Full Title: Navigating the Uncertain Outlook Facing Offshore Wind in the U.S.
Author(s): Reuters
Publisher(s): Reuters
Publication Date: November 1, 2023
Full Text: Download Resource
Description (excerpt):
The United States offshore wind industry looked set for increased momentum in 2023 as President Biden’s administration pushed for 30 gigawatts (GW) of capacity by 2030. Yet permitting delays and inflation have stymied the industry’s short term outlook, with developers seeking new power purchase (PPA) terms on at least 10 East Coast projects by mid-September.
By October, the crisis had forced Massachusetts, Rhode Island, and Connecticut to join forces for offshore wind procurement, aiming to reduce construction costs in the face of PPA cancellations from developers Avangrid, Shell, and Ocean Winds.
Despite these setbacks, U.S. offshore wind remains a $70 billion capital expenditure opportunity to supply chain activity. This paper, based on key presentation at Reuters Events’ Offshore Wind USA 2023 event in Boston, Massahchusetts, looks at the current status of the industry and its potential going forward.