The Oceantic Network releases its U.S. Offshore Wind Quarterly Market Report in April, July, October, and January. Each quarterly report builds off our U.S. Offshore Wind Annual Market Report and provides key analysis of both federal and state government activities impacting the U.S. offshore wind industry. Quarterly Reports ensure companies are informed on offshore wind industry developments affecting their business.
The second three months of 2023 (Q2) are notable for the achievement of “steel in the water” on the nation’s first two commercial-scale projects and several firsts for the U.S. supply chain, but continued cost increases have caused challenges for developers that are likely to lead to some project delays. In addition to the Q2 report a 2023 mid-year snapshot is available for download.
The report details important developments that affected the U.S. offshore wind industry in the second quarter of 2023, including:
- The many recent firsts for the U.S. supply chain, including the first U.S.-built offshore wind substation and monopiles, along with the first cables manufactured for a U.S. commercial-scale project.
- New investments in steel manufacturing facilities in Ohio and Baltimore and a California port’s ambitious $4.7 billion plan for a major floating offshore wind facility.
- Economic headwinds that have forced projects in Massachusetts and New York to adjust their state financial agreements and led to new legislation passed in New Jersey aimed at supporting one of its projects. New offshore wind markets — adding to the existing 84 GW demand — in Delaware, Illinois, and Maine, which have all considered or advanced new procurement legislation, and Louisiana, which is negotiating with developers to advance projects in state waters.