How Offshore Wind Can Survive Its Spell in the Doldrums

An industry built to harness the turbulent conditions of the high seas is being hit by a perfect storm. But not all is lost.

An energy business recently touted as the next big thing hits a wall, with projects getting canceled, major developers pulling out, and investors questioning whether it will ever turn a profit.

That might sound like a description of the offshore wind industry in 2023. Turbine farms being built by Iberdrola SA, Orsted A/S and Vattenfall AB were all canceled last week as rising costs buffet the industry. Yet it’s equally applicable to the US shale petroleum sector three years ago, when it was on the brink of emerging from a decade of red ink to its current lucrative state.