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(Reuters) – U.S. President Donald Trump suspended new federal offshore wind leasing on his first day again within the Oval Workplace on Jan. 20, pending an environmental and financial overview.
On the identical day, Danish power firm Orsted (CSE:ORSTED), the world’s greatest offshore wind agency, posted one other impairment cost on delays to a U.S. offshore venture.
These are simply the newest blows for the offshore wind trade that former President Joe Biden and a number of other states thought-about key to assembly federal and state clear power targets.
“Halting offshore wind represents an enormous step backward in our efforts to advance a clear power future and damages the state’s financial alternatives,” North Carolina Governor Josh Stein, a Democrat, informed Reuters in an electronic mail.
“Buyers have signed leases and invested vital sources. They deserve certainty,” Governor Stein mentioned.
In California, the place offshore wind is in early levels of growth, Adam Stern (AS:PBHP), Government Director of Offshore Wind California, an trade commerce group, mentioned many of the work was occurring on the state stage.
“As an trade, we’re targeted and transferring ahead with what’s advancing offshore wind in California, and proper now most of that’s occurring on the state stage.” That features accredited spending of roughly $475 million to improve ports and $4.6 billion to improve energy transmission strains to arrange for future offshore wind initiatives.
In 2023 and 2024, a number of offshore wind firms, together with Orsted, took billions in write-offs, impairments and different cancellation charges after they decided they may now not full initiatives profitably attributable to rocketing building prices, greater rates of interest and provide chain snags.
In New Jersey, which has seen its share of offshore wind venture delays, Governor Phil Murphy, a Democrat, informed Reuters in an electronic mail that he stays dedicated to scrub power.
“New Jersey will discover all accessible choices to guard the well being of our surroundings and residents whereas bolstering power independence, creating good-paying American jobs, reducing power payments, and rising New Jersey’s innovation economic system,” Governor Murphy mentioned.
There are at the moment 4 offshore wind initiatives working within the U.S., however one – Winery Wind 1 – was shut for a part of 2024 after a blade fractured and fell into the ocean in July.
There are additionally 4 offshore wind initiatives beneath building and a number of other extra in growth.
The next factbox lists the initiatives in service and people beneath building and in superior growth that have been anticipated to proceed regardless of Trump’s overview:
In Service State(s) Firm Begin First Energy Measurement (MW)
Development
Venture
Block Island RI Orsted 2016 29
Coastal Virginia Offshore Wind Pilot VA Dominion 2020 12
South Fork RI, MA Orsted (50%) and World Infrastructure Companions (GIP) Skyborn Renewables unit (50%) Feb 2022 Dec 2023 132
Winery Wind 1 MA Iberdrola/Copenhagen Infrastructure Companions Nov 2021 Jan 2024 806
Below Development State(s) Firm Begin First Energy Measurement (MW)
Development (Estimated) Estimated
(Estimated)
Revolution Wind RI, MA Orsted (50%) and World Infrastructure Companions (GIP) Skyborn Renewables unit (50%) 2023 2026 704
Coastal Virginia Offshore Wind (Business) VA Dominion (50%)/Stonepeak (50%) Nov 2023 2026 2,587
Empire Wind 1 NY Equinor Could 2024 ***2027 810
Dawn Wind RI, MA Orsted Jul 2024 2026 924
Below Improvement State(s) Firm Begin First Energy Measurement (MW)
Development (Estimated) Estimated
(Estimated)
New England Wind 1 MA Iberdrola (OTC:IBDRY) 2025 2029 791
SouthCoast Wind 1 MA Ocean Winds (EDP/Engie) late 2025 2030 1,287
Neighborhood Offshore Wind 1 NY, NJ RWE/Nationwide Grid 2027 2030 1,314
MarWin MD US Wind owned by Toto Holding’s Renexia 270
Atlantic Shores South 1 NJ EDF/Shell 1,510
Momentum Wind MD US Wind owned by Toto Holding’s Renexia 809
Excelsior Wind NY, NJ Copenhagen Infrastructure Companions’ Winery Offshore 1,314
Main Mild NY, NJ Invenergy/energyRE 2,400
Winery Wind 2 MA Copenhagen Infrastructure Companions’ Winery Offshore 1,200
Neighborhood Offshore Wind 2 NY, NJ RWE/Nationwide Grid 1,300
New England Wind 2 MA Iberdrola 1,080
*** Empire Wind 1 – 2027 is estimated time of economic energy as an alternative of first energy
