Biden cracks down on drilling and mining lasvegassun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lasvegassun.com Daily Mail and Mail on Sunday newspapers.
US Offshore Wind Slammed by Runaway Costs gcaptain.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gcaptain.com Daily Mail and Mail on Sunday newspapers.
More than 10 gigawatts of offshore wind projects along the U.S. East Coast - the equivalent of roughly 10 nuclear power reactors - are at serious risk as soaring inflation is forcing developers to re-crunch the numbers for proposals originally modeled years ago, before a run-up in interest rates and material costs.
While the Inflation Reduction Act provides at least $370 billion in grants, tax credits and other incentives for climate and clean energy projects, that's proving no match for rising inflation and borrowing costs.
In the months since the president allowed the Willow project in Alaska, his administration has curtailed fossil fuel activities on millions of acres of public land and in federal waters.