Oceantic Network has released its US Offshore Wind Quarterly Market Report – Q1 2024, available now to download. The report highlights announced investments, advancements of the review process for several projects, and notable policy developments that drove the US market forward between January and March of 2024.
Notable milestones 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 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.
Key Findings Include:
- The Bureau of Ocean Energy Management (BOEM) increased the total capacity approved for construction by over 30% as the US more than quintupled its installed offshore wind capacity – from 42 MW to 242 MW.
- US 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 US 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.
