Shift Key with Robinson Meyer and Jesse Jenkins
Has Offshore Wind Finally Hit Rock Bottom?
Feb 14, 2024
Explore the struggles faced by Orsted, the world's largest offshore wind developer, including job cuts and project cancellations. Discover the significant role of states in shaping climate policy and the energy market. Delve into the changing incentives for zero carbon electricity and the increasing adoption of heat pumps for decarbonization. Conclude with a mention of sponsors and a clean energy certificate program.
48:08
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Quick takeaways
- The offshore wind industry has faced challenges, but remains important for clean energy goals and provides economic impact and technical advantages.
- State legislatures are actively driving the expansion of offshore wind projects through specific policies and incentives, reflecting the need to balance clean energy goals, affordability, and economic development.
Deep dives
Challenges in the offshore wind industry
The offshore wind industry has faced significant challenges, as seen from recent developments with Orsted. The world's largest offshore wind developer has cut jobs, suspended dividends, and reduced its offshore wind targets. In the United States, Orsted cancelled several projects due to rising costs of materials and labor, as well as high interest rates for financing. The absence of specialized vessels for turbine installation has also hindered progress. However, despite these setbacks, offshore wind remains important for clean energy goals, as it provides significant energy supply, economic impact, and technical advantages.
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