Many of the wind projects were bid several years ago before the COVID-19 pandemic, Reynold explained. Since then, the costs of cement, steel and wind turbines have all increased.

How much additional funding each project has requested from the PSC depends on when the projects were originally bid.

“Ranging from 27% for some, all the way up to 70% for some other projects,” Reynolds said.

For land-based wind projects, the state estimates that the increases would translate into an additional cost to consumers of $1.57 per month.

Reynolds didn’t comment on the additional cost to consumers of offshore wind projects.

The PSC may rule on the inflation adjustment as early as Oct. 12. If the adjustments are approved, the additional funding will be triggered when the project reaches the construction stage.

“So, if the prices go back down, the inflation adjustment would be less,” Reynolds said.

If the PSC denies the inflation adjustment, Reynolds said the situation would be “bad."

“Both offshore wind projects, and the land-based wind and solar projects, have demonstrated that the prices have gone up for these projects. And so, they can’t get built at these prices,” she said.

The petitions cover about 90 renewable energy projects.

“A lot of them will get canceled,” Reynolds warned. “Some of them may successfully rebid.”