New Energy
US Offshore Wind Slammed by Runaway Costs
The price to produce power is up 48% in the last two years, with costs poised to climb more in the near term as the IRA stokes demand for US-made parts.
A wind turbine off Block Island, Rhode Island.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
The US offshore wind industry, banking on a big boost from the landmark Inflation Reduction Act, has found itself face-to-face with a major hurdle that’s been right there in the name all along: inflation.
In fact, the law might even be making it worse.