Planned offshore wind facilities off the U.S. East Coast are effectively blocked from participating in the PJM Interconnection’s multibillion-dollar capacity market under Trump-era rules promulgated by a Republican majority at the Federal Energy Regulatory Commission.
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2021 does mark a clear milestone for the offshore wind industry in the US. Although the federal government had not impeded progress, as the Department of the Interior had conducted leasing of offshore wind areas and permitted demonstration projects, it was not until the Biden administration that the federal government demonstrated firm support for the industry.
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On March 29, 2021, President Joe Biden announced big plans to expand offshore wind power, with 30 GW planned along the US coasts by 2030, backed by billions in federal loan guarantees. According to DOE, this move could potentially power 10 million homes in the future and avoid 78 million metric tons of CO2 emissions. The 30 GW target will spur USD12 billion in capital investment annually
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After years of false starts, offshore wind is poised to take off along the East Coast. Commitments by states to purchase renewable power, support from the Biden administration, and billions in new investment are all contributing to the emergence of this fledgling industry.
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Equinor ASA has completed the sale of a 50 per cent stake in two major lease areas off the US East Coast to BP. This includes the development of two offshore wind projects with a cumulative capacity of 4.4 GW. The sale and partnership were announced earlier in September 2020.
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According to forecasts, the US offshore wind industry is expected to deliver 25 GW by 2029. Of this, 9 GW has already been contracted or will be soon approved. The state renewable purchase standards contracting call for 34 GW by 2035. Meanwhile the Federal lease program currently supports approximately 20 GW to 30 GW of projects depending on turbine density.
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Avangrid Renewables has submitted a plan to federal regulators for the first 800-MW phase of its Kitty Hawk offshore wind project, an opening move in a plan to build 2.5 GW of wind power off the Virginia and North Carolina coast over the coming decade.
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Danish offshore wind company Ørsted has closed a deal to sell 25 per cent in one of the largest offshore wind project in the US, the 1.1GW Ocean Wind project, to New Jersey’s Public Service Enterprise Group (PSEG) for an undisclosed amount.
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Lawrence Berkeley National Laboratory recently published its Wind Energy Technology Data Update: 2020 Edition. Check out the 87-slide presentation to understand the installation trends, industry and technology data, cost and performance trends, power sale price and levellised cost, and price and value comparisons among other details.
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