Billions of dollars in scheduled offshore wind developments in waters of the U.K. and U.S. have been paused or canceled in recent weeks, according to Bloomberg News. Three major offshore wind-related contracts have fallen through as rising costs and economic concerns have saddled developments off the American and British coasts, according to Bloomberg. While offshore wind proponents remain confident in the long term viability of offshore wind, the recent cancellations may be a sign of more substantial troubles for offshore wind despite strong support from the Biden administration, according to Bloomberg.
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