Offshore wind is a fledgling industry in the U.S. — one that, until this week, was poised for renewal after a slew of cancelled projects. The Biden administration had set a goal of deploying 30 gigawatts of projects by 2030 (approximately a 150-fold increase from the current amount of offshore wind generation nationwide),

Developers behind New York’s offshore wind projects are grappling with the prospect of billions of dollars in potentially lost value for renewable energy farms off the coast of Long Island. The downturn comes on the heels of a Monday executive order signed by President Donald Trump that suspends new federal offshore wind leasing and scrutinizes existing leases to possibly change or cancel those deals.

In a sweeping order, President Trump halted federal approvals for new wind farms, in a move that could affect projects on land and in the ocean.