The Oceantic Network (formerly the Business Network for Offshore Wind) releases its U.S. Offshore Wind Quarterly Market Report in April, July, October, and January. Each 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 period from July to September of 2023 (Q3) is notable for substantial development of the U.S. supply chain, particularly when it comes to shipbuilding and secondary steel work, as the nation’s first two commercial-scale projects went from steel in the water to blades in the sky. As Vineyard Wind and South Fork Wind sit on the precipice of delivering their first power to the grid, the pipeline of projects approved for construction has tripled in size with more projects just weeks away from achieving final approval themselves.
The report details important developments that affected the U.S. offshore wind industry in the third quarter of 2023, including:
- The pipeline of projects permitted for construction tripled in the third quarter of 2023, up to 2.7 GW, with more approvals expected to come in the fourth quarter.
- Three projects, totaling 3.2 GW, have officially announced contract terminations. Each project will attempt to secure a new contract in upcoming state procurement rounds.
- East Coast states increased their coordination, highlighted by new procurement rounds in Massachusetts and Rhode Island.
- Vessel-building and secondary steel manufacturing delivered strong performances among offshore wind supply chain subsectors.
- New York is expected to award new power agreements in the fourth quarter, and with that could come new investments in turbine blade and nacelle facilities.
