New York political and media leaders are grossly overestimating the favorable local and state economic benefit that would result from Iberdrola’s proposed investment of $2 billion in “wind farms” in New York.
Public comments from NY political leaders, news stories, and editorials on the impending NYS Public Service Commission’s Iberdrola decision emphasizes that Iberdrola would invest $2 billion in “wind farms” in New York if the Spanish company is permitted by the PSC to acquire Energy East and its electric and gas distribution companies in New York, Maine, Massachusetts and Connecticut.
Emphasis on the proposed $2 billion investment suggests that NY leaders do not yet understand that a $2 billion investment in “wind farms” in NY would have very little favorable economic benefit in the areas where the “wind farms” would be built or in the state. The economic impacts may even be negative.
This brief paper explains that there would be little, if any, net favorable local or NY state economic impact from a potential $2 billion Iberdrola investment in NY “wind farms because:
Potentially favorable economic impacts are typically overstated by the wind industry and its advocates with governments.
Other factors, often ignored, tend to offset most or all of the favorable impacts.
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