New Energy
World’s Biggest Wind Power Projects Are in Crisis Just When World Needs Them Most
- Offshore wind farm project developers stumble amid inflation
- Governments want green energy to cut costs and carbon
Wind turbines operated by Iberdrola SA, near Sevilla, Spain.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Offshore wind projects are facing an economic crisis that erased billions of US dollars in planned spending this week — just as the world needs clean energy more than ever.
A unit of Spain’s Iberdrola SA agreed to cancel a contract to sell power from a planned wind farm off the coast of Massachusetts. Danish developer Orsted A/S lost a bid to provide offshore wind power to Rhode Island, whose main utility said rising costs made the proposal too expensive. Swedish state-owned utility Vattenfall AB scuttled plans for a wind farm off the coast of Britain, citing inflation.