Offshore Wind & the Economy
Employment: Will offshore wind add jobs?
The developer and BOEM have kept the details of their economic impact analysis hidden from the public. Why? Maybe because they will not create the jobs politicians are promising.
The Governor’s office promised that Revolution Wind would create 800 direct construction jobs and 50 permanent jobs for local Rhode Island residents. According to the Providence Journal, Revolution Wind has only hired 50 union construction workers and these jobs will disappear in less than a year, when construction has been completed.
Rates: Will offshore wind reduce the cost of electricity?
What does the U.S. Government say?
The U.S. Department of Energy predicts that offshore wind-generated electricity will cost more than any other type of electricity.
The High Cost of Low-Value Wind Power
By Jonathan A. Lesser
What does the CEO of Ørsted say?
Mads Nipper, the CEO of the Danish offshore wind energy Giant, Ørsted, insists that consumers will have to pay more for their electricity.
The Great Northeast Wind Bailout
Wall Street Journal Editorial
The politicians are already demanding more green corporate welfare.
Who suffers?
Those on fixed incomes will suffer the most. High electricity rates drive manufacturing overseas and burden the average Rhode Island resident with more financial stress.
Offshore Wind Comes at A High Cost
By Allen Brooks
Federal Expenditures: How much money will the US taxpayer spend?
Investment Tax Credits.
Investment tax credits reimburse developers for the cost of construction through tax credits. The misnamed Inflation Reduction Act (IRS) allows developers to receive 30-40% of their upfront costs within the first year of operation. Some projects may even qualify for 70%.
Modified Accelerated Cost Recovery System (MACRS) subsidies.
What the developers do not recover from the Investment Tax Credits, they can apply toward the MACRS subsidies. The IRS allows for a 1 year accelerated timeline and a 10% bonus.
Total Cost?
When the eleven projects off the East Coast are completed in the next few years, the US taxpayer will pay over 139 billion dollars to foreign companies for expensive, unreliable energy that has irrevocably harmed the marine ecosystem.
Tourism: What is the impact on tourism and our cultural heritage?
Historic Resources
Ørsted will not share the visual impact analysis on historic resources with the public.
NIMBY Should be NIOBY
Written by Bill Thompson of Tiverton and Lisa Quattrocki Knight, M.D., Ph.D. of Little Compton
Our cultural heritage matters to everyone.
Newport & Middletown
Ørsted admits, in a printed table, that hundreds of turbines will be visible from famous historical sites in Newport and Middletown.
Table of Visible Turbines
Cumulative impact of offshore wind development on key cultural heritage sites.
Little Compton
Hundreds of turbines will be visible from the historic sites in Little Compton, RI.
Historic Properties in Westport
Hundreds of turbines will be visible from the historic sites in Westport, MA.
Historic Properties in Tiverton
Even Tiverton, RI will see over 100 turbines from their historic site.
National Historic Properties
Over 600 treasured sites will be forever marred by the industrialization of the ocean.
Nantucket faces similar impacts from offshore wind. Read this article in the Nantucket Current on the challenge to Nantucket.