Spiraling Offshore Wind Costs Show Limits of Biden Inflation Act

The US offshore wind industry, banking on a big boost from the landmark Inflation Reduction Act, has found itself face-to-face with a major hurdle that’s been right there in the name all along: inflation.

In fact, the law might even be making it worse.

More than 10 gigawatts of offshore wind projects along the US East Coast — the equivalent of roughly 10 nuclear power reactors — are at serious risk as higher costs force developers to re-crunch the numbers for proposals originally modeled years ago, before a runup in interest rates and material costs. Orsted A/S, the Danish wind giant, said this ...