Wind turbine foundation components at the Revolution Wind construction hub at the Port of Providence in Providence, Rhode Island, US, on Thursday, June 13, 2024. The 704-megawatt Revolution Wind project will be the first commercial-scale offshore wind project for Rhode Island and Connecticut and the first multi-state offshore wind farm in the country. Photographer: Adam Glanzman/Bloomberg
© 2024 Bloomberg Finance LP
Revolution Wind was exactly that. A revolutionary $6.2 billion offshore wind park, intended to supply 704 megawatts of electricity, enough to power 350,000 homes in Rhode Island and Connecticut within a year. Developed by Danish wind energy pioneer Ørsted, the project was a centerpiece of America’s offshore wind ambitions. Then, in late August 2025, a stop-work order came from the U.S. Department of the Interior, resulting in Revolution Wind coming to an abrupt halt. On September 22, a U.S. judge ruled that Ørsted could, for now, restart construction.
With new federal permits for wind projects being frozen, it is no secret that the political wind isn’t blowing in favor of this renewable source.
Wind Energy Is Now Cheaper Than Fossil Fuels
Yet, it is hard to deny the momentum behind wind energy.
According to the International Renewable Energy Agency, wind power is now cheaper than fossil fuels in all major markets. In 2024, onshore wind retained its position as the world’s most affordable source of new power generation, with a global weighted average levelized cost of electricity (LCOE) of just $0.034 per kilowatt-hour. That’s 53% cheaper than fossil fuel-based generation.
Offshore wind has followed a similar trajectory. While costs remain higher, the global LCOE dropped to $0.079 per kilowatt-hour in 2024 – 62% below 2010 levels. BoombergNEF forecasts a further 40% decline in U.S. offshore LCOEs by 2035, as economies of scale, infrastructure, and local supply chains mature.
INGENDORF, GERMANY – APRIL 15: Wind turbines stand next to a yellow blossoming rape field as water vapour rises from the cooling towers of the Neurath coal-fired power plant on April 15, 2024 in Ingendorf near Rommerskirchen, Germany. The German government has significantly increased the expansion paths and tender volumes for renewable energies such as solar and wind energy. Planning and authorisation procedures are being simplified. The expansion of renewable energies is gaining significant momentum. Germany is on a roadmap to shutter all of its coal-fired power production by 2038. (Photo by Andreas Rentz/Getty Images)
Getty Images
Wind Energy Creating Financial Returns And Community Value
From individual households to entire communities, wind energy has been proven to generate not only electricity, but lasting financial returns. Through cooperatives or municipal foundations, individuals can buy shares or invest directly in local wind projects. This model provides communities with a steady and reliable source of income while ensuring that the economic benefits of renewable energy remain local.
Some citizen wind parks are also embedded within broader community models that allocate a portion of profits into local foundations, such as infrastructure, social services, or energy rebates. Something that in turn can also increase the property value of a house.
PRODUCTION – 14 June 2022, Mecklenburg-Western Pomerania, Groß Schwiesow: Mayors, local politicians and interested citizens inspected the turbines on a wind turbine with the roof open. (Aerial view with a drone) The State Energy and Climate Protection Agency of Mecklenburg-Vorpommern and the State Association of Renewable Energies MV organized the wind farm tour and provided information about renewable energy generation projects. Photo: Jens Büttner/dpa (Photo by Jens Büttner/picture alliance via Getty Images)
dpa/picture alliance via Getty Images
Wind Energy Breaks New Ground – And Heights
Besides evolving economically, the technology around wind energy is constantly reaching new heights. Floating wind farms are expanding into deeper waters where fixed-bottom turbines can’t go. This is especially crucial for regions, where steep coastal shelves and limited onshore space make traditional wind development difficult. Companies are also exploring the use of hybrid platforms that combine offshore wind turbines and wave energy buoys – allowing power to be harvested continuously.
Onshore, innovation is breaking new ground too. Self-erecting towers can now simplify logistics, reduce capital and labor costs, and enable turbines to reach new heights in areas with challenging terrain or limited infrastructure. In a former lignite mining area in Eastern Germany, engineers are currently constructing what will become the tallest wind turbine in the world. A 1,198-foot structure, which is taller than the Eiffel Tower, is expected to produce up to 40% more electricity than conventional models.
PRODUCTION – 03 May 2023, Brandenburg, Klettwitz: The 300 meter high wind measuring mast rises into the sky on the plateau in Klettwitz near Schipkau (district of Oberspreewald-Lausitz). On 04.05.2023 the commissioning of the world’s highest wind measuring mast will take place. At a height of 300 meters, the wind supply will be systematically determined over the next 12 months. The findings from this project will form the basis for future high-altitude wind towers. These will complement existing wind farms. The measuring mast is being built by the GICON Group on behalf of beventum GmbH. The project is funded by the German Federal Ministry of Education and Research. Photo: Patrick Pleul/dpa (Photo by Patrick Pleul/picture alliance via Getty Images)
dpa/picture alliance via Getty Images
China’s Lead Brings Challenge, And Opportunity
While U.S. policy shifts create short-term barriers, global market dynamics are moving fast. Despite Europe building less new wind than expected this year, there was a surge in onshore wind built in Germany thanks to advancements in permitting processes. And there is further hope on the horizon, with €34 billion in Final Investment Decisions for new wind farms in the first half of the year. This is already more than the total investment in 2024.
But unsurprisingly China has taken the lead. In 2025, China approved more new wind capacity than the rest of the world combined. Beyond installations, they are also gaining ground on the full wind energy value chain – from rare earth mining and turbine component manufacturing to complete project delivery.
Chinese turbines remain 30-40% cheaper than Western equivalents. They are also quicker to deploy, and increasingly prevalent across both western and emerging markets. That’s no coincidence. Just like solar producers, China’s wind developers are state backed and benefit from massive economies of scale, streamlined permitting, and strategic industrial policy.
This raises both challenges and opportunities. On the one hand, western wind manufacturers are losing market share, innovation cycles are slowing, and investment in domestic supply chains is falling behind. On the other hand, China’s rapid progress provides valuable lessons in scaling up, integrating policy with industry, and driving down costs.
As wind becomes a central pillar of national energy infrastructure, a resilient domestic industrial base is not only about competitiveness but also about long-term energy security. Political decisions that halt or delay projects risk stalling the transition and leaving the United States on the sidelines of a defining industrial race.
TOPSHOT – An employee works on a wind turbine tower at a factory in Lianyungang, in China’s eastern Jiangsu province on May 31, 2023. (Photo by AFP) / China OUT (Photo by STR/AFP via Getty Images)
AFP via Getty Images
Facing Headwinds To Ensure A Balanced Energy Mix
The story of Ørsted’s Revolution Wind was meant to be one of momentum – a visible milestone in the U.S. clean energy transition. Its suspension was a setback, but not a verdict. Because the case for wind energy doesn’t rest on ideology, it rests on economics, innovation, and security. It’s cheaper than fossil fuels, backed by public demand, and filled with technological potential. It creates value for households, communities, and entire economies. Most importantly, it stands as a significant pillar of a diverse energy mix, one that enables each region to harness the resources it has: in some places the sun, in others the wind, in others the ocean. In a world shaped by intensifying climate and geopolitical risks, supporting wind energy is therefore an investment in resilience, prosperity, and long-term competitiveness.
