Major wind developer, and others that include giant Equinor, predict millions in writedowns as first projects face tough economics, but proponents see a solid market that needs government attention to current obstacles.
Cost bumps in U.S. offshore wind power construction are causing new impacts to projects and developers, but recent actions by some traditional energy sector firms indicate continuing commitment to a transition to renewables.
Second Massachusetts project, SouthCoast Wind, files to terminate project power agreement, and could face up to a $60-million fine, while developers in New York and New Jersey seek contract cost adjustments
In three-year delay, companies cite “changing market conditions and subsequent high cost inflation” for drilling project after FEED contract award in April to engineers KBR and Hatch.
A 35-person Spanish technology developer joins European competition in the rapidly emerging global market for floating offshore wind energy turbine platforms.
Acciona Construccíon S.A., Ferrovial S.A. and Bouygues Travaux Publics are among industry firms looking for international synergies in developing floating offshore wind projects in Spanish waters.
Dominion's 2.6-GW project off Virginia Beach and Orsted's 1-GW Sunrise Wind project off Long Island gain initial federal environmental reviews—with a key state green light also granted to the former—as onshore port hubs struggle to keep pace to support developing construction needs.
The $8.9B award, combined with 1.7 GW of offshore projects already underway, will move state closer to goal of renewables supplying 70% of power needs by 2030.
