After a year of struggles for offshore wind developments amid rising costs, canceled projects, and failed auctions, governments and policymakers in Europe and the U.S. have realized they may need to pay up to ensure projects are built to help their decarbonization goals. Europe and the United States risk missing their ambitious wind power installation targets as soaring costs, supply chain delays, and low electricity prices at auctions hamper development and lead to a cancelation of offshore wind projects. The offshore wind industry…
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