New state data show the projected monthly cost impact of two major offshore wind projects has climbed to nearly five times higher than originally estimated, intensifying debate over rising electric bills across New York.
The Empire Wind and Sunrise Wind projects, advanced under Gov. Kathy Hochul’s administration, now carry price tags that critics say exceed $14 billion in long-term commitments. The contracts include 25-year subsidy agreements designed to guarantee developers fixed pricing under the state’s Offshore Renewable Energy Credit structure.
Under the OREC system, ratepayers must make up the difference when market electricity prices fall below guaranteed strike prices, reported to be as high as $155 per megawatt-hour. Critics argue that the structure exposes customers to significant long-term costs, particularly during periods of market volatility.
Nassau County Executive and Republican gubernatorial candidate Bruce Blakeman sharply criticized the governor’s energy agenda, tying it directly to monthly utility bills.
“This is Kathy Hochul’s energy agenda — and you’re paying for it every single month,” Blakeman said. “She approved massive, long-term offshore wind contracts that have ballooned to more than $14 billion, and now you are paying some of the highest electricity bills in the nation.”
Blakeman pointed to what he described as layered surcharges and mandates embedded in customer bills.
“Offshore wind surcharges. Renewable mandates. Capacity charges. Hidden credits. It all lands on your electric bill,” he said. “Hochul owns this affordability crisis.”
Hochul has defended offshore wind as essential to meeting climate goals and transitioning to cleaner energy sources, including nuclear power, even as construction costs and financing pressures have increased nationwide. The Trump administration last month paused Sunrise Wind and other offshore projects, citing costs and security issues.
Blakeman pledged that, if elected governor, he would review and renegotiate existing energy contracts and expand domestic energy production.
“I will cut your energy bills in half,” he said. “We will unleash affordable natural gas, invest in reliable power, and end the reckless policies that are making New York unaffordable.”
Energy affordability is expected to remain a central issue in the 2026 election as utility rates continue to climb statewide.