A $300 million offshore wind cable plant improvement venture in Somerset that President Biden visited in July 2022, ushering within the nation’s transition to scrub power, is off the desk after its Italian developer walked away from it.
The Prysmian Group backed out of its almost three-year endeavor of gaining essential native and state permits on Friday, days earlier than President-elect Trump retakes workplace, saying it wouldn’t buy the land wanted for the hassle.
“Prysmian is continuously evaluating market opportunities for our capacity to be aligned with demand,” the corporate mentioned in an announcement, “to best serve our customers’ needs and to also carry out efficient and timely investments.”
“As a result of the consideration, including the strong growth opportunities in the U.S. and global cable markets,” the corporate added, “Prysmian has decided to not proceed with the purchase of the land in Somerset.”
Native officers and offshore wind advocates expressed concern and disappointment across the improvement as critics welcomed the information, tying it to how Trump is exploring a moratorium on all offshore wind initiatives.
Massachusetts Congressman Jake Auchincloss referred to as Prysmian’s determination to stroll away from its submarine cables manufacturing unit at Brayton Level “disappointing and discouraging.”
“Donald Trump has unraveled (the) promise of good jobs by threatening a moratorium on offshore wind,” Auchincloss mentioned in an announcement Friday night time, “generating so much uncertainty that companies pull back investment.”
The Prysmian Group didn’t explicitly join its withdrawal from the venture to Trump’s cutdown menace.
Biden delivered a pledge to battle local weather change at Brayton Level in July 2022, selecting the previous coal-fired energy plant because the embodiment of the transition to scrub power that he sought however struggled to understand early in his presidency.
Paul Diego Craney, spokesman for state watchdog Massachusetts Fiscal Allance, an offshore wind critic, informed the Herald Saturday that he “can’t stress the symbolic importance enough” of Prysmian backing away from the venture simply days earlier than Trump retakes workplace.
“It shows you that the offshore wind industry doesn’t work unless you have federal subsidies to prop it up,” Craney mentioned, “and those subsidies will hopefully come to an end next week.”
“Why this should be celebrated news for every Massachusetts resident” he added, “is because offshore wind prices are extremely expensive and this was going to be pushed down our throats for us to have to purchase this energy.”
State Rep. Justin Thurber, a Republican who represents Somerset, wrote in a Fb publish that Prysmian officers informed him “the customers are inconsistent and the market isn’t there” to maintain the venture
Meghan Lapp, fisheries liaison for Seafreeze Shoreside Inc., informed the Herald she’s excited for what’s to come back as soon as Trump is sworn in.
Seafreeze is a Rhode Island-based business fishing firm that has sued the federal authorities up to now, arguing regulators have failed to investigate how offshore wind initiatives would affect the atmosphere and fishermen.
“The Prysmian pullout of Brayton Point is a clear signal that President Trump’s policies are already having an effect, even before he takes office,” Lapp informed the Herald on Saturday. “For the fishing industry, it’s a huge relief that we finally have someone to help save our fishing grounds from offshore development.”
