Rising interest rates, inflation and supply-chain hurdles are painful realities for the industry looking to help replace Earth-warming fossil fuels
The Biden administration early this week approved the construction of the largest wind-power farm in the United States, more than 170 giant turbines to be built roughly 27 miles off the coast of Virginia Beach, Va.
Because renewable-energy projects are capital-intensive as they’re built from scratch, the industry had taken advantage of historically rock-bottom interest rates to build out wind farms, at least in areas like traditional fossil-fuel-giant CL00, +2.76% Texas, where windy days are prominent. Increasingly for the U.S., funding has flowed for major offshore wind farms that could play a pivotal role in electricity for the heavily populated coasts.
“Unexpected high interest rates coupled with supply-chain delays have made it challenging for pre-pandemic contracts to pencil out in today’s world,” Doug O’Malley, the New Jersey state director for Environment America, an advocacy and policy group supporting renewable energy, told MarketWatch. “‘Unexpected high interest rates, coupled with supply-chain delays, have made it challenging for pre-pandemic contracts to pencil out in today’s world.’ ”
“Returns on offshore wind are becoming more and more challenged,” Shell CEO Wael Sawan told Barron’s over the summer just days after a Shell joint venture quit a renewable power contract in Massachusetts.
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