US offshore wind Liftoff will see prices fall back to earth: DoE

The US Department of Energy (DoE) said that after surging inflation and interest rates that forced prices skyward, claiming half of all contracted capacity last year, the US offshore wind sector’s pipeline of 10-15GW of capacity in late-stage development will help deflate soaring costs.

The US offshore wind sector’s levelised cost of energy (LCOE) “rose from ~$85 to ~$140 per MWh from 2021 to the end of 2023 (assuming consistent 30% ITC),” according to DoE’s report, Pathways to Commercial Liftoff: Offshore Wind.