Offshore Wind Slowed by Broken Blades, Rising Costs and Angry Fishermen
Published On Sep 12, 2024, 5:05 AM
A recent incident involving the collapse of a 300-foot wind turbine blade from GE Vernova at the Vineyard Wind 1 project off the coast of Massachusetts is causing significant delays in the U.S. offshore wind industry. This incident has raised concerns among local fishermen about the safety of their vessels due to debris in the water and threatens broader climate goals due to postponed projects. The U.S. offshore wind sector has faced multiple challenges, including cost overruns, permitting delays, and local opposition, complicating efforts to meet clean energy targets.
Stock Forecasts
GE
Negative
GE Vernova's reputation and financial outlook may weaken due to safety concerns and project delays caused by the blade collapses. If these problems continue, investor confidence might decline, potentially affecting stock performance.
ICLN
Negative
The offshore wind sector, particularly in the U.S., faces increasing hurdles that could delay growth and investment. Companies involved in offshore wind projects may see reduced valuations and increased risk as project completions stall.
Related News
Supreme Court Lets Biden Plans on Mercury and Methane Move Forward
Oct 4, 2024, 12:02 PM
Republican-led states and industry groups argued that the Environmental Protection Agency had moved too fast and imposed onerous regulations.
Britain Backs Plan to Store Carbon Dioxide Under the Sea
Oct 4, 2024, 7:38 AM
Two proposals in Northern England, led by the energy giants BP and Eni, aim to establish an industry in burying emissions from industrial plants.
The Climate Fix: Solutions for a Warming World
Oct 3, 2024, 2:10 PM
In a new weekly feature of our Climate Forward newsletter, we’re covering the vast amount of investment, ingenuity and scientific expertise that are going toward stopping climate change.