Avangrid's Cancellation Deals a Blow to CT's Offshore Wind Project
Connecticut's largest offshore wind project, Park City Wind, is facing significant financial challenges and has terminated its power purchase agreement (PPA) with Connecticut's utilities. Avangrid, the developer, cited economic headwinds such as inflation, supply chain disruptions, and interest rate hikes as reasons for the project's unviability. The termination of the PPA will result in a rebidding of the project. The cancellation of Park City Wind, along with two other major New England offshore wind projects, highlights the economic turmoil facing the offshore wind industry. Connecticut aims to achieve 100% zero carbon energy by 2040, and offshore wind is considered crucial in meeting this goal.
