Companies that committed to investments in U.S. offshore wind infrastructure and supply chains are scrapping their plans as the projects they were meant to serve face huge setbacks, including President Donald Trump’s plan to end federal support.
The pullback reflects the trickle-down effect of a dramatic downturn in the U.S. offshore wind industry over the past two years that has caused lengthy delays, cost increases and even failures of many of the nation’s proposed offshore wind farm projects. It could cost thousands of planned jobs and billions of dollars in investments.
“When a project fails to move forward entirely, there is a ripple effect for businesses across the national supply chain that isn’t limited to a single state,” said Stephanie Francoeur, senior vice president of marketing an