The US offshore wind industry has hit the ground running: Coastal states increased their long-term offshore wind targets by 58% in the third quarter of 2022. That sets a record for quarterly growth, according to the Business Network for Offshore Wind’s inaugural “US Offshore Wind Quarterly Market Report.”
US offshore wind growth
Groundbreaking federal policy, record investments, and new state-level legislature boosted the US offshore wind industry boom in the third quarter, with three things, in particular, spurring growth, which are, according to the report:
The Biden administration’s passage of the Inflation Reduction Act (IRA), which appropriated $369 billion in new clean energy funding, including billions in tax credits for offshore wind manufacturing.
Federal support for a floating wind turbine industry in the US, with the Biden administration’s Floating Offshore Wind Shot initiative and a goal to deploy 15 gigawatts (GW) of offshore wind power by 2035.
Ambitious new targets set by coastal states including California, which announced its planning goal to deploy 25 GW of floating offshore wind generation by 2045, and New Jersey, which increased its target from 7.5 GW by 2035 to 11 GW by 2040.
Liz Burdock, president and CEO of the Business Network for Offshore Wind, said:
Our inaugural quarterly report could not come at a more exciting time for offshore wind.
With historic federal funding, new support for floating wind turbine technology, and increasingly ambitious state-level goals, the longstanding aspirations of the American offshore wind industry are poised to become reality.
Despite this tremendous growth, the industry still must overcome challenges to upgrade our grid and transmission system, localize a robust supply chain, and train a skilled workforce.
Capitalizing on this momentum requires continued coordinated action from our state and federal government to deploy a comprehensive national offshore wind industrial strategy that includes critical investments in our infrastructure, ports, and manufacturers.
The “US Offshore Wind Quarterly Market Report” notes that the IRA and the Infrastructure Investment and Jobs Act, combined with efforts to bring greater transparency to the federal permitting system, underpin the beginnings of a National Offshore Wind Industrial Strategy and puts the US in striking position to achieve its goal of deploying 30 GW of offshore wind by 2030.
California has the largest US planning goal, but East Coast states lead on offshore wind commitments, development, and deployment. Massachusetts, New Jersey, New York, and Rhode Island in particular are moving the market forward at breakneck speed.
Electrek’s Take
The long-term targets are set, and the hard work has begun laying the foundations needed to deploy offshore wind at an enormous scale.
For example, as I wrote yesterday (link below), it doesn’t seem super titillating at first look that a power transformer factory is expanding. But it is because the infrastructure is being prepared for the massive amounts of clean energy that will come down the pipeline when those turbines are up and running. Ports are being upgraded. Components are being manufactured. New workers will be employed and trained up – there are potentially 44,000 jobs by 2030.
This report confirms the beginning of a US offshore wind revolution. This is, indeed, as Burdock says, an extremely exciting time.
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Royal Enfield’s eagerly anticipated electric motorcycles, unveiled late last year under the Flying Flea brand, are now confirmed to hit the market early next year. Eicher Motors Managing Director B. Govindarajan narrowed down the release window, confirming that the two models currently in testing, the FF-C6 and S6, will debut in the fourth quarter of the fiscal year 2026, corresponding to January through March 2026.
The announcement provides a clear timeline for eager e-motorcycling enthusiasts who have closely followed Royal Enfield’s pivot to electric mobility. Previously, the company had remained relatively tight-lipped about exact launch dates and even many of the upcoming bikes’ key specs, only hinting that the electric motorcycle project was progressing steadily.
The Flying Flea name is a historical nod, reviving memories of Royal Enfield’s lightweight motorcycle originally used during World War II for airborne operations. Just like its iconic namesake, the new Flying Flea electric motorcycles are expected to be compact, accessible, and user-friendly, aiming at urban commuters and younger riders seeking a blend of heritage styling with modern electric propulsion.
The FF-C6 and S6 represent two distinct offerings within Royal Enfield’s electric lineup, signaling an ambitious start for the company’s electrification strategy. While specific technical details remain scarce, previous hints suggest that the models will prioritize practicality, affordability, and moderate performance suited to daily commuting rather than high-end, performance-oriented segments.
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However, with a dearth of solid specs regarding power, range, or pricing, it’s too soon to tell how warmly the bikes may be received during their upcoming launch.
This cautious yet clear step into electric mobility aligns with Royal Enfield’s traditional ethos of delivering approachable motorcycles that combine classic design with dependable performance.
The company, owned by Eicher Motors, has enjoyed success internationally over the last decade, particularly with models like the Classic 350, Meteor 350, and Himalayan, which have resonated strongly with both new and experienced riders. The Flying Flea line is likely destined for international markets as well, though may launch solely in India first as Royal Enfield works to ramp up production.
Royal Enfield’s venture into electric motorcycles also follows a strategic €50 million investment by Eicher Motors into Stark Future, a cutting-edge electric motorcycle startup based near Barcelona, which likely helped Royal Enfield’s technical team.
For example, at the Flying Flea brand’s worldwide unveiling at the Milan Motorcycle Show last year, one of the company’s driving prototypes was spotted using several Stark VARG powertrain components to complete a working model for demonstration.
With electric motorcycles rapidly gaining popularity worldwide due to their efficiency, lower maintenance costs, and environmental advantages, Royal Enfield’s entry into this market comes at an opportune time. The company’s robust global presence and dedicated fan base provide a solid foundation for launching these models successfully.
With the success of relatively smaller electric motorcycles compared to the struggles of larger sport bike e-motorcycle companies, the Flying Flea appears positioned for a more welcoming market.
Given Royal Enfield’s knack for delivering motorcycles with a blend of nostalgic aesthetics and modern functionality, expectations are high for the FF-C6 and S6 to carve out their own distinct niche in the electric two-wheeler market. For now though, fans are still eagerly awaiting more information and details regarding the performance and price of the upcoming electric two-wheelers.
