Offshore wind developers in the U.S. have promised to create thousands of “million-dollar” jobs.
But those dollars won’t flow into New York workers’ paychecks.
Rather, they’re just the sum total of the subsidies local taxpayers and utility ratepayers will expend to keep offshore wind afloat—as if New Yorkers’ electric bills aren’t high enough.
Consider Ørsted, the Danish government-owned company that is developing the 12-turbine, 132-megawatt Southfork Wind and the 84-turbine, 924-megawatt Sunrise Wind projects, which will be built 30 miles east of Montauk Point, Long Island.
Ørsted is also behind the 98-turbine, 1,100 megawatt Ocean Wind project along the southern New Jersey shore, which just rewarded it with several billion dollars in tax credits that were supposed to have been returned to New Jersey ratepayers.
Continue reading the entire piece here at the New York Post
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Jonathan A. Lesser, PhD, is the president of Continental Economics, an economic consulting firm, and an adjunct fellow with the Manhattan Institute.
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