East Coast offshore wind industry withers under federal pressure and rising costs

Offshore wind development along the U.S. East Coast is faltering due to high construction costs and a hostile federal administration that has revoked permits and paid developers to surrender their leases. The government has committed roughly $4 billion in buyouts, eliminating an estimated 21 gigawatts of potential capacity—enough to power over 15 million homes. At least nine companies, including major European energy firms, still hold development rights, but the industry faces an uncertain future as advocates say the technology is fading just when the region needs clean power most.