Planning delays have slowed deployment of offshore wind
US takes on offshore permitting bottleneck
Funding boost for Bureau of Ocean Energy Management aimed at speeding up leasing and permitting of proposed projects
The recently passed Inflation Reduction Act (IRA) will boost the economics of US offshore wind projects, but streamlining the permitting process will be key if the country is to reach its goal of 30GW installed capacity by 2030. The act includes a 30pc investment tax credit (ITC) for offshore wind projects that begin construction before the start of 2026. It also reintroduces a ten-year production tax credit (PTC) of up to $15/MWh, according to law firm White & Case. Projects must fulfil a requirement to pay prevailing wages and to ensure a certain percentage of work be completed by qualified apprentices. Projects that fulfil domestic content requirements would be eligible for an extra
Also in this section
30 November 2023
Negative pricing has become more frequent in European energy markets, and GB markets are now experiencing a similar increase
29 November 2023
Preparations underway for inclusion of cement, aluminium and steel producers in world’s largest compliance market by 2030
28 November 2023
European Commission earmarks cross-border projects for funding and fast-tracks carbon management strategy as pressure grows to kickstart CCS sector
27 November 2023
Progress in decarbonisation but significant challenges lie ahead
