A recent study ‘Offshore Wind Market and Economic’ looks at the economics of the wind market in the U.S. A few of the highlights from the report.:
- There are approximately four gigawatts (GW) of offshore wind installations worldwide. Nearly all of
this activity has centered on northwestern Europe, which has led the industry’s development since 1999, but China is gaining market position.
- Thirty-three announced offshore wind projects lay in varying stages of development in the U.S.,
primarily along the Atlantic Coast.
- Much of the expertise gained in the oil and gas sector has been leveraged in the offshore wind sector. Early turbine installation vessels were jack-up barges repurposed from the oil and gas sector.
- U.S. offshore wind development faces significant challenges: (1) the relatively high cost of offshore
wind energy; (2) a lack of infrastructure such as transmission and purpose-built ports and vessels;
and (3) uncertain and lengthy regulatory processes
- The development of an offshore wind industry in the U.S. will depend on the evolution of other
sectors in the economy. Factors within the power sector such as the capacity or price of competing
power generation technologies will affect the demand for offshore wind. Factors within industries that compete with offshore wind for resources (e.g., oil and gas, construction, and manufacturing) will affect the price of offshore wind power