Economic Impact & Financing

New York Offshore Wind Cost Reduction Study

Source/Sponsor: 
Special Initiative on Offshore Wind
Creator/Author: 
Stephanie McClellan
Description: 

A new study, conducted by the University of Delaware's Special Initiative on Offshore Wind for the New York State Energy Research and Development Authority, offers a roadmap of key strategic steps New York State can take to reduce costs of offshore wind power over the next decade. The study finds that ongoing technology and industry advances combined with actions New York could take, independently or with other states, could lower costs for offshore wind power as much as 50 percent and bring the clean-energy source closer to realizing its potential for "delivering utility-scale renewable electric generation" to New York City and nearby areas such as Long Island.  

A primary conclusion from the report is that supporting offshore wind development at scale, rather than on a project-by-project basis, could have the greatest impact on reducing costs.  Other actions the report cites that could lower costs include creating and using innovative financing mechanisms, developing infrastructure to reduce costs, and supporting site characterization for early projects to reduce development expenses and risk.

The study notes that while onshore wind development has expanded rapidly in the U.S., no operational offshore wind power projects have been completed to date due to complex construction challenges and the need for operational infrastructure that doesn't exist today in the U.S.  These factors lead to high costs and have delayed deployment.

The study identifies multiple paths for reducing offshore wind power costs in New York State, emphasizing that the "State can take actions in the near term to lower its costs substantially, independent of expected external reductions over the next decade." The study finds that taking advantage of wind turbine innovations and other technology and industry advances could lower costs about 20 percent. Direct steps taken by New York State could contribute up to an additional 30 percent reduction in a project's cost.http://www.ceoe.udel.edu/File%20Library/About/SIOW/New-York-Offshore-Wind-Cost-Reduction-Study-ff8-2.pdf

Publication Date: 
Tuesday, March 10, 2015
Resource Type: 
Document
State: 

Cape Wind Contracts Terminated

Source/Sponsor: 
NSTAR, National Grid
Creator/Author: 
NSTAR, National Grid
Description: 

The two major PPAs for Cape Wind's offshore wind power were terminated in January 2015. Details are available here: http://www.masslive.com/business-news/index.ssf/2015/01/cape_wind_loses_contracts_with_northeast.html

Publication Date: 
Tuesday, January 6, 2015
Resource Type: 
Other

SR112 Senate Resolution in Support of Offshore Wind

Source/Sponsor: 
Sen. Bob Smith, Sen. Stephen Sweeney
Creator/Author: 
Sen. Bob Smith, Sen. Stephen Sweeney
Description: 

A Senate Resolution urging the Board of Public Utilities to expeditiously adopt regulations pursuant to the “Offshore Wind Economic Development Act” to implement an offshore wind renewable energy certificate program and pursuant to the “Electric Discount and Energy Competition Act” to establish energy efficiency portfolio standards.  http://www.njleg.state.nj.us/2014/Bills/SR/112_I1.HTM

Publication Date: 
Thursday, January 15, 2015
Resource Type: 
Document
State: 

NJ Senate Bill 2711 in Support of Offshore Wind

Source/Sponsor: 
Sen. Bob Smith, Sen. Jim Whelan
Creator/Author: 
Sen. Bob Smith, Sen. Jim Whelan
Description: 

This bill would require the Board of Public Utilities to approve a qualified wind energy project that is located in territorial waters offshore of a municipality in which casino gaming is authorized as provided in section 4 of P.L.2010, c.57 (C.48:3-87.2). The bill  would also remove the requirements that (1) the entity seeking to construct the project prepare and submit a cost-benefit analysis to the board, and (2) the board's approval of the project depend in part upon the results of a cost-benefit analysis.

http://www.njleg.state.nj.us/2014/Bills/S3000/2711_I1.PDF

Publication Date: 
Thursday, January 15, 2015
Resource Type: 
Document
State: 

Jon Mitchell Remarks Concerning HN 3698

Source/Sponsor: 
Massachusetts Joint Committee on Telecommunications, Utilities and Energy
Creator/Author: 
Jon Mitchell
Description: 

Jon Mitchell, Mayor of New Bedford, MA, provides remarks on Massachusetts House Number 3968, a bill requiring energy distribution companies to buy no less than 18,900,000 MWH from clean energy generators. Mitchell argues that the bill should have a carveout for offshore wind generators. 

pdf
107 KB
Publication Date: 
Tuesday, April 8, 2014
Resource Type: 
Document

Patrick-Murray Administration Announces Federal Approval of Offshore Wind Deployment

Source/Sponsor: 
Massachusetts Clean Energy Center
Creator/Author: 
Catherine Williams, Matt Kakley
Description: 

The Patrick-Murray Administration announced EPA approval of the New Bedford Marine Commerce Terminal. This approval allows the project to accept bids from prospective developers. The project is a $100 million facility designed for marine traffic related to offshore wind turbine installation. 

Read the press release here

Publication Date: 
Sunday, November 18, 2012
Resource Type: 
Website

New Bedford Marine Commerce Terminal Brochure

Source/Sponsor: 
Massachusetts Clean Energy Center
Creator/Author: 
Bill White
Description: 

The Massachusetts Clean Energy Center provides a technical brochure outlining the benefits of the New Bedford Commerce Marine Terminal. In addition to offshore wind traffic, the terminal will provide benefits to hurricane barriers, more heavy load capacity, better waste water disposal, and shorter load times. 

pdf
1 MB
Publication Date: 
Sunday, June 1, 2014
Resource Type: 
Document

MassCEC Solicits Bids for New Bedford Marine Terminal Construction

Source/Sponsor: 
Massachusetts Clean Energy Center
Creator/Author: 
Catherine Williams, Matt Kakley
Description: 

The Massachusetts Clean Energy Center announced that it is accepting bids for the construction of the New Bedford Marine Commerce Terminal. The project is a $100 million enhancement to become the first American port to support offshore wind turbine traffic. 

Read this document online here

Publication Date: 
Tuesday, December 11, 2012
Resource Type: 
Website

Cable Contract for Cape Wind

Source/Sponsor: 
Cape Wind
Creator/Author: 
Cape Wind
Description: 

Cape Wind announces that Prysmian Cables and Systems USA and Caldwell Marine International will be involved in providing the transmission cables that will carry the electricity produced by Cape Wind to the grid. Caldwell Marine will install the submarine intra array and export cables. Prysmian Cables will construct the grid interconnection. 

pdf
57 KB
Publication Date: 
Thursday, March 13, 2014
Resource Type: 
Document

Litigation History of Cape Wind

Source/Sponsor: 
Cape Wind
Creator/Author: 
Cape Wind
Description: 

Cape Wind gives a brief overview of the litigation that the project has been involved in since 2003. Of the 32 cases filed against Cape Wind, 26 ruled in favor of Cape Wind, 5 were withdrawn, and the one ruling against was temporary. 

pdf
373 KB
Publication Date: 
Friday, May 2, 2014
Resource Type: 
Document

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