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Developing more wind power has been touted as a major part of the multipronged renewable energy push meant to put the U.S. on track to reduce its reliance on fossil fuels.
The same economic issues that people all over the world have felt, such as rising inflation rates and a recovering supply chain after the pandemic, have hindered the development of offshore wind, Kates-Garnick said.
Avangrid, a sustainable energy company that runs the largest operating offshore wind farm in the U.S., canceled two projects last year in Connecticut and Massachusetts.
Pedro Azagra, the CEO of Avangrid, said the company exited contracts for those projects because the state of the economy made the price of development too high.
Ørsted expects the company and others across the industry to expand with growing bipartisan support for renewable energy and an increasing demand for electricity, Urbish said.
In addition to economic stress, offshore wind projects face both federal and state regulations because they have to get approval from the Bureau of Ocean Energy Management, said Joshua Basseches, an assistant professor of environmental studies and public policy at Tulane University in Louisiana.
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