Offshore wind development costs are 30% higher in the United States than they are in Europe, Germany's biggest utility said on Thursday at the CERAWeek conference.
Offshore wind development costs are 30% higher in the United States than they are in Europe, Germany’s biggest utility said on Thursday at the CERAWeek conference. According to RWE AG CEO Markus Krebber, the wind industry in the United States lacks maturity. “Offshore wind has become very complicated,” Krebber said, with inflation and supply chain delays rampant. RWE, with projects both in Germany and the United States, would know.
Soaring costs, supply chain delays, and low electricity prices at auctions have all put a damper on wind power installations in the United States and Europe, despite ambitious targets set by policymakers. And missing those wind targets could send the whole net-zero targets into a tailspin—although the Inflation Reduction Act in the United States and the European Commission pushing to fast-track permitting may help move things along for wind installations. But it might not be fast enough.
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