(Bloomberg) -- Soaring AI-fueled demand for power across the US has yet to trickle down to the fledgling offshore wind industry, renewable energy giant Orsted A/S says.
“That is not yet a big power demand driver in offshore,” Chief Executive Officer and President Mads Nipper said on Bloomberg TV on Tuesday.
The Danish firm is one of the world’s biggest renewable power developers, focusing primarily on offshore wind. Its projects are key to helping the European Union meet its climate goals, but in the US the company canceled two projects over delays and supply chain woes. In August, it booked an impairment of more than $500 million.
Though a cornerstone of President Joe Biden’s climate agenda, the US offshore wind industry has struggled to take off in part due to high interest rates, inflation and supply chain challenges. The tide, Nipper said, may be shifting.
“I have a good confidence level that the worst is over,” he said, pointing to a maturing supply chain and growth in the US market.
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