Photo by Peter Leahy on Pexels.com
The US offshore wind sector is losing momentum as China cements its dominance in the global market. Rystad Energy projects new offshore wind capacity to reach 16 gigawatts (GW) by the end of 2025, with two-thirds of developments in China. By 2030, China is expected to account for 45% of global offshore wind capacity.
Analysts say the US energy pivot toward domestic oil and gas, coupled with policy uncertainty, inflation, and revoked tax breaks, has slowed offshore wind expansion. Stop-work orders hit major projects by Ørsted and Equinor, while legal disputes cloud future progress.
Meanwhile, Chinese state energy giant CNOOC is pushing ahead with its 1.5 GW Hainan CZ7 offshore wind project, targeted for completion before 2030. With US investment in renewables down 36% year-on-year, Europe and China are poised to fill the void. – Offshore Wind Research
Read More News on Latest Malaysia
Read More News on Business News Malaysia
Read More News on SG Business News
Read More News on World Future TV
CIMB and China CITIC Bank have signed an LOI to enhance China-ASEAN financial connectivity, supporting…
EG Industries is accelerating beyond traditional EMS, leveraging AI networking demand, 1.6T development, network switches…
Sime Darby Property has introduced a RM1.25 billion fund aimed at investing in new economy…
Pos Malaysia has consolidated all its courier offerings under the Pos Laju brand to streamline…
Jati launches Jati Chom Chom, a rice puff snack, expanding into the snack market with…
Maxim marked Kaamatan and Gawai with free rides and exclusive postcards, helping festivalgoers travel conveniently…
This website uses cookies.