Economic Impact & Financing

Large-Scale Offshore Wind Power in the United States: Assessment of Opportunities and Barriers

Source/Sponsor: 
National Renewable Energy Laboratory
Creator/Author: 
Walter Musial, NREL & Bonnie Ram, Energetics
Description: 

This NREL analysis takes a look at the US offshore wind market and discusses the barriers and challenges to growing the industry. Technological advances, siting strategies, risk reduction, and accelerated permitting can all play a significant role in driving the US market.  

http://www.nrel.gov/wind/pdfs/40745.pdf

Resource Type: 
Document

Installation, Operation, and Maintenance Strategies to Reduce the Cost of Offshore Wind Energy

Source/Sponsor: 
National Renewable Energy Laboratory
Creator/Author: 
B. Maples, G. Saur, and M. Hand National Renewable Energy Laboratory R. van de Pietermen and T. Obdam Energy Research Centre of the Netherlands
Description: 

This report is intended to provide offshore wind industry stakeholders a basis for evaluating potential cost saving installation, operation, and maintenance (IO&M) strategies and technologies.

http://www.nrel.gov/docs/fy13osti/57403.pdf

Resource Type: 
Document
Multi-State:

Offshore Wind Market and Economic Analysis

Source/Sponsor: 
US Department of Energy
Creator/Author: 
Navigant
Description: 

The objective of this report is to provide a comprehensive annual assessment of the U.S. offshore wind market. The report will be updated and published annually for a three-year period. The report was first published in early 2013 covering research performed in 2012. This 2nd annual report focuses on new developments that have occurred in 2013. The report will provide stakeholders with a reliable and consistent data source addressing entry barriers and U.S. competitiveness in the offshore wind market.

http://www1.eere.energy.gov/wind/pdfs/offshore_wind_market_and_economic_analysis_10_2013.pdf

Publication Date: 
Thursday, October 17, 2013
Resource Type: 
Document
Multi-State:

Offshore Wind Jobs and Economic Development Impacts in the United States: Four Regional Scenarios

Source/Sponsor: 
National Renewable Energy Laboratory
Creator/Author: 
S. Tegen, D. Keyser, and F. Flores-Espino, J. Miles and D. Zammit, D. Loomis
Description: 

This report uses the offshore wind Jobs and Economic Development Impacts (JEDI) model and provides four case studies of potential offshore wind deployment scenarios in different regions of the United States: the Southeast, the Great Lakes, the Gulf Coast, and the Mid-Atlantic. Researchers worked with developers and industry representatives in each region to create potential offshore wind deployment and supply chain growth scenarios, specific to their locations. These scenarios were used as inputs into the offshore JEDI model to estimate jobs and other gross economic impacts in each region.

http://energy.gov/sites/prod/files/2015/02/f19/offshore-wind-jobs-economic-development-impacts-united-states.pdf

Resource Type: 
Document
Multi-State:

CATCHING THE WIND:STATE ACTIONS NEEDED TO SEIZE THE GOLDEN OPPORTUNITY OF ATLANTIC OFFSHORE WIND POWER

Source/Sponsor: 
National Wildlife Federation
Creator/Author: 
National Wildlife Federation
Description: 

Report documents the unique benefits of Atlantic offshore wind power, evaluates the progress of offshore wind made to date, and identifies the critical actions state leaders must take to ensure the success of offshore wind.

http://www.nwf.org/~/media/PDFs/Global-Warming/Reports/Offshore-Wind/NWF_2014OffshoreWind7-9Pagesopt.pdf

Resource Type: 
Document
Multi-State:

New York Offshore Wind Cost Reduction Study

Source/Sponsor: 
New York State Energy Research and Development Authority
Creator/Author: 
University of Delaware Special Initiative on Offshore Wind
Description: 

Report prepared by University of Delaware’s Special Initiative on Offshore Wind. This study recommends a strategic approach the state of New York can take to reduce the costs of offshore wind.

http://www.ceoe.udel.edu/File%20Library/About/SIOW/New-York-Offshore-Wind-Cost-Reduction-Study-ff8-2.pdf

Resource Type: 
Document
State: 

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: 

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