Nearly 150 days into President Trump’s second term, the outlook for wind energy in the United States - particularly offshore wind - is increasingly bleak. Trump had pledged to end offshore wind development, and now the House Ways and Means Committee is proposing a phase-out of tax credits for renewables by 2031 - a move that would severely impact an already struggling wind sector (over on our sister podcast Energy Gang, we discuss the bill and what it means for renewables – check out that episode once you’re finished here).
Only three offshore wind projects have come online in US waters, with 4 GW currently under construction. In 2024, total wind installations reached a ten-year low at just 5.2 GW. By contrast, Europe has surged ahead, having built 35 GW of offshore wind capacity - ten times the US total – emphasising the stark differences in policy and financing frameworks.
Still, there are glimmers of hope: President Trump recently lifted a stop-work order on a $5 billion offshore wind farm off the coast of New York, following lobbying from Governor Kathy Hochul. The project, led by Norwegian company Equinor, is expected to power 500,000 homes by 2027. However, with developer confidence sinking, experts warn that the stop-start nature of US policy continues to undermine long-term momentum in the sector.
To forecast the next few years for wind in the US, host Sylvia Leyva Martinez – principal analyst at Wood Mackenzie – is joined by analyst Stephen Maldonado. They explore the policy and technology that’s holding back deployment of offshore wind in the US.
Plus, looking across the Atlantic to Europe, Sylvia talks to WindEurope CEO Giles Dickson, about the financing frameworks for wind in Europe.
Sylvia, Stephen and Giles talk through the lessons for developers and financers: with uncertainty around tax credits and shifting policies, there may be a shift in resources to more advanced projects, putting early-stage ones on hold. Repowering old wind turbines is an option too; Giles explains how. And making use of domestic supply chain strengths is key – compared to solar, wind has more domestic supply chain support.
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