Connecticut is poised to join a tri-state effort, along with Massachusetts and Rhode Island, to purchase a set amount of offshore wind energy at rates likely above market prices. However, while the two other states have openly committed to this costly initiative, Connecticut leaders have remained mum.
In light of the recent surge in electricity prices, Connecticut residents deserve to know what government officials may be agreeing to, and whether ratepayers can expect more burdensome increases to their bills if the state joins the pact.
“Connecticut’s families and businesses are already drowning in a sea of high costs, some of the highest in the nation,” Yankee Institute President Carol Platt Liebau said. “Purchasing offshore wind, which is more expensive and less reliable than natural gas, is not the answer.”
She added, “Gov. Lamont should be working to lower Connecticut’s energy woes. Investing in green energy alternatives would have the opposite effect, making our state less affordable for people of modest means to live and stay here, while having negligible benefits on protecting the environment.”
“We all want clean water and air, but we must also be realistic. As we move into the fall and winter, people need to keep the lights on and heat their homes. Natural gas and nuclear energy are proven energy sources, and are more affordable and reliable than offshore wind.”
As Yankee Institute’s study “Re-Energize Connecticut” has found, Connecticut has a 20-plus-year history of investing in green energy alternatives with no noticeable improvement to energy prices. Additionally, the Energy Information Administration estimates that offshore wind costs $100/mWh of electricity, well above New England’s normal $20-50/mWh rate when a majority of natural gas is used to power the grid.
“The governor, state officials and lawmakers need to be more transparent in this process,” Liebau said. “Withholding critical information on how this deal will impact the hardworking people of Connecticut is an affront to good governance. Connecticut residents can’t afford to pay more in energy costs.”
About Yankee Institute
Yankee Institute is a research and citizen organization founded in 1984 under section 501(c)(3) of the Internal Revenue Service Code. YI is committed to empowering Connecticut’s people to forge a brighter future for themselves and their families.
