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The upcoming package, which includes $175 million for weapons, brings U.S. security assistance to more than $43.2 billion since the start of Russia's full-scale invasion of its ex-Soviet neighbor.
According to a report late last month by the New York State Energy Research and Development Authority (Nyserda), large offshore wind developers are asking for an average 48% price adjustment in their contracts to cover rising costs. The Alliance for Clean Energy NY is also requesting an average 64% price increase on 86 solar and wind projects.
The climate lobby says power from wind and solar is cheaper than from fossil fuels, but that’s true only with generous subsidies and near-zero interest rates. Price adjustments that renewable developers want in New York would make solar and wind two- to five-times more expensive than natural gas power.
Despite significant subsidies from the Inflation Reduction Act, renewable energy developers are seeking further financial assistance due to rising project costs.