Funding shortfalls are imperiling projects in New York, New Jersey and beyond.
A grim financial outlook for the country’s offshore wind power industry is threatening President Joe Biden’s most important energy plans.
The energy developers’ requests have caused unrest in statehouses and among a public wary of already-rising power bills. But without a dramatic increase in offshore wind capacity, there is no way Biden or two of the nation’s greenest Democratic governors — New York’s Kathy Hochul and New Jersey’s Phil Murphy — can hope to meet their climate change goals.
Many industry officials and green energy supporters describe 2023 as a crossroads. With the 2024 election bearing down on them, offshore wind advocates are trying to shore up as many projects as they can, in case Republicans hostile to the industry — like Donald Trump — retake Washington. “If you don’t get your first project done, it’s hard to imagine getting your second, third, ninth, 15th project done,” said Tim Sullivan, the CEO of the New Jersey Economic Development Authority.
“There are tangible things happening right now. You see physical steel in the water,” said Damian Bednarz, managing director at Attentive Energy, a subsidiary of French energy giant TotalEnergies, which holds a lease for a tract of the Atlantic Ocean but hasn’t secured a contract to build a project.
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