Analyst says US onshore wind industry is struggling despite government push to clean energy

Geoffrey Hebertson told attendees of an energy conference organized by the Federal Reserve Banks of Dallas & Kansas City that the Onshore Wind Industry is still struggling to attract investment despite the U.S. Inflation Reduction Act.

Hebertson stated that despite the Inflation Reduction Act of 2022, which allowed production tax credits and investments tax credits for 10 years, onshore wind is still struggling to maintain its investment levels.

He added, "We expect 2024 will be a historically-low year for wind. We do not foresee any changes in the future for this to change."

According to the U.S. Energy Information Administration, the installed wind power capacity in the U.S. currently stands at 152 gigawatts.

In the past two years, the construction of wind farms has been slowed by a lack of parts, a rise in labor costs and a delay in development.

Erik Haug said that a 300 megawatt windfarm used to cost $400 million. Today, the same windfarm would cost $600 million or $670 million. He made this statement at a conference in Dallas. (Reporting and editing by Matthew Lewis in Houston)

(source: Reuters)