New York state commission rejects offshore wind funding petitions
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New York state regulators rejected a request by offshore wind developers to renegotiate contracts with utility companies in a major blow to the industry.
The developers will have to decide whether to absorb higher-than-expected costs or break their contracts with the state.
Hochul faces a difficult balancing act as her administration weighs a request for increased subsidies from renewable developers who warn that they may otherwise have to scrap projects.
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