Offshore wind projects are facing an economic crisis, with costs leading to cancellations and delays. Spain's Iberdrola SA and Danish developer Orsted A/S lost offshore wind bids in Massachusetts, Rhode Island and the UK, while Vattenfall AB canceled plans in the UK due to inflation. Rising costs and rising interest rates are putting more pressure on renewable energy projects as climate change and growing energy demand demand more power generation. While some projects are still underway, they require higher electricity prices to make the investment viable. Offshore wind power is critical to decarbonization goals as it is one of the most efficient ways to generate renewable electricity.