Breanne Deppisch is an energy and climate policy reporter at the Washington Examiner. A former national political reporter, she has closely covered campaigns, Congress, and the White House since 2016.
President Joe Biden’s ambitious goal of developing 30 gigawatts of offshore wind by 2030 is under threat due to soaring costs, supply chain setbacks, and regulatory hurdles that have stymied developers and forced some to abandon contracts.
Materials costs have soared due to limited supply and higher demand as countries around the world seek to build out their own offshore wind industries.An August 2023 report from the consultancy Wood Mackenzie estimates that governments around the world would each need to invest roughly $100 billion in building out an offshore wind supply chain by 2026 in order to meet their 2030 offshore wind targets — or adding a total combined global capacity of 80 GW per year.
The leaders asked the administration to “utilize every federal tool available” to help prevent projects from going under, including establishing a pathway for developers to receive the Inflation Reduction Act’s 30% tax credit for offshore projects, as well as a bonus 10% credit available to developers who use U.S.-made materials.
Since July, project developers have axed a combined 2.4 GW of planned offshore power capacity in the U.S. due to problems with underpriced contracts. The rejection could imperil the state's planned 4.2 GW of offshore capacity, as well as threatening its long-term target of reaching 70% renewable power generation by 2030.
The recent setbacks offer an opportunity for the U.S. to reassess and retool its approach to offshore, she told the Washington Examiner. Earlier this year, the House voted to approve a bipartisan resolution aimed at stepping up the federal oversight of offshore drilling and its impact on whales.
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