(Source: ACP)
The American Clean Power Council (ACP) has released its 2024 offshore wind market report, showing that the renewable energy industry expects to invest $65 billion in offshore wind projects by 2030.
There are currently 12 GW of projects with valid offtake agreements, and 56 GW of capacity under development across 37 leases in the U.S., according to the report.
Market analysts forecast that 14GW of offshore wind will be installed by 2030, 30GW by 2033 and 40GW by 2035. These forecasts are based on 7.6GW of offshore wind projects aiming to be operational by 2027.
“With the successful startup of the 132-MW South Fork Wind Farm earlier this year and the additional 136-MW Vineyard Wind now online, offshore wind is gaining momentum, with three projects currently under construction and another 37 in development,” said Frank Macchiarola, ACP’s chief policy officer.
“Harnessing America’s offshore wind resources will boost economic activity, create jobs, benefit the environment and public health by reducing pollution, and strengthen American energy security by increasing grid reliability and energy independence.”
The new report also highlights the economic impact that offshore wind will have on the U.S. domestic shipbuilding industry, port infrastructure and other supply chain activities. More than 40 new ships are currently on order or under construction to support the industry.
The investment includes 28 CTVs, seven service operations vessels, two tugs and two barges to support offshore wind operations and maintenance. Total infrastructure investment in the industry now exceeds $9 billion.
State bidding could also result in procurement contracts for an additional 12,200 MW of offshore wind projects later this year. States with bidding underway or scheduled to commence include New Jersey, New York, Massachusetts, Rhode Island and Connecticut.
The report noted that while contract cancellations and rebiddings have impacted offshore wind development in 2023, states have been quick to open new bidding and streamline the process.
Momentum and investment are likely to continue, with BOEM planning four lease sales later this year in the Mid-Atlantic, Oregon, Gulf of Maine and Gulf of Mexico.
