US offshore wind: poised for exponential growth
The US offshore wind industry is coming of age and now set for decades of rapid growth. With only 30MW in service, developments are currently well behind those in Europe. But state climate and renewable energy goals, together with state-run competitive procurements, aim to support at least 29GW of new development by 2035.
Understanding the federal and state regulatory framework is key to appreciating this emerging investment opportunity and the regulations’ impact on project revenue streams. Due to its relative size, we see that offshore wind will also have a significant impact on the three competitive wholesale power markets it will be participating in (PJM, New York ISO and ISO New England).
In a webinar on 17 September, Claire Behrens, Brandon Hardman and Charles Merrick provide AFRY’s outlook for US offshore wind, including:
- where activity is occurring and the main policy drivers;
- an overview of state competitive procurement approaches and associated project awards; and
- the key effects of offshore wind on East Coast markets, including generation build, capture prices, curtailment and its role in system security.