August 1, 2023

By Atin Jain, Senior Associate, Wind, BloombergNEF

The US offshore wind industry faces a perfect storm of rising costs, permitting delays and grid connection hurdles – all leading to low returns. Inflation and supply chain challenges have driven up capital expenditure, while financing costs have spiraled due to rising interest rates. Developers want to renegotiate their previously-agreed offtake deals which are no longer profitable while some are trying to cancel their contracts altogether. 

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