August 19, 2024 — The Biden administration notched a much-needed win on Wednesday in its bid to bolster the offshore wind power industry, despite the industry’s recent setbacks and the threat of former President Donald Trump’s return.
An Interior Department auction to lease federal waters for wind projects off the coasts of Delaware, Maryland and Virginia drew nearly $93 million in bids — an amount that appeared to quell nerves about the industry’s ability to withstand its political and economic headwinds.
The U.S. offshore wind industry plays a central role in President Joe Biden’s targets to cut carbon emissions from the power sector and stave off the worst effects of climate change. But the nascent industry has been plagued by rising costs, supply chain constraints, worrisome accidents and the risk that Trump, who has spent years attacking wind power, could undermine its progress.
“Despite the electoral uncertainty in the future, these are strong signals of confidence and continued interest in this market,” said Sam Salustro, senior vice president of policy for the Oceantic Network, an offshore wind industry group.