In Europe, offshore wind output has been less than promised, while operating costs have been much higher than advertised.
Offshore wind developers in Europe and the US are canceling projects because of higher materials and construction costs.
In Massachusetts, Avangrid, the developer of the 1,200 MW Commonwealth Wind project paid $48 million to get out of its existing contract to sell power to ratepayers.
That way, the company can rebid the project next year at an even higher price.
Close by, the developers of the 1,200 MW SouthCoast Wind Project off Martha’s Vineyard will pay about $60 million to exit their existing contract.
Rhode Island Energy, the state’s main electric utility, recently rejected the second Revolution Wind Project because the contract price was too high.