Oceantic Network’s quarterly report forecasts significant offshore wind manufacturing investments, state activity driving the industry forward
For Immediate Release: April 20, 2023
Media Contact: Luke Jeanfreau | [email protected] | 504-444-3766
BALTIMORE — After a year of federal action that drove the American offshore wind industry to unprecedented growth, the first quarter of 2023 was marked by a flurry of state activity that is stimulating new manufacturing investments, according to a new report released today by the Oceantic Network. The U.S. Offshore Wind Quarterly Market Report highlights key metrics from federal and state government efforts between January and March 2023 and the resulting impacts on advancing the U.S. offshore wind industry towards its first commercial-scale wind projects.
Maryland sent a strong signal to the industry by quadrupling its state offshore wind goal in March, while four other East Coast states are setting the pace for investments with a cascade of new power procurement that could amount to an additional 10 GW of offshore wind energy generation. Once complete, these financial agreements will yield substantial investments in new manufacturing facilities, port infrastructure, and other supply chain components.
“With American offshore wind is on the rise, states took back the mantle in accelerating market development in the first quarter of 2023, a point driven home by Maryland Governor Wes Moore announcing a new 8.5 GW goal at our International Offshore Wind Partnering Forum,” said Liz Burdock, founder and CEO of Oceantic Network. “Ambitious state targets, new supply chain capacity, and streamlined regulations are vital to growing and scaling the U.S. offshore wind industry, but unless we commit to supercharging the building ships, ports, and manufacturing facilities, we will risk falling short of our offshore wind goals. The work we do in the months ahead will be critically important to sustaining this growth long-term.”
The report includes new data and perspectives on market trends and technological advancements, ensuring companies up and down the supply chain are informed of developments that affect their business. Below are four key takeaways from the Q1 U.S. Offshore Wind Quarterly Market Report:
- New Jersey, New York, Rhode Island, and Connecticut took steps to drive the market forward by advancing solicitations for new power contracts, which will generate new supply chain investments in the near term.
- New supply chain initiatives and partnerships with the Port of Long Beach and a major San Diego-based shipyard are laying the groundwork for a local industry to support the nation’s floating offshore wind market.
- Efforts to modernize the federal regulatory system will lead to $1 billion in savings for the industry, accelerate development, streamline and strengthen environmental protections, and bring much needed clarity to safety regulations.
- New investments in ports, shipbuilding, and technology are expanding supply chain capacity, but more work is needed to advance the supply chain to the level called for in the Supply Chain Roadmap published in January by the National Renewable Energy Laboratory in conjunction with the Network.
- NREL Supply Chain Roadmap
- Maine’s Offshore Wind Roadmap
- Maryland Announces 8.5 GW Offshore Wind Goal
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.