Overview of US OW Targets
It is hard to overstate the level of excitement surrounding the US offshore wind industry in 2019. After years of false starts and broken promises, there is not only steel in the water but also a growing wave of federal and state-level support for offshore wind. As of June 2019, seven states on the East Coast had committed to building more than 20 GW of capacity by 2035. In a sign of how support is growing, around 5 GW of that 20 GW of capacity was pledged after January 2019.
“Offshore wind has market support and momentum in state houses that just won’t quit,” says Stephanie McClellan, executive director for the Special Initiative on Offshore Wind at the University of Delaware’s College of Earth, Ocean and Environment.
Bloomberg New Energy Finance, the analyst firm, is predicting a gradual ramp-up of 1 GW to 2 GW of capacity a year in 2021 and 2022. The pace of development is expected to pick up as developers bring down permitting process timelines from between seven and 10 years to between five and seven. “
Here is how the states commitments are shaping up:
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