Offshore wind projects face economic storm. Cancellations jeopardize Biden clean energy goals

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The cancellation of two large offshore wind projects in New Jersey is the latest in a series of setbacks for the nascent U.S.

JENNIFER McDERMOTT, MATTHEW DALY, MICHAEL HILL and MIKE CATALINIFILE - The five turbines of America's first offshore wind farm, owned by the Danish company, Orsted, are seen from a tour boat flying the American flag off the coast of Block Island, R.I., Oct. 17, 2022. offshore wind industry, jeopardizing President Joe Biden's goal of powering 10 million homes by towering ocean-based turbines by the end of the decade.

Despite the setbacks, offshore wind continues to move forward, the White House said, citing recent investments by New York state and approval by the Interior Department of the nation's. Interior's Bureau of Ocean Energy Management also announced new offshore wind lease areas in the Gulf of Mexico. “I think very few people would argue that the U.S. will have the gigawatts the Biden administration wants″ by 2030, said Timothy Fox, a ClearView vice president. “But I do think eventually we will have it and will likely exceed it.”

“We’re probably a little bit too ambitious,” he said. “We came in hot, we came in fast, we thought we could build projects that were inexpensive, large projects right out of the gate. And it turns out that we probably still need to go through the same learning curve that Europe did, with higher prices in the beginning and a little slower pace.”

Any delay in offshore wind means continued reliance on fossil fuel-burning power plants, according to environmental advocates.

 

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