HILL ENERGY BRIEF: Offshore Wind Costs Show Limits of Bidenomics

President Joe Biden’s signature climate legislation might actually be making it more difficult for companies to invest in the US offshore wind industry for the clean energy transition by producing more inflation.

While the law provided at least $370 billion in grants, tax credits and other incentives for climate and clean energy projects, that’s proving no match for rising inflation and borrowing costs.

Just two years ago, offshore wind developers were making plans based on a projected cost of $77 per megawatt hour, according to BloombergNEF. Now it’s $114.

Danish wind giant Orsted, said this week it’s prepared to walk away ...