Benjamin Storrow and Heather Richards of E&E News report on how inflation is stalling offshore wind projects.
- Wind developers that bid aggressively to win offshore wind contracts are locked into agreements that did not account for rising costs and inflation, which is halting progress.
- Analysts expect the United States to fall 3 to 4 GW short of its 2030 offshore wind goals due to these issues.
- Good economic policies are good climate policies because they keep the cost of clean technologies affordable and incentivize innovation.
- By pursuing policies rooted in economic freedom lawmakers can achieve economic competitiveness and climate goals.
“Many developers bid aggressively in state auctions to win those contracts but are now locked into agreements that didn’t account for rising costs, said Sam Huntington, director of North American power and renewables at S&P Global Commodity Insights.”
Read the full article here.