US offshore wind to invest $65bn by 2030

Posted on 09 July 2024

US offshore wind to invest $65bn by 2030
Pipeline of projects could support 56,000 domestic jobs by the end of the decade

The US is projected to invest $65bn in offshore wind projects by 2030, which will support 56,000 domestic jobs.

According to the American Clean Power Association’s (ACP) 2024 Offshore Wind Market Report, there are 12GW of projects with active offtake agreements, including 4GW under active construction at Vineyard Wind, Revolution Wind and Coastal Virginia Offshore Wind.

Across 37 leases in the US, there is now 56GW of capacity under development, enough electricity to power the equivalent of 22 million homes.

Market analysts forecast that there will be 14GW of offshore wind deployed by 2030, 30GW by 2033 and 40GW online by 2035.

These outlooks build on the 7.6GW of offshore wind projects seeking to be operational by the end of 2027.

“After the successful start-up of the 132MW South Fork wind farm earlier this year, and with 136MW operational at Vineyard Wind, offshore wind is gaining momentum with three projects under construction and thirty-seven more in development,” said ACP chief policy officer Frank Macchiarola.

“Harnessing America’s offshore wind resources will boost economic activity, create jobs, reduce pollution providing environmental and public health benefits, and strengthen America’s energy security by enhancing grid reliability and energy independence."

The new report also highlights the economic impact of offshore wind on domestic US shipbuilding, port infrastructure, and other supply chain activities.

There are more than 40 new vessels on order or under construction to support the industry.

The industry committed a record $3bn of supply chain investment in 2023 alone, with total infrastructure investment announcements now exceeding $9bn.

The Offshore Wind Market Report underscores the important role that states are playing in driving US offshore wind development.

State solicitations could award procurement contracts for an additional 8800MW-12,200MW of offshore wind projects in the second half of 2024, all located off the Northeast coast.

States with ongoing or upcoming solicitations include New Jersey, New York, Massachusetts, Rhode Island, and Connecticut.

New Jersey took the lead among the states for most offshore wind capacity under contract.

The Garden State has 5252MW of projects under contract.

Virginia has the most offshore wind capacity under construction, with 2587MW.

Source: ReNews (https://renews.biz/94409/us-offshore-wind-to-invest-65bn-by-2030/)

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