Tag Archives: has begun to falter

The great US offshore wind-power boom has begun to falter

Plans for massive offshore wind farms that President Joe Biden hopes will power as many as 10 million American homes by 2030 are starting to wobble. On Monday, New Jersey utility Public Service Enterprise Group Inc. said it’s deciding whether to pull out of Ocean Wind 1, a proposed project in the Atlantic Ocean that would generate 1.1 gigawatts – enough for 500,000 homes. Less than two weeks earlier, New England utility Avangrid Inc. said its similarly sized Commonwealth Wind project was no longer viable because of higher costs and supply chain woes. Offshore wind projects are “facing a number of headwinds,” Soaring inflation, rising interest rates and supply chain snarls around the world are threatening to hobble the offshore wind boom that both federal and local policy makers have been planning for years off the US East Coast. >click to read< 13:28