US Offshore Wind Costs to Moderate Over Time, Orsted Says

Surging price tags to build US offshore wind projects have been driven by swollen borrowing costs, the head of Orsted A/S’s Americas business said during an appearance on Bloomberg Television.

Those costs — which are passed on to ratepayers — will moderate as the industry matures, Orsted Group Executive Vice President David Hardy said on Tuesday.

WATCH: Controlling the price of offshore wind projects in the US.

Source: Bloomberg

“We’re standing up a new industry here that’s 30 years behind Europe,” he said. “And so of course our costs are going to start higher.”

The American offshore wind industry has been criticized for the heavy burden placed on consumers, ...