Proposed Budget Bill Provides Benefits and Potential Restrictions for Offshore Wind

Proposed oil leasing requirements could limit offshore wind development off California.

The Inflation Reduction Act of 2022, a proposed budget reconciliation bill of more than $700 billion, includes a number of provisions that benefit the offshore wind industry. However, a requirement that makes new offshore wind leasing contingent on oil and gas leasing could hinder offshore wind development off the coast of California given the intense o…