While the total number of offshore wind projects, both existing and projected, continues to surge, the sector now grapples with typical economic and financial challenges. In recent weeks, offshore wind companies have sounded alarms about escalating product costs, manufacturing expenses, and price volatility, all of which are poised to significantly impact their ongoing and future endeavors.
A striking financial upset in recent days came from the Scandinavian offshore wind behemoth, Orsted, which witnessed its stock market value plummet by over 25%, attributed to elevated global cost estimates and potential financial liability issues in the USA.
In filings submitted to the New York state regulatory authority, other prominent offshore wind developers, such as Norway’s energy major Equinor and British oil major BP, have officially requested a staggering 54% increase in the price of electricity generated at three planned offshore wind farms.
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