Companies racing to build multibillion-dollar wind farms in US waters are already contending with surging borrowing costs, supply-chain woes and project pullbacks.
“A Trump administration would be a negative for the offshore wind industry. The question is just to what degree,” said Timothy Fox, a managing director of the Washington, DC-based research firm ClearView Energy Partners. “We’re seeing language from Trump that could suggest a more retaliatory response.”
Consider Biden’s January decision to pause new licenses to export natural gas while the government scrutinizes the environmental consequences. Trump could order a similar moratorium on wind farm approvals to further analyze how they affect fishing and wildlife. And just as the Biden administration is forcing oil and gas companies to set aside more money to cover eventual cleanup costs, a future Trump administration could impose hefty financial requirements on offshore wind farms.
Still, former administration officials say Trump’s personal views on wind farms don’t necessarily spell doom. Offshore wind advocates are preparing to make the case to Trump that the projects mean more American jobs and manufacturing — including big benefits for a US steelmaking sector championed by the former president. And they’re ready to appeal to his experience as a real estate developer, one who may be loathe to see government red tape get in the way of private enterprise.
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