US Offshore Wind Industry Is Not Quite Dead Yet

The US offshore wind industry has faced significant challenges, exacerbated by the Trump administration's opposition and regulatory hurdles. Despite this, major global energy firms like the UK-based bp and Japan’s JERA remain committed to the sector, forming a 50–50 joint venture called JERA Nex bp. This new company boasts a substantial portfolio, including about 1GW of installed capacity, a 7.5GW development pipeline, and 4.5GW of secured leases worldwide. However, it remains unclear how much of this capacity will be developed in the US, especially given recent shifts such as bp’s sale of its onshore wind branch and its relinquishment of the Empire Wind project to Norwegian firm Equinor. Bp continues to hold offshore leases for the Beacon Wind 1 and 2 projects between Cape Cod and Long Island, which together could supply renewable energy to over two million consumers in the northeastern US. Although bp canceled a transmission application for these projects in early 2024, this move