New York state is paying 11 large wind and solar power projects two times more in subsidies than the projects actually generate in electricity.
New York Democratic Gov. Andrew Cuomo announced the $360 million in spending over the weekend, but didn’t reveal the precise amount of funding for each project. A good portion of the funding will go to the large company Invenergy’s 105.8 megawatt Number Three wind project in upstate New York, as well as NextEra Energy Resources’ 101.2 megawatt Eight Point project along the Pennsylvania border.
State officials are handing out the equivalent of $24.24 per megawatt-hour over the next 20 years to the 11 projects. Wind turbines can get an additional $23 per megawatt-hour in federal tax credits.
The electricity generated by these 11 projects, however, will only sell for an average of $16.25 per megawatt-hour, according to the federal Energy Information Administration (EIA).