Oceantic Network

The Oceantic Network, formerly known as the Business Network for Offshore Wind, is the premier member-based organization dedicated to growing the offshore wind and other ocean renewable industries and their supply chains.

2024 (Q2) U.S. Offshore Wind Quarterly Market Report

Reports

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.

For weekly U.S. offshore wind updates, subscribe to the Offshore Wind Insider newsletter.  

Oceantic Network’s new report, Suppliers’ Guide to Success: Smart Scaling for the U.S. West Coast Floating Wind Market, analyzes the requirements for a full buildout of floating offshore wind on the West Coast and proposes solutions to industry and government that will allow the sector to flourish.

The paper covers several key actions West Coast policymakers can take to ensure the region can become a global leader in floating offshore wind:

  • Prioritize investments in port and transmission infrastructure.
  • Structure offtake awards in a way that emphasizes project deliverability.
  • Establish a firm, steady, and long-term procurement schedule for offshore wind power.

The paper condenses lessons learned from offshore wind policy regimes on the East Coast and around the world with the goal of avoiding unnecessary pitfalls for West Coast offshore wind deployment. It also details the current market landscape that underpins the region’s opportunity and the work already done to get the industry where it is. Findings were produced with the help of the Network’s West Coast Supplier Council, a group of companies focused on the unique needs and development of the region’s offshore wind sector and its supply chain. 

Members of the West Coast Supplier Council include: 

  • Aker Solutions AS 
  • Burns & McDonnell 
  • Crowley Wind Services 
  • EEW AOS 
  • Foss Offshore Wind 
  • Hellenic Cables
  • Hitachi Energy 
  • Manson Construction 
  • Nexans 
  • Principle Power, Inc.
  • Vestas American Wind Technology 

For weekly U.S. offshore wind updates, subscribe to the Offshore Wind Insider newsletter.

Oceantic Network releases its U.S. Offshore Wind Quarterly Market Report in April, July, and October. Each 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. The quarterly reports ensure companies are informed on offshore wind industry developments affecting their business.

Notable milestones for the first three months of 2024 include Ørsted and Eversource’s completion of South Fork Wind project in March. Next up is Vineyard Wind, to be completed later this year, which also began delivering power to the grid. Meanwhile, two new projects, which are collectively triple the size of South Fork and Vineyard, were announced to begin installation this summer.

The report details important developments that affected the U.S. offshore wind industry in the first quarter of 2024, including: 

  • BOEM increased the total capacity approved for construction by over 30% as the U.S. more than quintupled its installed offshore wind capacity – from 42 MW to 242 MW. 
  • U.S. Forged Rings announced a new $700 million tower and forge facility to be located on the East Coast, an investment made purely based on the strength of the U.S. market. 
  • Another 4,000 MW of projects are expected to begin installation activities this summer. 
  • New IRS tax guidance will drive down costs for a range of offshore wind activities across the East Coast. 
  • Four new crew transfer vessels, the workhorse of the offshore wind industry, have launched in just the past three months.  
  • New offtake awards contain provisions supporting supply chain investments throughout the East Coast. 

For weekly U.S. offshore wind updates, subscribe to the Offshore Wind Insider newsletter.   

Oceantic Network’s annual Leadership 100 Summit  gathers U.S. offshore wind leaders for an intimate working meeting to identify the industry’s pressing, shared challenges and develop action plans to continue growing a robust U.S. offshore wind industry and supply chain.

In April, the Network released an executive summary and meeting notes from the Leadership 100 Summit in November 2023, sharing much of the valuable insight gained by attendees with the broader offshore wind industry. Download the report below!

Key findings include:

  • The potential to foster greater supply chain investments and advancement by encouraging greater project viability in the procurement structure and by decoupling projects from port and transmission infrastructure development, activities which developers may be ill-suited to execute
  • The need to build a greater understanding of the downstream supply chain costs and increased market risk that comes from continually increasing turbine sizes and lead to less efficient development
  • The need for a greater industry-wide collaborative communications strategy to combat misinformation and increase public support for offshore wind
  • Data’s ability to strengthen the industry through building public support, reducing pre-development costs, or helping make more environmentally sound regulatory decisions

The Network’s 2024 U.S. Offshore Wind Market Report shares breaking details on events, market trends, supply chain advancements, and policy changes, ensuring companies in the supply chain are informed of developments that impact their business. This report is available exclusively for Network members. Non-members can access the Executive Summary below.

Interested in reading the full report? Learn how membership can benefit your business in 2024!

The report details important developments that affected the U.S. offshore wind industry in 2023, including:

  • The offshore wind capacity approved for construction by the federal government grew 800% –from 0.93 GW to 8.3 GW in 2023.
  • Developers terminated 51% of power contracts in place prior to 2023 and are seeking financial support for another 24%.
  • Despite setbacks, 2023 saw several key announcements of new manufacturing facilities, port infrastructure upgrades, and offshore wind vessels.
  • States spent much of 2023 working to create interstate cooperation frameworks in order to stabilize regional markets, lower project costs, and increase economic benefits.

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. 

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