MAINE MONITOR • November 12, 2023
Recent months have seen cancellations or setbacks for multiple offshore wind contracts in the Northeast. Some of those developers could rebid their contracts at a higher cost. But other projects may be in jeopardy. Supply chain issues, high interest rates and other economic stumbling blocks are creating uncertainty across the industry for a renewable energy source that’s vital to meeting U.S. emissions-cutting targets. What does this mean for Maine, with its lofty, early-stage project plans for what’s been described as the “Saudi Arabia of offshore wind” — the Gulf of Maine? Under Maine’s recently inked offshore wind procurement program, which sets a goal of installing 3 gigawatts of wind by 2040, the state doesn’t have to issue its first request for proposals until either January 2026 or three months after the first federal auction for wind in the Gulf of Maine, whichever is later.