New state law sets up a future offshore wind solicitation and eases financial strain on current projects
For Immediate Release: May 9, 2024
Media Contact: Luke Jeanfreau | [email protected] | 504-302-8079
BALTIMORE — The Oceantic Network, the leading organization working to advance offshore wind and other ocean renewable industries and their supply chains, applauds today’s signing of Maryland HB 1296 by Governor Wes Moore. Moore signed the bill into law earlier today, setting up a future offshore wind solicitation for the state and allowing MarWin and Momentum Wind developer US Wind to renegotiate its current offtake agreements. Both actions are critical to Maryland’s efforts to meet its 8.5GW of offshore wind power generation goal by 2031 and maintain the state’s opportunity to become a hub of offshore wind activity.
Today’s passage follows Ørsted’s January withdrawal from its power purchase agreement with Maryland for its Skipjack Wind project. It ensures Maryland can quickly re-allocate the Offshore Wind Renewable Energy Credits held by Ørsted to US Wind without exceeding mandated ratepayer caps.
The following statement can be attributed to Liz Burdock, CEO of Oceantic Network:
“Today’s bill signing demonstrates Maryland’s steadfast commitment to maintaining its manufacturing strategic advantage by working with industry to develop solutions and help reset current markets. The offshore wind industry already contributed massively to the state’s economy and is poised to generate approximately $650 million in investment and support nearly 35,000 jobs. Today’s bill contains provisions that will buttress efforts to realize offshore wind investments in facilities like Tradepoint Atlantic and the Port of Baltimore, as well as spur investments beyond Maryland in ports and manufacturing facilities that can be utilized for projects across the East Coast. Along with the Bureau of Ocean Energy Management’s upcoming Central Atlantic Lease Auction this summer, this bill and future efforts from Maryland will place the state’s 8.5 GW goal firmly within reach.”
Additional Information:
For more information or to arrange an interview with the Network, contact Luke Jeanfreau at [email protected] or 504-302-8079.
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As a non-profit organization, the Oceantic Network’s driving purpose is to inform, coordinate, and mobilize human ingenuity, enterprise, and labor to take advantage of the urgent need to tap the vast offshore wind and renewable energy resources that lie in the world’s oceans. The collective, coordinated efforts of our 600+ members equip communities and nations to accelerate the transition to clean energy and create economic opportunities.
