The US is now on track to achieve at least 30 gigawatts (GW) of offshore wind generation by 2030 – a goal that the Biden administration announced on March 29, 2021.
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30 GW of US offshore wind by 2030
The US offshore wind industry is still in its early stages, but the Business Network for Offshore Wind notes that Massachusetts, New Jersey, and New York are taking active steps to procure more than 45 GW of offshore wind by 2040. To date, 17.5 GW of offshore wind projects have secured financing.
Further, S&P Global Market Intelligence reported this week that the US has 30.7 GW of offshore wind projects in the pipeline. S&P Global Market Intelligence writes:
[T]he Biden administration faces a time crunch in reaching the goal: By 2025, the US will have 4,733 MW of operating offshore wind capacity if all projects are built on time, the data show. Another 16,218 MW of capacity is scheduled for completion between 2025 and 2030, when the U.S. will have 20,951 MW of operating capacity. Newer project proposals totaling 8,128 MW of capacity have not disclosed in-service dates.
As of January 13, according to S&P Global Market Intelligence, 14,316 megawatts (MW) of offshore wind capacity were in early development; 10,386 MW were announced; 5,104 MW were in advanced development; and 932 MW were under construction.
Both federal and state support in the last year for the fledgling US offshore wind industry means that doors opened quickly for offshore wind developers. Further, utilities in the northeastern states where offshore wind is planned see it as a cost-effective opportunity to reach their own emissions reduction goals, so they’re buying in.
This is a great start, but there is so much potential to ramp up offshore wind beyond 30 GW, and not just in the northeast. The US only needs to look to Europe to see where it can go – the sky’s the limit.
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