United States

United States

Prices set for New York's 1.7GW offshore wind sites

Equinor and the ├śrsted and Eversource Energy joint venture have finalised 25-year contracts for nearly 1.7GW offshore wind off New York, at an average of $83.63/MWh in 2018 prices.

New York governor Andrew Cuomo (above) announced the finalised contracts for 1,696MW of offshore wind
New York governor Andrew Cuomo (above) announced the finalised contracts for 1,696MW of offshore wind

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Equinor's 816MW Empire Wind and Ørsted's 880MW Sunrise Wind wind farms were selected in the state’s first offshore wind tender earlier this year.

They will be built with an "average all-in development cost" of $83.36/MWh, and expected average Offshore Wind Renewable Energy Certificate (OREC) cost of $25.14/MWh, the New York State Energy Research and Development Authority (Nyserda) announced.

Ørsted confirmed the Sunrise project will have an all-in development cost of $80.64/MWh and OREC cost of $22.64/MWh. Equinor has not yet confirmed the costs of its Empire site.

Meanwhile, Nyserda said the $25.14/MW average OREC prices are approximately 40% less than those projected by its own analysis in 2018, showing the cost of offshore wind deployment is "rapidly declining".

Both projects are expected online in 2024, and will contribute to New York’s target of building 9GW of offshore wind by 2035.

More to follow...

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