Financial Times: Brighter skies for US offshore wind
March 07, 2024 The US offshore wind sector is experiencing challenges amid high interest rates, inflation, and supply chain disruptions, leading to a “fundamental reset” in the industry. Despite these difficulties, recent contract awards in New York for Equinor’s Empire Wind 1 project and Ørsted and Eversource’s Sunrise Wind facility signal optimism for the industry’s future. These contracts, totaling 1.7GW of capacity, provide reassurance to the sector and encourage supply chain investments. However, uncertainties remain regarding project costs, the pace of industry recovery, and the achievement of national deployment targets. Additionally, the outcome of the presidential election could impact the sector, with potential changes in policy direction under different administrations.