Novel California Law to Boost Offshore Wind Projects
The new law authorizes the California Department of Water Resources (DWR) to buy “clean” energy from these capital-intensive and hard-to-build offshore wind and other projects and to sell the power to utilities and eligible electric customers. Central procurement is considered important by some for the development of California offshore wind, which is facing profitability challenges from inflation, rising financing costs, and supply chain disruptions. Offshore wind developers have not started new projects since the December 2022 lease auction.
Read More