Monitoring the construction of the Sunrise Wind project at Smith Point Park, I think back to my days as a reporter covering the Shoreham nuclear power plant debacle in the 1980s. Atomic energy was supposed to be clean, efficient, and “too cheap to meter.” Instead, it became a monstrous financial penalty for Long Islanders, topping $23 billion—and still counting.
To believe that the current slate of politicians pushing the Green New Deal can get Sunrise Wind across the finish line without once again killing ratepayers strains credibility. It’s no wonder President Trump paused the project, along with three others, along the East Coast.
With 84 turbines planned roughly 123 miles off Montauk Point, Sunrise Wind would be the largest offshore wind project in the country. The towers themselves are massive—three times taller than the Statue of Liberty. Politics tainted the project from the very beginning by siting the turbines far enough away so they couldn’t be seen from the mainland, a decision that would cost ratepayers dearly if the project ever comes to fruition.
Neither Ørsted, the Danish company building the turbines, nor the Hochul administration will say how much the project would ultimately cost. One thing, however, is certain: Long Island ratepayers would be forced to foot the bill. We received a telling clue in December, when Ørsted—unable to farm out a portion of the project to other companies—turned to its shareholders with a massive $9.4 billion rights offering. Two-thirds of that—$6.27 billion—was earmarked for Sunrise Wind.
Even at $6 billion, simple math dooms the project. It’s supposed to supply 600,000 homes, which would total $10,450 per household just to build it, not to mention operational costs, maintenance, decommissioning, and profit for its investors. Whoever thinks this is a good idea for Long Island shouldn’t be in a position of power.
Last year, the Long Island Power Authority reported that it is in the final stages of paying off the Shoreham debt. More than $300 million is still owed, bringing the final tally for that colossal energy mistake to roughly $23.5 billion. The writing on the wall is that the Sunrise Wind rate deal negotiated with the state is insufficient to cover the project and provide a return for Ørsted’s investors, raising fears that a taxpayer-funded bailout is inevitable. As one reader recently put it: “Don’t do it, Kathy.”
Truth be told, seeing Governor Hochul throw a few billion dollars at Sunrise Wind would not surprise me—not as much as her recent admission that New York’s energy needs can no longer be met by wind and solar alone and will now rely on the very source long condemned by her party: nuclear power. Hopefully, another Shoreham-like fiasco won’t rear its ugly head in the Empire State.