North America
November 6, 2023
Renewables | Wind Power
Visual Primer Series
Visual Primer: U.S. Offshore Wind Industry Faces Uncertainty From Increasing Economic Challenges
Canceled projects and power purchase contracts imperil the Biden administration’s quest to expand the offshore wind industry and coastal states’ ability to secure clean power.
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.
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