance of offshore wind infrastructure, exceed $255 million and continues to grow.
The cost of electricity in Connecticut is out of control and Connecticut regulators must step in to assure that the cost of the Eversource offshore failure is born by shareholders, not electric ratepayers.
Even more devastating than the Eversoure offshore wind retreat is our government’s decision to outsource the construction and ownership of strategic U.S. offshore wind projects to foreign owned corporations, like Orsted and others.
Energy is fundamental to U.S. national security and needs to be managed by American owned, not foreign owned corporations.
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