offshore

It’s a turbulent time for offshore wind power. Large groups of turbines installed along coastlines can harness the powerful, consistent winds that blow offshore, and can be a major boon to efforts to clean up the electricity supply around the world.  But in recent months, projects around the world have been delayed or even canceled as costs have skyrocketed and supply chain disruptions have swelled. These setbacks could spell trouble for efforts to cut the greenhouse-gas emissions that cause climate change.The question…

Tax credits are providing extra incentive to build out the offshore wind supply chain in the US. Existing credits for offshore wind projects are being extended and expanded by the Inflation Reduction Act, with as much as 40% available on the cost of building a new wind farm. However, to qualify for the full tax credit, projects will need to use domestically sourced materials. Strengthening the supply chain for those materials will be a long process, and the industry is still trying to adjust to existing conditions. …

The first week of 2024 has already been a rollercoaster of good and bad news for President Joe Biden’s offshore wind ambitions. The nation’s first large-scale wind farm just started producing power for the New England power grid. The bad news is that another major project on the East Coast threw in the towel, the latest casualty of skyrocketing costs that are pushing Biden’s offshore wind dreams out of reach.The plan, according to the Biden administration, was for the US to get 30,000MW of energy from offshore wind by…

Offshore wind turbines at two commercial-scale sites are now sending power to the U.S. grid. Moments before midnight on Tuesday, a single turbine near Martha’s Vineyard delivered 5 megawatts of renewable energy to the New England grid, developers said. The turbine is one out of 62 planned for Vineyard Wind 1, an offshore site owned by utility company Avangrid and wind energy investor Copenhagen Infrastructure Partners (CIP). The firms wanted to deliver offshore wind power via the site before the…

Vineyard Wind 1 was supposed to deliver its first power to the Massachusetts grid by December 31 – but it didn’t. January 3: It’s finally game on! Vineyard Wind 1 came online late yesterday. One wind turbine near Martha’s Vineyard delivered around 5 megawatts (MW) of electricity to the grid. Five of Vineyard Wind 1’s turbines are anticipated to be operating at full capacity in early 2024. January 2: Vineyard Wind 1 is a 50/50 joint venture between Avangrid and green investors Copenhagen…

Equinor and bp have terminated New York State’s Empire Wind 2 offshore wind farm – but a do-over isn’t out of the question. The two companies have agreed with the New York State Energy Research and Development Authority (NYSERDA) to terminate the Offshore Wind Renewable Energy Certificate (OREC) Agreement for the 1,260 megawatt (MW) Empire Wind 2. Equinor and bp said that the decision to terminate Empire Wind 2 was due to “commercial conditions driven by inflation, interest rates, and supply…

Vineyard Wind 1 was supposed to deliver its first power to the Massachusetts grid by December 31 – but it didn’t. Vineyard Wind 1 is a 50/50 joint venture between Avangrid and green investors Copenhagen Infrastructure Partners. On December 6, Avangrid CEO Pedro Azagra said that its “team has worked tremendously hard, through nights, weekends, and holidays to put us in the position to deliver the first power from Avangrid’s nation-leading Vineyard Wind 1 project before the end of the year.” And…

India’s Financial Intelligence Unit (FIU-Ind) has issued show-cause notices to nine offshore virtual digital assets service providers, including Binance, Bitfinex, MEXC Global and Kraken, for non-compliance under the provisions of the Prevention of Money Laundering Act (PMLA).The anti-money laundering authority has written to the secretary of the Ministry of Electronics and Information Technology to block the links of the said entities that are operating illegally without complying with the provisions of the PMLA, the…

In what may turn into a massive blow for cryptocurrency sector in India, Centre's Financial Intelligence Unit (FIU), which is under the Finance Ministry, has issued show cause notices to as many as 9 offshore cryptocurrency and virtual digital assets platforms, including Binance and Kucoin. The notifications were issued for non-compliance with anti-money laundering law.Not just the notices, FIU has even taken the next step by writing to the Ministry of Electronics and Information Technology (MeiTY) to block the URLs of…

Louisiana is making US history by launching its first two offshore wind farms, Cajun Wind and Diamond Offshore Wind, in state waters. Vestas, through its North American arm Steelhead Americas, has announced Cajun Wind, marking a significant milestone as the state’s first wind operating agreement and a first in US state waters. Governor John Bel Edwards (D-LA) and Louisiana’s Department of Natural Resources have also approved another pioneering project with Mitsubishi-owned Diamond Offshore…