Four large offshore wind generation projects have been canceled in the past several weeks,[1] several more are on the ropes,[2] and future offshore wind costs are projected to be more expensive, based on the outlook from the developers. Yet there are glimmers of hope amid the (admittedly painful) lessons, which may put the next generation of offshore wind developments on a firmer footing. Fifth, regulators—and developers—have learned a lot about how to structure effective offshore wind contracts over the past three years. These hard-earned lessons are likely to lead to a stronger offshore wind industry in the longer term. The goal for proponents of offshore wind is to take the bitter lessons associated with these project failures and emerge stronger.

Source: New York Times November 02, 2023 22:05 UTC