Eversource will take a fourth-quarter 2023 impairment of up to $1.6 billion due to the ongoing struggles of its offshore wind joint ventures with Ørsted.

The groups charged with leading New York’s energy transition enter 2024 trying to build on momentum from in 2023 while recovering from its disappointments.

Contracts for renewable energy projects totaling more than 8 GW of capacity in New York have been canceled as developers scramble to get out of unprofitable deals and rebid at higher cost.

New York is moving quickly to keep its renewable energy development queue viable, launching solicitations for new onshore and offshore large-scale projects.

Twenty-five renewable energy projects totaling 6.4 GW have been selected for development in New York, including three new offshore wind farms with a combined 4 GW capacity.