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It’s been less than a month since XPeng Motors began teasing a new camouflage sedan codenamed the E29. This morning (or this evening if you’re in China), XPeng unveiled the mystery sedan as its next-generation P7. This vast redesign of the Chinese automaker’s flagship BEV sedan is a bona fide stunner, and makes me wish I could drive one of my own in the US.
The P7 debuted at the Shanghai Auto Show in 2019 as XPeng’s first sedan and its second production model behind the now-discontinued G3 SUV. It was also the first XPeng model I ever drove during a trip to the Netherlands in 2022.
In its first two years of production, which began in 2020, XPeng built over 100,000 units of its flagship sedan, and the sport vehicle has remained a pillar in its global sales. Since its launch in China, we’ve seen XPeng deliver a 2023 refresh called the P7i and the P7+, complete with pure camera vision ADAS, which launched last fall as “the world’s first AI car.”
According to an internal letter sent out by XPeng founder, chairman, and CEO He Xiaopeng last December, the Chinese automaker has big plans for 2025 and beyond. It aims to become a globally recognized brand with a presence in over 60 countries by the end of the year.
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The internal letter also stated XPeng’s plans to launch a new or facelifted model nearly every quarter in 2025. In Q1, we saw the debut of the G7 SUV, starting at an ultra-competitive price of around $34,000 in China. Since then, XPeng has been teasing another new model, codenamed “E29,” spotted driving around Guangzhou, where XPeng is headquartered, in camouflage last month.
Today, XPeng confirmed the E29 is not a bespoke model, but instead a completely new generation of the P7, dreamt up by Chief Designer Rafik Ferrag, who led the creation of the original 2020 model. Have a look:
Source: XPeng Motors
XPeng shares first images of its stunning new P7 design
XPeng shared the initial images seen above alongside a brief press release outlining its exciting new design language as explained by its designer, Rafik Ferrag, who began teasing the new model on his own social media accounts earlier this week:
I’m very excited that the first official pictures and video are now visible to everyone. The original P7 was a milestone for XPENG and a turning point in China’s EV landscape. With this new generation, we set out to design a pure electric sports sedan that could amaze at every angle. This car is our dream—refined through countless iterations. In my eyes, the all-new XPENG P7 is a work of art, shaped with emotion and purpose.
The Chinese automaker explained that the new 5-seat P7 coupe reflects Ferrag’s “evolving design philosophy” and has been in development for the past five years. XPeng founder He Xiaopeng called it a “major upgrade” for the brand’s next leap in BEV technology, blending AI with luxury and the company’s new Turing Smart Driving system.
What specific technology the next-generation P7 holds remains unknown to the public at this time, but we were told more details will be revealed later. For now, we have our first official peek at this new futuristic model and a teaser video, which you can view below.
If the new P7 represents XPeng’s design language going forward, there should be many more exciting reveals in 2025 and beyond as the brand continues to expand into a globally recognized name.
Source: XPeng Motors
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The Persian Gulf Star gas condensate refinery in Bandar Abbas, Iran, on Jan. 9, 2019.
Ali Mohammadi | Bloomberg | Getty Images
Oil prices fell sharply on Thursday on expectations that the U.S. and Iran may soon reach a deal over Tehran’s nuclear program.
International benchmark Brent crude futures with July expiry were last seen trading 3.2% lower at $63.99 a barrel, paring some of its earlier losses. U.S. West Texas Intermediate futures, meanwhile, stood at $60.98, down 3.4% for the session.
Speaking in Doha, Qatar during his Middle East trip, U.S. President Donald Trump said the U.S. was getting close to securing a nuclear deal with Iran.
“We’re in very serious negotiations with Iran for long-term peace,” Trump said.
His comments come shortly after a top advisor to Iran’s supreme leader told NBC News that the OPEC producer was ready to sign a nuclear deal with certain conditions in exchange for the lifting of economic sanctions.
The prospect of a U.S.-Iran nuclear deal is expected to have profound implications for oil markets.
“The overnight development of a possible nuclear deal is the sole reason for the morning’s weakness. If an agreement is reached, Iran agrees to halt enriching weapon grade uranium and the deal is effectively enforced, which is hard to believe, then the Persian Gulf country’s crude oil exports can rise by as much as 1 [million barrels per day],” Tamas Varga, an analyst at brokerage PVM, told CNBC via email.
“It sounds price negative, but its impact will possibly be mitigated by OPEC+ rolling back on its plan to release barrels back to the market faster than originally planned,” he added.
OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, has surprised markets by raising supply in recent months.
Led by Saudi Arabia, the group agreed in early May to increase output by another 411,000 barrels per day in June. The move came one month after OPEC+ agreed to boost production in May by the same amount.
Economic pain
Iran’s economy has deteriorated dramatically in the years since Trump in 2018 withdrew the U.S. from the Iran nuclear deal, formally titled the Joint Comprehensive Plan of Action. The agreement was brokered in 2015 along with Russia, China, the EU and U.K. under the Obama administration to curb and stringently monitor Iran’s nuclear activity in exchange for sanctions relief.
Already facing several years of protests, significantly weakened currency, and a cost-of-living crisis, the Islamic Republic was hit with the hammer blow of losing its main ally in the Middle East last year, when the Assad regime collapsed in Syria. Tehran’s archenemy Israel, meanwhile, killed most of the senior leadership of Hezbollah, Iran’s proxy in Lebanon.
Iran’s Supreme Leader Ayatollah Ali Khamenei was formerly staunchly opposed to negotiations with the U.S., but senior Iranian government officials reportedly launched a coordinated effort to change his mind, framing the decision as critical to the regime’s survival.