Biden's 30 GW Offshore Wind Goal Faces Hurdles Due to Costs, Supply Issues

President Biden's goal of 30 GW of offshore wind by 2030 is likely unattainable due to higher costs and supply chain issues.
Several major developers have cancelled or renegotiated contracts for early US offshore wind projects set to begin operations between 2025-2028.
Forecasts predict the US will only have 21-26 GW of offshore wind by 2030, falling short of the 30 GW target.
Northeastern states needing offshore wind to meet their own renewable energy goals could be impacted by delays in deployment.
Industry experts say meeting an aggressive offshore wind target is less important than ensuring the success of initial projects.

reuters.com

Relevant topic timeline:

8/28/2023

First US Gulf offshore wind auction to fuel region's green hydrogen push

The U.S. Gulf Coast's upcoming offshore wind auction is seen as an opportunity to develop a green hydrogen supply chain for the region's industrial sector, as the area lacks state mandates for renewable energy and has cheap electricity.

8/28/2023

Despite headwinds, offshore wind will see 'massive' growth to 2032 – report

The global offshore wind industry experienced its second-best year ever in 2022, adding 8.8 GW of clean energy online and bringing the total offshore wind capacity to 64.3 GW globally, according to the Global Wind Energy Council (GWEC). China is expected to remain the leading market for offshore wind growth in 2023, and an estimated 380 GW of new offshore wind capacity is projected to be built by 2032, with the Asia-Pacific region accounting for nearly half of it. However, challenges such as supply chain bottlenecks and regulatory delays need to be addressed for the industry to reach its full potential.

8/29/2023

First US offshore wind auction in Gulf of Mexico attracts one winning bid

The Biden administration's first offshore wind development auction in the Gulf of Mexico resulted in a single winning bid of $5.6 million, indicating limited demand for clean energy in a region known for oil and gas production.

9/4/2023

East Coast offshore wind farm delayed due to supply chain issues, high interest, and lack of tax credits

Global wind energy developer Ørsted has announced that its planned offshore wind farm off the coast of New Jersey will be delayed until 2026 due to supply chain issues, higher interest rates, and a failure to obtain enough tax credits from the government, potentially resulting in a $2.3 billion write-off; however, the company still plans to invest in its proposed projects.

9/8/2023

Offshore Wind Industry Faces Headwinds as Projects Stall and Profits Falter

The offshore wind power industry in the US is experiencing increased difficulties, with major players struggling to generate profits and facing potential setbacks.

9/13/2023

Biden's Climate Law Spurs Clean Energy Investment, Reshaping Some Consumer and Corporate Spending

Private investment in clean energy projects has surged in the United States following the signing of an expansive climate bill by President Joe Biden, with tax incentives and federal subsidies reshaping consumer and corporate spending in the sector and accelerating the development of automotive supply chains. However, wind power has not experienced the same level of growth, and consumer spending on energy-saving technologies like heat pumps has remained unchanged.

9/20/2023

Biden to Create New Climate Corps Employing 20,000 Young Adults

President Joe Biden will create an American Climate Corps through executive authority, employing more than 20,000 young adults to address conservation, prevent wildfires, and promote green jobs training after facing opposition in Congress.

10/3/2023

New Jersey Offshore Wind Project Proposed 42 Miles Offshore, Aiming to Power 600,000 Homes

A wind energy project off the coast of New Jersey, located 42 miles from Seaside Heights, is set to provide enough power for 600,000 homes and aims to take advantage of the strongest winds, while minimizing visibility of the turbines from the shoreline.

10/9/2023

U.S. Offshore Wind Potential Large But Deployment Faces Challenges, New Report Finds

A new study by the US Department of Energy's National Renewable Energy Laboratory suggests that US offshore wind has the potential to generate 133 GW of power by 2050, but this is subject to various factors and could range from 31 to 256 GW depending on circumstances.

Topics

Posted 9/15/2023, 6:29:00 PM

Biden's 30 GW Offshore Wind Goal Faces Hurdles Due to Costs, Supply Issues

President Biden's goal of 30 GW of offshore wind by 2030 is likely unattainable due to higher costs and supply chain issues.
Several major developers have cancelled or renegotiated contracts for early US offshore wind projects set to begin operations between 2025-2028.
Forecasts predict the US will only have 21-26 GW of offshore wind by 2030, falling short of the 30 GW target.
Northeastern states needing offshore wind to meet their own renewable energy goals could be impacted by delays in deployment.
Industry experts say meeting an aggressive offshore wind target is less important than ensuring the success of initial projects.

reuters.com

Relevant topic timeline:

8/28/2023

First US Gulf offshore wind auction to fuel region's green hydrogen push

8/28/2023

Despite headwinds, offshore wind will see 'massive' growth to 2032 – report

8/29/2023

First US offshore wind auction in Gulf of Mexico attracts one winning bid

9/4/2023

East Coast offshore wind farm delayed due to supply chain issues, high interest, and lack of tax credits

9/8/2023

Offshore Wind Industry Faces Headwinds as Projects Stall and Profits Falter

The offshore wind power industry in the US is experiencing increased difficulties, with major players struggling to generate profits and facing potential setbacks.

9/13/2023

Biden's Climate Law Spurs Clean Energy Investment, Reshaping Some Consumer and Corporate Spending

9/20/2023

Biden to Create New Climate Corps Employing 20,000 Young Adults

10/3/2023

New Jersey Offshore Wind Project Proposed 42 Miles Offshore, Aiming to Power 600,000 Homes

10/9/2023

U.S. Offshore Wind Potential Large But Deployment Faces Challenges, New Report Finds