
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.