The California State Lands Commission has partnered with the ports of Long Beach and Humboldt in a groundbreaking agreement to accelerate floating offshore wind energy development along the California coast.
The collaboration focuses on developing critical port infrastructure for turbine assembly, with installations planned 20-30 miles offshore of Humboldt County and Morro Bay. This initiative supports California’s ambitious goal of achieving 100% renewable energy by 2045, with offshore wind contributing up to 25 gigawatts.
“This agreement is a monumental step forward in California’s clean energy journey,” said Lieutenant Governor Eleni Kounalakis, highlighting the state’s commitment to sustainable and equitable development.
Port of Long Beach CEO Mario Cordero emphasized the economic impact, noting that the agreement, combined with recent climate bond approval and the state’s commitment to 7.6 gigawatts of offshore wind energy by 2035, will “create thousands of good-paying jobs”.
California’s offshore wind industry gained significant momentum following BOEM’s December 2022 offshore wind lease auction, which raised over $757 million for five lease areas off California’s coast. However, the future of the industry faces potential challenges with the incoming Trump administration, which has expressed opposition to offshore wind development.
The comprehensive framework includes provisions for transmission, workforce development, manufacturing, and supply chain considerations, while emphasizing environmental protection and engagement with Native American tribes and local communities.
In 2023, the Port of Long Beach announced plans for Pier Wind, a giant floating offshore wind facility designed to help California and the nation achieve renewable energy goals. The facility is planned as the largest of its kind in the U.S., enabling fully assembled floating turbines to be towed by sea.
The $4.7 billion project, spanning up to 400 acres within the Harbor District southwest of the Long Beach International Gateway Bridge, is slated to begin in January 2027, with the first 100 acres operational in early 2031, the second 100 acres operational in late 2031, and the last 200 acres coming online in 2035.
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Iraq will raise shipments of a key crude grade next month, part of an enlarged export program indicating that the OPEC+ nation is boosting its oil production.
The European Union on Friday agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry.
It was a relatively flat week for pricing on the major deepsea box shipping trades, with a scheduled mid-week general rate increase (GRI) failing to lift container spot rates on the headhaul eastbound transpacific route.
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