CERAWEEK U.S. offshore wind development costs 30% higher than Europe - RWE CEO [Reuters]
RWE AG ORD S/ADR (RWEOY)
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Source: Reuters
"Offshore wind has become very complicated," RWE AG (RWEG.DE) , opens new tab CEO Markus Krebber said at the CERAWeek energy conference, pointing to factors such as inflation and supply chain delays. The offshore wind industry is seen as a key step in helping decarbonize power grids and combat climate change, but it has also been plagued with project cancellations and billions in write-downs from soaring inflation, high interest rates and supply chain problems. RWE, in a joint venture with National Grid, is developing the Community Offshore Wind project off the coast of New York. "When I look at the current offshore wind program, it will take some time to make it more competitive," Krebber said of the nascent U.S. industry. He expects it to improve in the coming years as supply chain bottlenecks are resolved. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Reporting by Liz Hampton in Houton Our Standards
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