New York is investing in a massive 6.4 gigawatts (GW) of renewable energy – the largest state investment in clean energy in US history. Here’s how it breaks down.
The 6.4 GW is made up of three offshore wind farms and 22 onshore clean energy projects, and it’s going to be enough to power 2.6 million New York homes and deliver around 12% of the state’s electricity needs once it’s all online.
Combined with two offshore wind blade and nacelle factories, the projects are expected to create around 8,300 “family-sustaining” jobs and spur $20 billion in economic development investments in the state. That includes $3.5 billion in developers’ commitments to disadvantaged communities.
The New York renewables projects at a glance
New York’s 22 onshore projects are comprised of 14 new solar farms, six wind repowering projects, one new wind farm, and one return-to-service hydroelectric project, for a total of 2,410 MW.
The three new offshore wind projects totaling 4,032 MW are made up of:
Attentive Energy One (1,404 MW) developed by TotalEnergies, Rise Light & Power and Corio Generation
Community Offshore Wind (1,314 MW) developed by RWE Offshore Renewables and National Grid Ventures
Excelsior Wind (1,314 MW) developed by Vineyard Offshore (Copenhagen Infrastructure Partners)
These projects join the 132 MW South Fork offshore wind farm that’s currently under construction (pictured) and four other projects that together represent 4.2 GW – but their status is currently in limbo. The four project developers appealed to have their contracts renegotiated to include inflation adjustments, but state regulators denied their requests on October 12.
New York took an important step toward getting the state’s offshore wind industry back on track today with a colossal commitment to three new projects generating over 4 GW of offshore wind energy.
… It’s no secret that New York’s clean energy and offshore wind goals are in doubt after the state’s recent decisions threw uncertainty into the market, and we encourage the state to fulfill its Action Plan by finding paths forward for previously awarded projects and stabilizing the state’s offshore wind industry.
New York has set a goal for its electricity to be 70% powered by clean energy by 2030. This latest investment means the state is going to beat that goal because it will have enough operating, contracted, and under-development clean energy projects to supply 79% of the state’s 2030 electricity needs.
Let’s hope New York sorts out the sticky situation for the four offshore wind farms hanging in the balance. There’s too much at stake to have these fail.
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
