Con Ed and LIPA, the Long Island Power Authority, are considering the construction of an offshore wind power project that would produce 300 mw of power. It would be situated 10 miles off the Queens coastline.
All that sounds good enough.
Here's where things get dicey.
It's expected to cost $1.5 billion dollars.
At a time when the financial markets are embroiled in a credit crunch, I wonder whether the project will be able to move forward. LIPA had tried to go forward with a $1 billion effort near Jones Beach, but couldn't get the financials to work out. I suspect the same issues will affect this project, even though the costs will be split between LIPA and Con Ed.
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