Offshore wind

US offshore wind is beset by economic challenges, but this shouldn’t blind the sector to the potential for incorporating green hydrogen production into project plans

Attendees at 'Financing Wind Offshore' in Boston last week were quietly optimistic, even though the Biden administration's target of 30GW installed offshore wind by 2030 now looks out of reach. That positivity will be needed in the year ahead.

Offshore wind developers and manufacturers are seeking opportunities to support production of fish, shellfish and seaweed at their offshore wind projects. Increasingly, this is being driven by the need to boost revenues as well as supporting biodiversity.

Inflation, permitting delays and supply chain disruption have dominated wind industry discussion in 2023, but there are reasons for the industry to be positive as we head into 2024 too.

New York has rejected calls from the developers of four offshore wind and 86 other renewables projects to boost PPA prices. This puts the US offshore wind industry in a perilous position ahead of our Financing Wind Offshore conference, but a new 4GW tender could offer a way forward.

Ørsted has announced $2.3bn potential impairments at its US offshore wind projects, while RWE won an underwhelming seabed leasing auction in the Gulf of Mexico. We look at the current challenges facing developers in the US offshore market.

It is three months until business and political leaders gather in Dubai for the COP28 conference, which could spur further investment in the global wind industry. But an oil and gas powerhouse is an unlikely location for action to reduce $7trn of subsidies paid annually to fossil fuel firms.

Rising costs are forcing UK offshore wind developers to make tough choices about their projects, as Vattenfall's decision to put its 1.4GW Norfolk Boreas on hold shows. We consider what this means for offshore wind companies in UK and other European countries.

This month, Siemens Energy has set up a taskforce to get to the bottom of the turbine challenges in its subsidiary Siemens Gamesa, which forced the firm to withdraw is 2023 profit guidance. The company is set to reveal further details in its third-quarter results next month.

The Danish government has been praised for an up-to-14GW offshore wind tender plan, but criticised for ending 12GW of 'open door' projects. Plus, it plans to take 20% stakes in future projects. What's going on?

Portugal and Spain are set to use floating wind to unlock their offshore wind potential. But floating wind pioneer Equinor's decision to delay a 1GW project in Norway could hint at troubles ahead.

Bids are due next month in Japan's second utility-scale offshore wind tender, but the country must move faster to finally unlock its potential.