U.S. Offshore Wind: Surging power
Power & Renewables
Over 60 GW of offshore wind capacity is installed globally, with only two small projects totaling 42 MW in the United States. As costs continue to drop, several states across the entire country are announcing capacity targets in excess of 68 GW and dedicated leasing and solicitation rounds as they see both bottom fixed and floating offshore wind playing an important role in their future energy generation mixes. This has been boosted by the current U.S. Administration’s 30 GW ambition by 2030 and the Inflation Reduction Act. However, increasing site and construction complexity, lengthy permitting, hard-to-scale supply chains, lack of transmission grids and high commodity price volatility remain major obstacles for the industry to overcome. How can the industry address these challenges through partnerships and transfer of skills across companies and sectors to deliver at the required scale? And what are some emerging opportunities?