In response to the Oceantic Community’s newest annual report, U.S. offshore wind concluded final 12 months with its first business scale tasks delivering energy to the grid amid business challenges.
The group’s latest U.S. Offshore Wind Market Report discovered that in 2023, the federal authorities grew its approval for business development by 800%, whilst builders terminated 51% of energy contracts put in place previous to the 12 months.
Nonetheless, regardless of setbacks, the report notes that final 12 months additionally noticed bulletins of recent manufacturing amenities, port infrastructure upgrades and offshore vessels.
“World financial challenges hindered our progress in 2023, bringing uncertainty to this new and rising market. Nonetheless, with every step again, we’ve seen the business press ahead and are seeing a change in market fundamentals,” says Liz Burdock, founder and CEO of Oceantic Community.
“New energy contracts which are proof against broader financial pressures are being executed and states like New York, New Jersey, and Massachusetts stay devoted to offshore wind improvement and investing in a home provide chain. In 2024, we’re seeing the market rebound with rates of interest and inflation falling together with new provide chain capability.”
The report additionally made a number of predictions for this 12 months, together with the potential for brand new lease auctions by the Bureau of Ocean Vitality Administration.
