Why It Matters: Wind developers say they are facing steep costs.
Hit with rising costs on all aspects of offshore wind farms, from wind turbines to steel and copper, developers are signaling that they need higher revenues to make the projects financially viable.
The costs of electric power from offshore wind, which have declined sharply over the last two decades, also seem likely to rise.
The British auction did attract bidders for onshore wind and solar schemes.
Recently, Orsted, the largest offshore wind developer, announced a potential $2 billion write-down on planned projects in the United States and warned that it could wind up canceling them.
Persons:
Deepa Venkateswaran, Bernstein, ”, Venkateswaran, “
Organizations:
British, Offshore
Locations:
Europe, United States, Britain