July 26, 2023 — A grim financial outlook for the country’s offshore wind power industry is threatening President Joe Biden’s most important energy plans.
The administration is counting on offshore wind farms to produce at least enough power for 10 million American homes by the end of the decade.
Up and down the Northeast — the center of the burgeoning industry — however, energy companies have struggled to finance their projects, going hat in hand to governors and utility regulators asking for more money so they can start building the turbines they have already promised to deliver.
The energy developers’ requests have caused unrest in statehouses and among a public wary of already-rising power bills. But without a dramatic increase in offshore wind capacity, there is no way Biden or two of the nation’s greenest Democratic governors — New York’s Kathy Hochul and New Jersey’s Phil Murphy — can hope to meet their climate change goals.
“This is a pretty fragile time in the offshore wind industry,” said Molly Morris, president of Equinor Wind US, which is developing three projects to serve New York.
Read the full article at Politico