"Setbacks in Offshore Wind Projects Threaten Biden's Clean Energy Agenda"

The cancellation of two major offshore wind projects in New Jersey has dealt a blow to the nascent U.S. offshore wind industry and jeopardized President Biden's clean energy goals. Danish wind energy developer Ørsted cited supply chain problems, higher interest rates, and failure to obtain desired tax credits as reasons for scrapping its Ocean Wind I and II projects, which were expected to deliver over 2.2 gigawatts of power. This follows the cancellation of three projects in New England. Despite setbacks, the White House remains optimistic, pointing to recent investments by New York state and the approval of the nation's largest planned offshore wind farm in Virginia. Industry experts believe that while the U.S. may not reach the target of 30 gigawatts of offshore wind power by 2030, a significant amount is still attainable, potentially reaching 20 to 22 gigawatts or more.