Reaching High Ambition Targets: The Potential of Offshore Wind in America
As the world shifts towards cleaner and more sustainable energy sources, offshore wind has emerged as a promising option. In the United States alone, a recent report by the University of California, Berkeley, Goldman School of Public Policy, GridLab, and Energy Innovation Policy and Technology LLC has found that the goal of 30 GW fixed offshore wind set by the Biden Administration can potentially reach up to 100 GW by 2035 and an astounding 750 GW by 2050.
These “High Ambition Targets” have the potential to power up to 25% of all domestic power needs. Join us today as we explore the possibilities of offshore wind power and its role in clean energy for America.
From Maria Bries on LinkedIn:
The report by the University of California, Berkeley, Goldman School of Public Policy, GridLab, and Energy Innovation Policy and Technology LLC highlights the enormous potential for offshore wind along the US coastline, including the Great Lakes. With over 4,000 GW of offshore wind potential available, America has a unique opportunity to harness clean energy from this renewable source. Offshore wind power plants are expected to be larger and more efficient than their land-based counterparts, and can take advantage of strong ocean winds to generate power.
New report analyzes key offshore wind targets finding that the goal of 30 GW by 2030 of fixed offshore wind set by the Biden Administration can potentially reach 100 GW by 2035 and 750 GW by 2050 (the “High Ambition Targets”) enough to power up to 25% of total domestic power needs!
University of California, Berkeley, Goldman School of Public Policy, GridLab and Energy Innovation Policy and Technology LLC released “2035 and Beyond: Abundant, Affordable Offshore Wind Can Accelerate Our Clean Electricity Future” showing that over 4,000 GW of offshore wind potential is available along the U.S. coastline, including the Great Lakes. See comprehensive report + data tool: https://lnkd.in/gaihiJ84.
To put into perspective the speed at which 100 GW (or even 30 GW) of offshore wind will need to scale in just seven years, see the ERCOT graph below from a presentation by Pengwei Du, P.E. Ph.D. Fellow of IET, Supervisor of Economic Analysis and Long Term Planning Studies at ERCOT. It took ERCOT 20 years to buildout 30 GW of onshore wind! See Center for American Progress Report, “The Road to 30 GW”: https://lnkd.in/g_3K33-f.
Currently, the U.S. has 42 MW of offshore wind, with the first large utility-scale project, Vineyard Wind I (800 MW), expected to be operating by year end. For more on the offshore wind project pipeline, see S&P Global article: https://lnkd.in/gEftTfiR.
Additionally, the study compared LCOE projections illustrating a downward trend of costs, with current commercially operating offshore wind projects throughout the world already consistently falling below projected LCOEs (see below).
Offshore wind is set to play a significant role in America’s clean energy future. With the Biden Administration’s focus on reducing carbon emissions, the government is expected to provide incentives for offshore wind projects and accelerate the permitting process. The report states that America’s abundant and affordable offshore wind energy can help to support the country’s energy transition while driving job creation and economic growth.
Offshore wind installations can create jobs in both construction and operation, supporting local communities and stimulating regional economies. According to the report, offshore wind could generate more than $1 trillion in capital expenditures and support over 80,000 jobs by 2035. Offshore wind power can also provide electricity to offshore oil and gas rigs, reducing the need for emissions-intensive on-site power generation.
The report concludes that America’s offshore wind industry has the potential to grow rapidly, given the right policy incentives and supportive infrastructure. The High Ambition Targets of 100 GW by 2035 and 750 GW by 2050 will require significant investments in offshore wind technology, but the rewards are substantial. The report estimates that achieving these targets would result in annual savings of $87 billion on average from 2035 to 2050. This is because offshore wind is projected to become one of the cheapest sources of energy by 2050, and could displace fossil fuel usage in electricity generation altogether.
Offshore wind power is one of the key pillars of America’s transition to a cleaner and more sustainable energy future. The recent report by the University of California, Berkeley, Goldman School of Public Policy, GridLab, and Energy Innovation Policy and Technology LLC highlights the enormous potential of offshore wind along America’s coastline. With the right policy incentives and supportive infrastructure, America can reach High Ambition Targets of over 100 GW by 2035 and 750 GW by 2050, enough to power up to 25% of domestic power needs. Investing in offshore wind technology today will provide significant economic, environmental, and social benefits for future generations. Join us in embracing a clean energy future with offshore wind power.