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U.S. Wind – May 2022 Market Report

The U.S. offshore wind segment continues to pick up speed on its journey to deploy 30 GW of offshore wind by 2030 and 110 GW by 2050.

Two major OCS projects with around 940 MW of capacity have reached FID and have commenced onshore construction, 10 OCS developments with a potential for more than 15 GW are undergoing federal permitting review, 17.5 GW of project capacity has secured offtake commitments from states, 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, 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.

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:

  • 2 offshore wind projects have passed the FID stage, have finalized major contract commitments and have commenced onshore construction.
  • 1 OCS bottom-fixed project and 2 demonstration projects, one of which floating wind technology, where an FID is expected within the next 18 months.
  • 18 projects in the midterm planning stage where an FID is expected between 18 and 36 months.
  • 11 projects in the early planning stage where an FID is expected to be taken in 36-60 months.
  • Another 13 areas that will support close over 17 GW of future offshore wind projects and where an FID is expected after 60 months.

We also review 22 offshore areas at the planning stage in the Atlantic, Pacific and Gulf of Mexico that will support the longer-term U.S. ambition of deploying 110 GW of offshore wind by 2050.

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