The Business Network for Offshore Wind has released its U.S. Offshore Wind Quarterly Market Report – Q3 2023 — available now to download.
The report highlights key metrics of both federal and state government activities between July and September 2023 that impacted the U.S. offshore wind industry as its first 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 shares breaking details on events, market trends, supply chain advancements, and policy changes, ensuring companies in the supply chain are informed of developments that affect their business.
Key Findings Include:
- 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.
