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In the third quarter of this year, federal and state efforts propelled the offshore wind industry forward, setting the stage for growth, while private investment slowed down, partly due to the upcoming U.S. presidential election. Despite a decrease in private investment, states are reorganizing project portfolios, securing new offtake agreements, and advancing construction of deep-water ports and transmission projects. The Bureau of Ocean Energy Management has permitted 10 offshore wind projects with a total capacity of 15 GW, with state efforts continuing to drive the market forward by agreeing to new offtake agreements and transitioning to the second phase of the U.S. offshore wind market. [Extracted from the article]

Eversource Energy has sold its 50% stake in the South Fork Wind and Revolution Wind projects to Global Infrastructure Partners' Skyborn Renewables. The sale resulted in a net loss of $520 million for Eversource, as they sold the interests for $745 million instead of the expected $1.12 billion. The South Fork Wind project has already completed construction, while the Revolution Wind project is expected to be operational by 2026. Eversource has now divested all ownership interests in the offshore wind business. [Extracted from the article]

The article provides a list of notable utility conferences that will take place in 2025. These conferences cover a range of topics including renewable energy trends, energy storage technology, AI energy consumption, electric vehicles, and energy innovation. Some of the highlighted conferences include the National Association of State Energy Officials Policy Outlook Conference, CERAWeek, DISTRIBUTECH, and the conference on offshore wind and ocean-based renewables. These conferences aim to bring together industry professionals, government officials, and stakeholders to discuss the opportunities and challenges in the clean energy sector. [Extracted from the article]

The Bureau of Ocean Energy Management (BOEM) has postponed its auction of two wind energy leases offshore Oregon due to a lack of bidder interest. Only one out of the five eligible bidders showed interest in the auction. The two lease areas offered a total capacity of up to 3.1 GW and would have been the first offshore wind auction in Oregon. BOEM will continue to collaborate with various stakeholders to explore future opportunities for offshore wind development in the state. The state of Oregon is currently in the process of developing a roadmap for offshore wind projects. [Extracted from the article]

The Federal Reserve's recent interest rate cut of 0.5% is expected to benefit the renewable energy sector by making large-scale projects more viable. The rate cut is particularly beneficial for capital-intensive technologies like offshore wind, clean hydrogen, carbon capture, and solar plus storage. The initial cut was deeper than anticipated, indicating strong support for clean energy. While the impact of the rate cut on stock prices and lending rates is yet to be seen, it is expected to have a significant impact on residential solar installers and offshore wind projects. Lower financing costs will also help improve the economics of offshore wind projects. The rate reduction will allow consumers to reconsider financing solar and storage installations and may revive activity in mergers and acquisitions in the renewable energy sector. The rate cut is seen as a win for the interest rate-sensitive renewable energy industry, which requires significant upfront capital. The market predicts further rate cuts by the end of the year, which would facilitate the expansion of the domestic supply chain for clean energy. The outcome of the upcoming presidential election may also impact economic factors related to clean energy, but key components of the Inflation Reduction Act are expected to remain intact. Overall, the rate cut is expected to provide a boost to the renewable energy sector and encourage investment in clean energy projects. [Extracted from the article]

The article focuses on the Department of the Interior's approval of US Wind's 2-gigawatt (GW) Maryland offshore wind project. Topics include the project's expected energy contribution to the Delmarva Peninsula, the administration's broader offshore wind goals and permitting achievements, and ongoing efforts to streamline the federal permitting process for clean energy projects.

The article presents the discussion on Bureau of Ocean Energy Management's latest offshore wind auction awarded leases with a combined potential capacity of up to 6 GW to Equinor and Dominion Energy, raising $92.65 million. Topics include investments in workforce training and fisheries mitigation resulting from the auction, the lease details and strategic significance for Equinor and Dominion Energy; and the timeline for the operational start of their respective wind projects.

According to a quarterly market report by the American Clean Power Association (ACP), the US utility-scale solar, wind, and storage sectors added a total of 5,585 MW in the first quarter of 2024, representing a 28% increase compared to the previous year. Utility-scale solar contributed the most to this added capacity, reaching a milestone of 100 GW deployed. The Energy Information Administration (EIA) also reported that solar energy will drive most of the forecasted growth in US electricity generation this year, with utility-scale solar contributing almost 60% of the increase. Wind and hydropower will also contribute to this growth, although wind generation declined in 2023 for the first time since the 1990s. The first quarter of 2024 saw a record quarter for offshore wind deployments, with the sector's project pipeline growing by 31% year-over-year. While energy storage deployments remained flat compared to the previous year, the significant increase in the sector's pipeline for new projects indicates strong future growth. [Extracted from the article]

Louisiana is in a unique position to support the US offshore wind industry due to its existing oil and gas production infrastructure and workforce, according to a report by consulting firm Xodus Group. The report recommends that the state's legislature establish a procurement process and deployment goals for offshore wind and position itself as a manufacturing hub for large steel components. The report also highlights the job potential and the opportunity for economic development in the state. However, the report notes that Louisiana's regulatory landscape for offshore wind needs improvement. [Extracted from the article]

