US offshore wind prices will rise after the investment tax credit (ITC) comes to an end this year — unless there is a thorough rethink of the sector’s industrial and logistics set-up, warns MHI Vestas chief executive Philippe Kavafyan.
The US market “turned into a reality much faster than was expected, and [it is] a bigger reality than the one estimated”, the head of the world’s second-largest offshore turbine manufacturer tells Recharge, pointing to the 18GW pipeline of projects off Massachusetts, New York state and New Jersey due to be installed by 2035.
