Tag: offshore wind projects

US Offshore Wind Development Review: Briefing

Offshore wind is an energy source that has seen explosive global growth over the past decade. In the United States, the offshore wind industry had another landmark year in 2022, and the authors expect the same for 2023. Mayer Brown’s Year in Review highlights the major US milestones in 2022, some expected in 2023, projects underway, and the status of state incentive programs.

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Economic impact of offshore wind leasing in US

In October 2021, BOEM announced a proposed schedule for seven new lease area auctions across the United States by 2025. This study forecasts the revenue that BOEM could expect to accrue both from the sale of the area leases and the long-term rents and operating fees paid by projects developed in those areas, which necessarily involves estimating the size of the lease areas that will go to auction in the remaining four lease areas.

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Offshore wind projects in the US

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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