Recent project cancellations in New Jersey and elsewhere highlight the need to drive down costs through innovation for both fixed and floating wind, said Zachary Miller, chief technology officer for Massachusetts-based Triton Anchor.

“Innovation really needs to be centred around reducing costs to make these projects feasible,” Miller told Recharge.

President Joe Biden's administration launched its ambitious Floating Wind Shot last year targeting 15GW in American waters by 2035, enabled by reducing levelised cost of energy (LCOE) by over 70% to some $45/MWh.