New Energy
The Great US Offshore Wind-Power Boom Has Begun to Falter
- Offshore wind is seen as key to fighting climate change
- Inflation, interest rates challenge offshore wind economics
The Block Island Wind Farm near Rhode Island. Plans to build large wind farms off the coast of New Jersey and New England are faltering.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Plans for massive offshore wind farms that President Joe Biden hopes will power as many as 10 million American homes by 2030 are starting to wobble.
On Monday, New Jersey utility Public Service Enterprise Group Inc. said it’s deciding whether to pull out of Ocean Wind 1, a proposed project in the Atlantic Ocean that would generate 1.1 gigawatts -- enough for 500,000 homes. Less than two weeks earlier, New England utility Avangrid Inc. said its similarly sized Commonwealth Wind project was no longer viable because of higher costs and supply chain woes.