Climate Politics
Biden’s Offshore Wind Ambitions Face Another Setback
- US offshore wind faces inflation, interest rate challenges
- Mayflower Wind is joint venture between Shell, EDP and Engie
Photographer: Chris Ratcliffe/Bloomberg
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Shell New Energies, EDP Renewables and Engie asked regulators for a delay in the planning of a proposed joint-venture offshore wind farm, the latest potential setback to President Joe Biden’s goal of powering millions of homes from Atlantic gusts.
The sharp spike in interest rates presents “significant challenges” to Mayflower Wind’s economics, the project’s lawyers said in a filing with Massachusetts regulators on Friday. They asked regulators for time to hold discussions with local utilities and other parties before approving contracts for the sale of the electricity the project would generate.