Big turnout expected in New York offshore wind power auction

Several offshore wind developers will likely bid in New York's fourth offshore wind solicitation by the Thursday deadline, including units of European energy firms Orsted, Equinor and BP. The development of the U.S. offshore wind industry took a major blow last year when companies working in several states said they could no longer complete projects profitably because of rocketing construction costs, higher interest rates and supply chain snags. The development of the industry is key to meeting both U.S. President Joe Biden and U.S. state-level clean energy targets.