New York state unveils a promising new deal for wind energy.
The offshore wind industry has struggled mightily this year, as multiple companies have canceled contracts to build projects in the U.S. as costs to develop them have surged. On Tuesday, investors got some good and bad news about the industry—pointing a way forward for offshore wind but also raising more questions about its near-term profitability.
GE has a backlog of projects that it’s working through where the economics are unfavorable, but the company expects better results in the future. “We know the industry is ready for a reset,” Culp said. “We think we can make a much better business with offshore wind, but we’re staring at some challenges that we need to address here in the fourth quarter and in 2024, for sure.” GE is planning to spin out its energy business, including offshore wind, into a new company called GE Vernova, next year.
The announcement is a significant step at a time when offshore projects up and down the East Coast have been delayed or canceled. New York itself just denied a request from BP and Equinor to pay the companies more for power from two previously-approved projects in the state. Projects those companies have been working on for years could be in jeopardy, given that inflation has made the cost of installing them much higher.
But Tuesday’s wind announcement offers a potentially profitable path forward for the companies that won the new contracts. They include German power company RWE , French oil major TotalEnergies , a subsidiary of British power company National Grid , and privately held renewable energy company Copenhagen Infrastructure Partners.
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