The Model, Not the Market, Is Broken
Offshore wind, once hailed by many as America's next
generation clean energy frontier, is now in distress. It's a
story of ambition colliding with a delivery model built for a
different era of traditional utility scale
development.
The inconsistent performance of projects across states,
developers, policies and contracts is not incidental. The wave of
distressed projects we have seen in the last few months alone is
not a symptom of market weakness, but a reflection of a delivery
model that no longer fits the scale or complexity of offshore wind
demands. Current projects are being developed under legacy
utility-era assumptions: rigid contracts, siloed procurement,
narrow risk-sharing and fragmented infrastructure. Over the last
two years and before the current administration, in the United
States we have been experiencing the unraveling of this model under
the weight of real-world challenges, which have been
