Oceantic Network 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 U.S. Offshore Wind Market Report (2024 Q3) is now available! Learn about project development updates, including information about the Coastal Virginia Offshore Wind Project and Revolution Wind, which are undergoing installation activities on the East Coast. Additionally, in Q3, work began on the $300 million Salem Offshore Wind Terminal in Massachusetts, converting a former oil- and coal-fired power plant into what will become the region’s largest offshore wind port. Just south, Foss Offshore Wind completed the deepwater berth at the New Bedford Foss Marine Terminal, enabling docking for large capital vessels.
The report details important developments that affected the U.S. offshore wind industry in the third quarter of 2024, including:
- Including an approval for Atlantic Shores South and US Wind’s Maryland Offshore Wind Project, BOEM has now approved ten offshore wind projects totaling 15 GW.
- Massachusetts and Rhode Island awarded provisional offtake agreements for 2,878 MW of capacity across three projects.
- California and Delaware approved their first offshore wind procurement targets, setting the stage for future state-driven offtake rounds.
- Four new crew transfer vessels (CTVs) for the offshore wind industry were launched in Q3 of 2024, marking ten newbuild CTVs launched for the offshore wind industry in 2024.
- Between July and September, $2.1 billion was invested in the U.S. offshore wind market across transmission, port, and supply chain development, as well as research and vessels.
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