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Photo shows the installation of the first offshore wind turbine at South Fork Wind

The first offshore wind turbine is installed at the South Fork Wind project offshore New York. Photo courtesy New York State

U.S. Offshore Wind: $65 Billion Investment and 56,000 Jobs by 2030, Report Shows

Mike Schuler
Total Views: 138
July 9, 2024

A new report from the American Clean Power Association (ACP) projects $65 billion in investments and 56,000 jobs in U.S. offshore wind by 2030.

Currently, 12 gigawatts (GW) of offshore wind projects have active offtake agreements, including 4 GW under active construction at Vineyard Wind, Revolution Wind, and Coastal Virginia Offshore Wind. Across 37 leases in the U.S., there are now 56 GW (56,363 MW) of capacity under development, enough to power the equivalent of 22 million homes.

Market analysts forecast that 14 GW of offshore wind will be deployed by 2030, 30 GW by 2033, and 40 GW by 2035. These projections build on the 7.6 GW of offshore wind projects aiming to be operational by the end of 2027. The Biden Administration has set a target of deploying 30 GW of offshore wind energy capacity by 2030.

Former President Donald Trump, the presumptive Republican nominee, has vowed to issue an executive order targeting offshore wind development on “day one” if he wins a second term.

American Clean Power Association (ACP) chart from its 2024 Offshore Wind Market Report
American Clean Power Association (ACP) chart from its 2024 Offshore Wind Market Report

“After the successful start-up of the 132 MW South Fork wind farm earlier this year, and with 136 MW operational at Vineyard Wind, offshore wind is gaining momentum with three projects under construction and thirty-seven more in development,” said ACP Chief Policy Officer Frank Macchiarola. “Harnessing America’s offshore wind resources will boost economic activity, create jobs, reduce pollution, and strengthen America’s energy security by enhancing grid reliability and energy independence.”

The report also highlights the economic impact on shipbuilding and port infrastructure, with over 40 new vessels in progress and $3 billion in supply chain investments in 2023. Investments include 28 Crew Transfer Vessels (CTV), seven Service Operation Vessels (SOV), two types of installation vessels, and two tugs and two barges for offshore wind operations and maintenance. In 2023 alone, a record $3 billion was committed to supply chain investments, with total infrastructure investment announcements now exceeding $9 billion.

State solicitations in the Northeast could award additional contracts for 8,800 – 12,200 MW of offshore wind projects in late 2024, with New Jersey leading in contracted projects and Virginia having the most capacity under construction.

Despite contract cancellations and rebidding in 2023, states are expediting new solicitations for offshore wind development. The Bureau of Ocean Energy Management (BOEM) plans four lease sales in late 2024, opening nearly 1.9 million acres for potential 20 GW of future clean power generation.

BOEM has issued a Record of Decision for nine lease areas involving 12 projects as of July 5, 2024, allowing construction to proceed. Additionally, seven other projects have submitted Construction and Operations Plans, with five receiving a draft Environmental Impact Statement, advancing them in the permitting process.

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