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 2024 Q2 U.S. Offshore Wind Market Report is now available! Learn about project development updates, including information about the Coastal Virginia Offshore Wind Project, Revolution Wind, and Vineyard Wind, which are undergoing installation activities on the East Coast, with South Fork Wind already complete and delivering power to the grid. Once installation on the three projects is complete, they will provide over 4 GW of energy to the grid, powering approximately 1.4 million homes. Additionally, in Q2, Equinor broke ground on its South Brooklyn Marine Terminal, projected to create over 1,000 jobs in the construction of staging, pre-assembly, and operations & maintenance facilities for offshore wind. The New Jersey Wind Port, an offshore wind marshalling port, is nearing completion
The report details important developments that affected the U.S. offshore wind industry in the second quarter of 2024, including:
- The Department of Interior announced a 5-year plan for offshore wind leasing, which includes up to 12 potential lease area sales through 2028.
- The domestic supply chain notched important advancements last quarter with $300 million in new investments in shipbuilding and manufacturing across New York, Texas, Ohio, Maryland, Louisiana, and more.
- New York opened a $200 million supply chain procurement round and finalized new offtake contracts for Empire Wind 1 (810 MW) and Sunrise Wind (924 MW).
- Over 4,000 MW of projects are now undergoing installation activities.
- New federal approvals increased ready to install capacity to over 13 GW
- On the West Coast, California’s ISO approved a $4.6 billion transmission infrastructure upgrade to support offshore wind development.
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