Key Points
Americas first large-scale offshore wind farms began sending power to the Northeast in early 2024, but a wave of wind farm project cancellations and rising costs have left many people with doubts about the industrys future in the US...
Several big hitters, including rsted, Equinor, BP, and Avangrid, have canceled contracts or sought to renegotiate them in recent months..
Getting offshore wind projects permitted and approved in the US takes years and is fraught with uncertainty for developers, more so than in Europe or Asia...
Before a company bids on a US project, the developer must plan the procurement of the entire wind farm, including making reservations to purchase components such as turbines and cables, construction equipment, and ships..
The federal Bureau of Ocean Energy Management, which has jurisdiction over leasing and management of the seabed, must consult with agencies that have regulatory responsibilities over different aspects in the ocean, such as the armed forces, Environmental Protection Agency, and National Marine Fisheries Service, as well as groups including commercial and recreational fishing, Indigenous groups, shipping, harbor managers, and property owners..
