Masschusetts officials have turned down an offshore wind energy project developer that sought revised power supply contract terms because its project was not financially viable due to rising costs.
In a Dec.16 filing to the Massachusetts Dept. of Public Utilities, Avangrid said unforeseen supply chain disruptions, inflation and high interest rates will not allow it to meet the state requirement that the contracts “facilitate financing” of the estimated $3.7-billion, 1.23-GW Commonwealth Wind offshore wind
energy project off Massachusetts,