Morningstar analyst Biao Gong says US offshore wind is all but dead, and investors have already moved on. (Heatmap)
Why? Long permitting timelines, high construction costs, and a total lack of market confidence. Gong says if a project hasn’t broken ground by now, “no one is going to buy it.”
Europe and China, meanwhile, are full steam ahead. The US, Gong argues, may have already missed its offshore moment—and maybe the chance at renewables leadership altogether.