The Quarterly Report from the Enterprise Community for Offshore Wind highlights the duality of long-term market power, short-term uncertainty
BALTIMORE – The American offshore wind business closed 2022 sturdy regardless of looming challenges and financial uncertainty, in accordance with the US Offshore Wind Quarterly Market Report launched at present by the Enterprise Community for Offshore Wind, the main non-profit working to speed up the event of offshore wind and construct a devoted manufacturing provide chain in the US.
The final three months of 2022 are notable for the first-ever federal offshore wind public sale alongside the US west coast and vital port investments, though a mixture of provide chain bottlenecks and rising commodity costs could will halt development in 2023.
Beneath are 4 key takeaways from this quarter’s report on US offshore wind exercise:
• The California lease public sale marks the US entry into the floating offshore wind market and a big alternative to pioneer the newest expertise right here at dwelling;
• The event of the home provide chain is supported by the primary development of the offshore wind metal sector and main investments in US ports in 4 vital states – California, Connecticut, Massachusetts and New York;
• The identical inflationary situations that disrupted the European offshore wind business lastly reached US shores, leading to venture delays; and
• With a talented workforce, important infrastructure elements, and the potential to generate practically 9 GW of offshore wind to energy practically 3 million properties, the Gulf area is poised for in an offshore wind increase.
“The US offshore wind business stays sturdy, even with the setbacks and setbacks we see rising by the tip of 2022,” stated Liz Burdock, President and CEO of the Enterprise Community for Offshore Wind. “We can’t relaxation on the long-term promise of this business, nonetheless, and we should work to beat the challenges we all know – from port infrastructure to transmission and provide chain shortages – that the rise with international inflation and rising demand solely magnified. US commercial-scale offshore wind initiatives are prepared to start operation and plenty of others are set to be authorised, this new 12 months is a important alternative to double the coordinated motion and focus our efforts on constructing a robust home provide chain that can preserve the business transferring ahead.”