Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Lazaro Gamio/Axios

HOUSTON — Power from offshore wind is finally poised for liftoff in the U.S.

Why it matters: The U.S. has long been a laggard, but that's poised to change thanks to a convergence of forces that analysts see bringing enough coastal wind online over the next decade to power millions of homes.

What's happening: A huge energy conference here in the nation's oil-and-gas capital offers a window into what's prompting giant energy companies to plan multibillion dollar investments. It's a story of...

  • Atlantic Coast states moving ahead with zero-emissions power procurement policies.
  • Oil-and-gas majors expanding their low-carbon power portfolios.
  • Technology evolution and falling costs.
  • The Trump administration supporting the development even as it abandons Obama-era climate programs.

What they're saying: "The missing piece for some time was actually an interest from the states up along the coast to acquire this power from this industry," says Christer af Geijerstam, who heads U.S. wind efforts for the oil-and-gas giant Equinor.

  • "That's where we have seen the significant shift the last 2–3 years being led by New York and Massachusetts," he tells Axios while at the big CERAWeek by IHS Markit conference.

ICYMI: In December, Equinor was among the winning bidders in a federal auction of development sites that are off the Massachusetts coast.

  • This adds to another site in federal waters off New York that it had acquired in 2016.
  • They paid $135 million for the Massachusetts site in the Interior Department auction that brought in a record-shattering $405 million.
  • I asked if Equinor would bid in federal lease auctions in the planning stages off New York and California. He said yes and offered no caveats.

The big picture: IHS Markit's current forecast sees 7 gigawatts of offshore wind coming online in the U.S. by 2030, up from almost nothing today. But that estimate could rise.

  • "We will be looking carefully at what the outcome of solicitations in Massachusetts and New Jersey and New York is going to be," IHS associate director Max Cohen says.
  • Bloomberg NEF already projects 11.4 gigawatts of capacity by 2030. They've upped their estimate thanks to a combination of specific solicitations and long-term targets by state governments in Virginia, New Jersey and elsewhere.

Where it stands: Equinor is among several deep-pocketed companies in the space planning projects. Here are some other players...

  • Danish wind giant Orsted bought the U.S. firm Deepwater Wind last year.
  • A joint venture between Shell and EDP also had a winning bid in the recent Massachusetts sale. "The U.S. has a magnificent wind resource right next to a large population and highly densely populated areas," Enrique Alvarez Uria of EDP Renewables said at a panel here yesterday. He estimated EDP's effort with Shell could be a $4 billion to $6 billion capital investment.
  • Vineyard Wind, which is co-owned by Copenhagen Infrastructure Partners and Iberdrola's Avangrid Renewables, snapped up a lease that adds to their plans for a separate project in the region.

What we're hearing: One real but hard to quantify factor is the role shareholder pressure plays in the moves by oil majors to diversify into renewables.

  • “The changing ESG [environmental, social and governance] landscape is really going to move capital,” Jonathon Kaufman, the co-head of the power and renewables group at Credit Suisse, said at a separate panel discussion yesterday.
  • Kaufman tells me that for oil majors, the growing moves into renewables require a balance between competing goals, particularly when fossil fuel projects deliver higher margins.
  • "There's this tension between putting money into something that's much lower returns, but also evolving their business mix," he adds.

The intrigue: Offshore wind has long been a big thing in Europe. But one irony of the U.S. delay in entering this sector is the upside of being a late mover — lower costs.

  • "The U.S. came late to the show, but they’re certainly sort of reaping the technology benefits from Europe," af Geijerstam said, noting the projects here start "really, really low on the cost trajectory."

Go deeper

Scoop: Stephanie Ruhle to replace Brian Williams on MSNBC

Photo: Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images via Getty Images

MSNBC will soon announce plans to move morning anchor Stephanie Ruhle to the 11 pm ET hour that Brian Williams turned into an elite destination, two sources familiar with the move tell Axios.

Details: The 9 am ET hour, currently hosted by Ruhle, will become part of MSNBC's flagship morning show, "Morning Joe," which currently runs from 6 am to 9 am ET.

Oath Keepers leader denied bail on Capitol riot sedition charge

Oath Keepers co-founder Elmer Stewart Rhodes. Photo: Susan Walsh/AP

A federal judge ordered Oath Keepers leader Stewart Rhodes to remain jailed Wednesday until trial on charges stemming from the Capitol riot.

Why it matters: The judge said the most prominent far-right figure charged in the Jan. 6, 2021, insurrection had access to weapons and his alleged "continued advocacy for violence against the federal government" gave credence to prosecutors' view that, if released, Rhodes could endanger others.

Who in Congress is talking about Ukraine the most

Data: Quorum; Chart: Will Chase/Axios

Mentions of Ukraine or Ukrainian President Volodymyr Zelensky in congressional statements and social media posts have been on the rise — with nearly 1,000 already this month, according to data from Quorum.

Why it matters: The growing threat of a Russian invasion has been mirrored by a growth in Ukraine-related chatter.