Advancing Offshore Wind in the U.S.

Globally, offshore wind development is flourishing. As costs decline, wind is becoming more competitive with traditional energy sources, and government and public support is increasing. The offshore wind energy market is expected to grow at 18.6% annually through 2024 and 8.2% through the end of the decade, with the industry projected to generate about 234 gigawatts (GW) of power globally by 2030. In the U.S., seven east coast states alone have committed to sign contracts totaling over 30 GW of offshore wind by 2035, and President Biden has also established a national goal of 30 GW of production by 2030. However, there are currently only two operational offshore wind facilities: A 30 megawatt (MW) wind farm off the coast of Rhode Island that became operational in 2016 and a 12 MW wind farm (phase one of a potentially 2,640 MW project) off the coast of Virginia that became operational in June 2020. Around 30 additional proposed offshore wind projects are in various stages of development in U.S. waters. The Bureau of Ocean Energy Management (BOEM) has issued 16 active commercial wind energy leases, which, when operational, could power approximately 8 million homes. In May 2021, the Vineyard Wind project received final federal approval to begin construction, and it is expected to begin delivering clean energy to 400,000 Massachusetts homes in 2023.

There is massive potential for offshore wind as an energy source, and it could be a major component of a clean energy economy.