Heavy Haul and the DOT's New National Multimodal Freight Network Project
Financing and permitting bottlenecks, inflation, lack of equipment standardization, confusion over the Inflation Reduction Act (IRA) and a shortage of Jones Act-compliant installation vessels and equipment are slowing the progress of the US wind buildout, onshore and off. The IRA, passed in August 2022, has required extensive clarifications, causing a gap in the project development cycle and slowing project execution. The industry is struggling to understand how it’s all to be put together. The Biden administration’s goal of 30 gigawatts of offshore wind energy installed by 2030 is in serious trouble. S&P Global, parent company of the Journal of Commerce, anticipates that approximately 10-12 gigawatts of offshore wind will be installed by 2030. However, while the downward revision reveals sector weakness, many say it is more reality check than death knell.