Even as the offshore wind industry is seeking to scale up, economic challenges cast shadow on future development. Inflation and supply chain disruptions have resulted in some major developers seeking to exit or revise their power purchase contracts. A recent announcement to cancel…Read the full report …...
Even as the offshore wind industry is seeking to scale up, economic challenges cast shadow on future development. Inflation and supply chain disruptions have resulted in some major developers seeking to exit or revise their power purchase contracts. A recent announcement to cancel two large projects off New Jersey has dealt a setback to the industry, reflecting the deepening financial challenges of the sector.
The U.S. offshore wind industry is faced with a host of challenges including opposition over impacts to the environment and…Read the full report …...
The U.S. offshore wind industry is faced with a host of challenges including opposition over impacts to the environment and coastal economies, escalating costs, and delays despite several projects reaching major milestones.
Federal and state goals have boosted the offshore wind industry, leading to several projects under various stages of development. Although cost increases have challenged some projects along the East Coast, development activities are gaining momentum along the West Coast.
The U.S. offshore wind industry is experiencing a flurry of activity with commercial-scale wind projects advancing in the Atlantic Ocean and the Pacific now open for development, following a federal auction held in December.
Several U.S. states have unveiled new climate action plans or revised existing strategies to achieve their emissions reduction mandates. California, New York, and Michigan are among states that have recently adopted plans to achieve net-zero emissions or to move towards carbon neutrality by mid-century.
Ambitious federal goals and initiatives to boost offshore wind power generation, coupled with state commitments, are opening new frontiers for the industry. Recent developments reflect the growing emphasis on transmission infrastructure upgrades and regional planning required to make these goals a reality.
The U.S. offshore wind industry is growing stronger, spurred by expansion into new leasing areas to support the national goal of 30 gigawatts (GW) by 2030 and ambitious state-level commitments.
The U.S. offshore wind industry is poised for continued progress as evident from the recent record-setting New York Bight wind auction, the first to be held under the Biden administration.
U.S. offshore wind is gaining traction with new milestones spurred by state commitments of almost 40 gigawatts (GW) by 2040 and a federal goal of 30 GW by 2030. Recent developments include state-level project selections that could add more than 3.2 GW of new capacity, New Jersey’s proposal for a novel offshore wind transmission solution, and New York’s move to advance transmission technologies for offshore wind integration.
