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The U.S. offshore wind sector continues to pick up speed on its journey to deploy 30 GW of offshore wind by 2030 and 110 GW by 2050, with a total investment of $205 billion required for the 70 GW of capacity forecast to be added in this and the next decade.
This is the conclusion of the latest monthly report from Intelatus Global Partners on the growing U.S. offshore wind market.
Philip Lewis, Research Director at Intelatus Global Partners, gave an overview of the progress the U.S. offshore wind projects are making:"Two major OCS projects with around 940 MW of capacity have reached FID and have commenced onshore construction, and ten OCS developments with a potential for more than 15 GW are undergoing federal permitting review. Furthermore, 17.5 GW of project capacity has secured offtake commitments from states, and at least 6.2 GW of new OCS capacity in the South Atlantic and California is planned to be auctioned before the end of this year."
"Longer term, leasing plans for the Gulf of Mexico, the Central Atlantic, Oregon and the Gulf of Maine are being developed for auctions before the end of 2024. Also, an unsolicited request has been submitted to develop a 2 GW floating wind farm in Washington State, turbine component, foundation, and cable factories and Jones Act wind farm vessels are being built in the U.S. and offshore wind port development is accelerating," Lewis said.
$205 Billion Capex
Lewis further said: “Our forecast accounts for projects that will install close to 70 GW of capacity in this and the next decade. The forecast capacity will require capital expenditure amounting to $205 billion to bring onstream, a recurring annual operations and maintenance spend of $7 billion once delivered, and close to $31 billion of decommissioning expenditure at the end of commercial operations”.
All is discussed in Intelatus Global Partners’ May U.S. Offshore Wind Report. Also in the project section of the report are details for over 60 projects in the planning stage, two projects in construction, and two wind farms currently in service. The report is accompanied by an online database. Information is current as of 3 May.
For more information about the U.S. Offshore Wind Market Forecast, please visit www.intelatus.com or contact Michael Kozlowski at +1 561-733-2477or Philip Lewis at +44 203-966-2492