Regulatory delays are holding up a potential bonanza for European shipowners hoping to tap into the multibillion-dollar US offshore wind sector. In the November 8, 2019, TradeWinds article, partner Emily Huggins Jones commented: “Now there is no time frame because cumulative effects of all east coast projects will be looked at. A lot of folks are looking at that [Vineyard Wind 1] as the bellwether…I don’t see it as being a permanent roadblock – there’s so much money at stake and so much investment now.”
TradeWinds reports that although “the US market is still in its infancy…an estimated $70bn will be spent on offshore wind development by 2030.” Emily noted that the market is “slowly starting to get there. Ultimately, there will be a groundswell in the direction of renewable energy. It’s a brand new industry and there’s a lot of opportunity, particularly for New England, because they are so challenged in accessing power – the grid is ageing.