Opportunity: Offshore wind - Atlantic Coast

Country: USA

Sector: Energy

The USA offshore wind market is driven by State Renewable Portfolio (RP) and Offshore Renewable Energy Credit (OREC) financial subsidisation plans.

States along the Eastern Seaboard have announced 25GW of RP/OREC contracts. There is a current pipeline of 9GW of projects pursuing Federal or State consents and construction on the first 800MW project is expected to start in 2021 but is now underway with construction work beginning late in quarter three of 2022. South Fork Wind will begin construction activities in quarter one of 2024.

The existing project pipeline in the USA offshore wind market is estimated to be $90-100 billion USD.

However, this doesn’t include port or civil works or onshore/offshore transmission upgrades – these opportunities add an additional $20-30 billion USD to the estimate.

This opportunity is open to:

• Supply chain companies in preliminary subsea engineering surveys; data analysis
• Supply chain companies involved in workforce and supply chain development and low carbon port infrastructure

Vineyard Wind (800MW) CIP/Avangrid and South Fork Wind (Orsted) are entering active construction activities. COD project mid-2024.

Several projects (Mayflower Wind) have requested reassessment to power purchase agreements to account for the significant impact inflation has had on the financial viability of the project.

However, state regulators denied the reassessment and issued the previously-announced power purchase agreements in January 2023.

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