US takes on offshore permitting bottleneck

Funding boost for Bureau of Ocean Energy Management aimed at speeding up leasing and permitting of proposed projects

The recently passed Inflation Reduction Act (IRA) will boost the economics of US offshore wind projects, but streamlining the permitting process will be key if the country is to reach its goal of 30GW installed capacity by 2030.  The act includes a 30pc investment tax credit (ITC) for offshore wind projects that begin construction before the start of 2026. It also reintroduces a ten-year production tax credit (PTC) of up to $15/MWh, according to law firm White & Case. Projects must fulfil a requirement to pay prevailing wages and to ensure a certain percentage of work be completed by qualified apprentices. Projects that fulfil domestic content requirements would be eligible for an extra