Developers signed contracts when money was cheap. Turbines are being installed when it is not. Two large offshore wind projects on the Atlantic coast have paused construction while their developers renegotiate power-purchase agreements signed before interest rates rose. The projects were financed on the assumption of borrowing costs roughly half of today’s levels. Developers say the original prices no longer cover the cost of capital. State regulators face a choice between higher electricity prices and missed renewable-energy targets. Several have signaled they will accept the former. Inflation has slowed. Price levels have not fallen, and the gap between the two explains a lot about the mood. A weaker payrolls report was, for one afternoon, good news.Offshore wind projects stall as financing costs bite
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