Energy firms have slowed construction of offshore wind farms in the U.S. for various reasons in recent years, including, most recently, opposition from U.S. President Donald Trump’s administration.
Offshore wind was a key pillar of former President Joe Biden’s promise that fighting climate change will create jobs and invigorate the economy. In 2023 and 2024, however, several offshore wind companies took billions in write-offs, impairments and other cancellation fees after determining they could no longer complete projects profitably due to rocketing construction costs, higher interest rates and supply chain snags.
Source : Reuters
