“Offshore wind is in trouble,,, US offshore wind slammed by runaway costs
The US offshore wind industry, banking on a big boost from the landmark Inflation Reduction Act, has found itself face-to-face with a major hurdle that’s been right there in the name all along: inflation. In fact, the law might even be making it worse. More than 10 gigawatts of offshore wind projects along the US East Coast, the equivalent of roughly 10 nuclear power reactors, are at serious risk as higher costs force developers to re-crunch the numbers for proposals originally modeled years ago, before a runup in interest rates and material costs. Orsted A/S, the Danish wind giant, said this week it’s prepared to walk away from projects unless it gets even more government aid. Other developers are already paying tens of millions in penalties to exit contracts they say no longer make financial sense. more, >>click to read<< 08:20
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