States Adjust Offshore Wind Strategy After Project Cancellations

State officials are confronting a wave of offshore wind project cancellations by allowing developers to resubmit bids that can adjust to inflation while pledging to scrutinize their promises.

States have been put into a bind in recent months as macroeconomic factors like higher interest rates and supply chain bottlenecks derailed projects they planned to use to meet clean energy goals. Demand from utilities in the Northeast and Mid-Atlantic coastline are key drivers of meeting the Biden administration’s target of 30 gigawatts of offshore wind by 2030.

But now that developers have pulled the plug on projects ...