Page 132 - Offshore Wind News Today

(Reuters) - Lawmakers in Maine on Wednesday passed legislation that would set a 3-gigawatt target for offshore wind deployment off the state's scenic ...

(Reuters) - Lawmakers in Maine on Wednesday passed legislation that would set a 3-gigawatt target for offshore wind deployment off the state's scenic ...

The jettisoned projects are the latest signs of stress for offshore wind farms that use turbines larger than skyscrapers to harvest power from the sea air, where winds are most powerful and consistent. Soaring materials costs, particularly for steel, forced turbine makers to raise prices. Costs of other key services, like specialized vessels to install the turbines, have jumped sharply as well. And rising interest rates mean that it’s more expensive to take on debt. 

Wind energy cost spiral coal benefits

Investment expected to generate wind power for more than 10 million homes globally, according to energy giant

The government’s green energy ambitions have been dealt a blow after plans for a giant offshore windfarm off the Norfolk coast ground to a halt due to spiralling supply chain costs and rising interest rates. The Swedish energy giant Vattenfall said it would stop work on the multibillion-pound Norfolk Boreas windfarm, designed to power the equivalent of 1.5m British homes, because it was no longer profitable.

The uncertainty comes as National Grid consults over the hugely controversial Norwich to Tilbury scheme. ...While the Vattenfall power would go to Necton, rather than Swardeston, part of the justification for the need for such a scheme has been because the current capacity in East Anglia will be exceeded once more wind farms are built. And that has led to questions over whether, if fewer wind farms take shape, such capacity improvements will be needed.

Ørsted has signed an agreement with funds managed by Schroders Greencoat to divest its remaining 25 per cent minority interest in the London Array offshore wind farm in the UK. The total value of the transaction is GBP 717 million (approximately EUR 829 million).

"Orsted very deliberately chose not to pay record high concession prices for new offshore projects in Germany," chief executive Mads Nipper said in a post on the LinkedIn platform. Earlier this year, Nipper had warned against the German pricing model for the auction, saying it could ultimately raise costs for consumers. The tender allowed bidders to compete on their willingness to pay the German government rather than receiving subsidies.

This report provides a snapshot of the U.S. Executive Branch priorities via daily schedules and the prior day's press releases.