The offshore wind industry is hoping for a resurgence in 2024, following years of financial difficulties including broken contracts, canceled wind farms, and missed targets. While experts say the industry is on its feet, the scale of building a new U.S. renewable sector poses significant challenges that could stall a key plank of President Joe Biden’s climate agenda. The industry is seeing inflation decrease and interest rates decrease, and states have increased enthusiasm about 14 gigawatts of offshore wind power despite economic realities pushing up prices to build wind farms. The Bureau of Ocean Energy Management (BOEM) is expected to meet the White House’s mandates for offshore wind, including that of 16 wind arrays by 2025 and hold lease sales in areas like the Gulf of Maine. However, many analysts believe that Biden’s goal of reaching 30 GW of offshore power by 2030 is unlikely.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
