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.

foxbusiness.com

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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.

8/31/2023

N.J. gov supports offshore wind power as developer delays huge project to 2026

Danish renewable energy developer Ørsted is facing financial losses and potential cancellation of its offshore wind projects in New Jersey due to supply chain and other issues.

9/15/2023

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

President Joe Biden's goal to deploy 30,000 megawatts of offshore wind along U.S. coastlines by 2030 to combat climate change may be unattainable due to rising costs and supply chain delays, according to forecasters and industry insiders.