After a disastrous year marked by high costs, accusations of environmental harm and project cancellations in 2023, there’s a sense the US offshore wind industry is on a rebound. There are now two dozen turbines spinning off the East Coast – a number set to more than double by the end of the year. New projects are being announced, and perhaps most significantly, states are actually signing up to purchase the clean power generated by future ocean-based wind farms. “There’s a lot of momentum in the industry right now,” said Sam Huntington, director of S&P Global Commodity Insights’ North American power team. “We’re past the nadir of the industry’s troubles.” Offshore wind is on much more stable footing than it was last year, but some analysts aren’t ready to declare it a boom. The industry is still in its infancy in the US and plagued by many of the same…
