Tag Archives: higher material and equipment costs
Offshore Wind has a Cost Crisis
The horrific term “cost crisis” is not from me. It comes down from on high, in this case the mega-conference: US Offshore Wind 2023. But now they have a cost crisis. Could the bust be at hand? The evidence is piling up. So there are three converging factors. Higher material and equipment costs, higher interest rates and political resistance. For example it has not gone unnoticed that the House Republicans are trying to roll back the lush subsidies granted under the amusingly named Inflation Reduction Act. Local resistance is growing as well. The biggest developer offshore America is Ørsted and they are now suing New Jersey’s Cape May County and Atlantic City for withholding local permits needed to bring a big project’s power ashore. Anti-offshore wind demonstrations are becoming a common occurrence in coastal towns. >click to read< 08:02
