Offshore wind projects face cost and supply challenges

Offshore wind projects on the U.S. East Coast face uncertainty due to soaring costs and supply chain challenges. Developers canceled contracts and wrote down billions of dollars, with at least ten projects seeking to renegotiate prices. The Biden administration's Inflation Reduction Act aims to boost clean technology economics, but delays may impact its goal of installing 30 GW offshore wind by 2030. States plan to adjust bid processes to protect against future cost rises. Industry experts emphasize the need for clear project pipelines and the potential for joint procurement to minimize costs.