U.S. Offshore Wind Projects: Three Steps Backward, One Step Forward

January 10, 2024--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--The U.S. offshore wind power industry seems to take three steps backward for each step forward.

The most recent piece of bad news came this week when U.S. utility Eversource Energy's (NYSE:ES) (Hartford, Connecticut) said it will take an asset impairment charge of up to $1.6 billion as it seeks to sell its 50% interests in three offshore Atlantic Ocean windfarms: Revolution (704 megawatts), South Fork (132 MW) and Sunrise (924 MW). Eversource's partner is all three projects is Danish energy giant Orsted A/S (Fredericia, Denmark).

Other companies featured: Avangrid Incorporated (NYSE:AGR), Avangrid Incorporated (NYSE:AGR), Equinor (NYSE:EQNR), BP (NYSE:BP), Public Service Enterprise Group Incorporated (NYSE:PEG)