news
From Union of Concerned Scientsts
Offshore wind has been getting a lot of attention lately—some good, some less good. As in other parts of the economy, high interest rates hit the offshore wind industry hard, given the billions of dollars required upfront to build a single project, and inflation didn’t help. Supply chain crunches also have hit, including with the supply of the special ships that help install these huge machines. The results include two developers cancelling their offshore wind power contracts with states and utilities, another cancelling two projects altogether, and hesitation elsewhere.
The good news-bad news balance, though, would seem to tip decidedly in favor of a whole lot more offshore wind. Why? There are five good reasons: power, place, people, policy, and price.
Power
Offshore wind is powerful, including when we need it most. The winds off our coasts are some of the strongest in the world. That’s particularly true off the
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Read the full post at Union of Concerned Scientsts.
