Special guest John Dalton of Power Advisory joins Jim Bennett and Ian Voparil to discuss the recent spate of offshore wind project cancellations and power purchase agreement renegotiations. We highlight the challenges faced by developers and states in navigating procurement processes, allocating risk, and keeping costs down for ratepayers. The discussion underscores the need for flexibility in pricing structures to adapt to changing market conditions and the importance of local benefits to stabilize the future of offshore renewable energy.
We discuss:
• Comparison between real estate development and offshore wind projects
• Definition of solicitations and Power Purchase Agreements (PPAs)
• Analysis of recent cancellations in offshore wind projects
• Discussion on the need for price escalation in PPAs
• Exploration of economic and societal benefits from offshore wind projects
• Importance of community engagement and stakeholder trust
• Call for innovative procurement strategies from states
• Recognition of the evolving landscape of offshore renewable energy
