A 48% Surge in Costs Wrecks Biden’s Much-Lauded Wind-Power Plans

When President Joe Biden in 2021 laid out a target of deploying 30 gigawatts of offshore wind capacity during the next nine years, the plan was deemed bold and ambitious. Best of all, many saw it as within reach.

Two years later, the industry has another word for it: impossible.

After a cascading series of setbacks, from sobering cost revisions to billions in possible impairment charges, the US offshore wind industry’s 2030 generation goal now looks further away than ever.

BloombergNEF, which even early on had been dubious about the goal, has slowly been paring back its outlook. In June, the forecast was ...