In the last few months, three major projects in Europe and America have been delayed or canceled, thanks to rapidly rising costs.
Those projects make up more than 10% of current offshore wind capacity in the EU and US, according to Bloomberg. Another 9.7 gigawatts are at risk in America, as developers look to renegotiate contracts.
The complexity of offshore wind magnifies the technical and financial risks. And the financial picture for some projects has worsened over the last two years as inflation has driven up the cost of materials and labor across the supply chain.
This week: offshore wind is taking a hit. We'll talk with Jan Matthiesen, director of offshore wind and maritime decarbonization at The Carbon Trust, about whether financial challenges in the industry will encourage more technical innovation to bring costs down.
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