However, as government policies started to line up in the industry's favor in recent years, offshore wind developers unveiled a host of new project proposals, mostly off the U.S. East Coast.
Many contracts for offshore wind projects have no mechanism for adjustment in the case of higher interest rates or costs.
In New York, offshore wind developers also sought to boost the price of power produced at their projects.
Norway's Equinor EQNR.OL and its partner BP (BP.L) are seeking a 54% increase for the power produced at three planned offshore wind farms - Empire Wind 1 and 2 and Beacon Wind.
But the offshore wind industry is not fully satisfied.
Persons:
Joe Biden, Kevin Lamarque, Eli Rubin, Rubin, Equinor, France's, Scott DiSavino, Nerijus, Nichola Groom, Simon Webb, Marguerita Choy
Organizations:
Federal, State, White, REUTERS, U.S ., Dominion, EBW Analytics, Reuters, U.S . Federal Reserve, Commonwealth, BP, Nichola, Thomson
Locations:
Washington , U.S, U.S, Europe, U.S . East Coast, Rhode, Virginia, Massachusetts, New York, Oslo, Culver City