The Department of Energy (DOE) has released a report on the progress of the US offshore wind industry towards full-scale commercialization. The report states that the industry is at an "inflection point" and poised for "liftoff," but has not yet achieved it. The DOE outlines three phases for full-scale commercialization, with the first phase on track for liftoff and the second phase underway. The report also addresses the market turbulence in the sector, including the cancellation and delay of several projects in 2023. The DOE emphasizes the importance of infrastructure planning and supply chain expansion for the success of the industry. The report concludes by highlighting the lessons learned from the challenges faced in recent years and the ongoing efforts to refine project procurement and foster regional collaboration. The DOE has also announced plans to fund projects that address various needs for offshore wind, including academic leadership, research and development, supply chain expansion, and wildlife protection. [Extracted from the article]

The New York State Energy Research and Development Authority (NYSERDA) has announced that it will not be moving forward with three offshore wind projects due to "material modifications" to the projects, including GE Vernova's decision to abandon an 18-MW turbine model. The canceled projects, totaling 4 GW of capacity, are Attentive Energy One, Community Offshore Wind, and Excelsior Wind. This setback hinders New York's goal of deploying 9 GW of offshore wind by 2035. The U.S. offshore wind industry has been recovering from economic challenges in 2023, and panelists at a recent summit discussed the need to standardize and industrialize supply chains and products to meet ambitious goals. [Extracted from the article]

The U.S. Department of the Interior has approved the 924-MW Sunrise Wind project offshore New York. Ørsted and Eversource Energy, the project owners, have made a final investment decision on the project. The developers are now awaiting final approval on the construction and operation plan from the Bureau of Ocean Energy Management. The Biden administration has approved a total of seven offshore wind projects with over 8 GW of capacity, in line with President Biden's goal of deploying 30 GW of U.S. offshore wind generation by 2030. The Sunrise Wind project will have fewer wind turbine generators than originally proposed in order to accommodate geotechnical feasibility, reduce impacts to benthic habitat and Atlantic cod, and meet the energy needs of New York, Massachusetts, and Rhode Island. The project is estimated to become operational in 2026. [Extracted from the article]

Colleges in and around New Orleans are developing wind energy programs to meet the growing demand for skilled workers in the offshore wind industry. These programs aim to attract both young students and experienced workers from the oil and gas sector who are seeking new opportunities. The University of New Orleans and Nunez Community College have partnered with companies like RWE and Energy Innovation AS to create wind energy curricula that adhere to global training standards. Louisiana has set a goal to deploy 5 GW of offshore wind by 2035, and colleges are working to train students for careers in this industry. [Extracted from the article]

Dominion Energy's Coastal Virginia Offshore Wind (CVOW) project has received final approvals from the Department of Interior's Bureau of Ocean Energy Management and the U.S. Army Corps of Engineers, allowing construction to begin. The 2.6-GW project, set to be completed by late 2026, is the largest offshore wind facility planned in the U.S. The project still needs to secure a Clean Air Act Outer Continental Shelf permit from the Environmental Protection Agency. Once completed, CVOW will consist of 176 turbines generating a total of around 2,640 MW, contributing to the Biden administration's goal of generating 30 GW of offshore wind in the U.S. by 2030. [Extracted from the article]

The New York State Energy Research and Development Authority (NYSERDA) has received bids from three projects in its fourth offshore wind solicitation. Equinor has rebid its Empire Wind 1 project after splitting with co-developer BP, while Ørsted has rebid its Sunrise Wind project. RWE and National Grid have also submitted a bid for a second Community Offshore Wind project. The fourth solicitation was designed to address the economic challenges faced by the US offshore wind industry. NYSERDA plans to announce the final awards in February and execute the contracts in the second quarter. [Extracted from the article]

The New Jersey Board of Public Utilities has approved two offshore wind projects, with Leading Light Wind receiving 2.4 GW of capacity and Attentive Energy Two receiving 1.3 GW of capacity. These projects, developed by Invenergy, energyRe, TotalEnergies, and Corio Generation, are expected to be completed by 2031. This announcement brings New Jersey's offshore wind commitments to over 5.2 GW, a significant step towards the state's goal of 11 GW by 2040. The projects also include plans to support the creation of a tower manufacturer and sourcing monopiles from local facilities, contributing to the state's economic activity. [Extracted from the article]

Delaware's Department of Natural Resources and Environmental Control has released a report suggesting options for procuring offshore wind to meet the state's decarbonization needs without taking on excessive financial risk. The report recommends a multistate procurement agreement and highlights the strategic value of offshore wind for Delaware. It also recommends legislation authorizing offshore wind procurement, flexible offtake agreements, and partnerships with neighboring states. Delaware lawmakers plan to introduce legislation setting procurement targets, and the report suggests exploring cooperative procurement agreements with other states to distribute costs. [Extracted from the article]