US offshore wind power capacity will reach 14GW by 2030, 16GW short of the 30GW goal set by the Biden administration in 2021, according to a new report released by the American Clear Power Association (ACP).
The 2024 Offshore Wind Market Report highlights that there are currently 12GW of projects with active offtake agreements, with 4GW under construction at Vineyard Wind, Revolution Wind and Coastal Virginia Offshore Wind.
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The US currently has only 174MW of installed offshore wind capacity, vastly outgunned by its rival China, which has nearly 38GW.
However, given that there is currently 56GW under development across 37 leases in the US, market analysts at ACP predict that the 2030 shortfall will be mitigated by 30GW deployed by 2033 and the 40GW online by 2035. This would mean that a total of 7.6GW of offshore wind projects are likely to be operational by the end of 2027.
The ACP report predicts that $65bn will be invested in US offshore wind projects by 2030.
Frank Macchiarola, ACP chief policy officer, said: “After the successful start-up of the 132MW South Fork wind farm earlier this year, and with 136MW operational at Vineyard Wind, offshore wind is gaining momentum.
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By GlobalData“Harnessing America’s offshore wind resources will boost economic activity, create jobs, reduce pollution providing environmental and public health benefits, and strengthen America’s energy security by enhancing grid reliability and energy independence,” he added.
The report also highlights that states are playing an important role in the drive for offshore wind in the US. Off the north-east coast, state solicitations could award procurement contracts for an additional 8.8–12.2GW of offshore wind projects in the second half of 2024.
New Jersey, New York, Massachusetts, Rhode Island and Connecticut have upcoming solicitations. Virginia has the most offshore wind capacity under construction with 2.58GW.
In April, the US Department of the Interior approved Avangrid’s 2.6GW New England Wind, the country’s eighth commercial-scale offshore wind energy project.
