Even in Europe, offshore wind is facing headwinds

An auction for new renewables projects in the U.K. drew no bids for offshore wind farms, per results published last week.

Why it matters: The lack of interest further underscores just how ugly things have gotten for the offshore wind sector.

What's happening: Offshore wind developers said the potential U.K. projects were unviable due to inflation, ongoing supply chain problems, and continued mechanical issues with turbines.

• Developers have cited similar cost challenges in the U.S.

Of note: The British government added £22 million to the incentives it was offering, bringing the total potential subsidies to £227 million. But that wasn't enough to entice bids from developers, per Reuters.

Meanwhile, on the European continent, wind developers in Germany say that long delays for road-transport permits are preventing them from hauling needed parts to new wind farms, further delaying projects and driving up costs there.