Loan Programs Office | U.S. Department of Energy’s Post

"The U.S. offshore wind (OSW) market is at an inflection point. Offshore wind can deliver tens of gigawatts (GWs) of clean power to East Coast load within this decade, with approximately 250 MW operational, 5 GW under construction, and over 10 GW total approved for construction as of April 2024." Offshore wind is a semi-baseload electricity source critical to U.S. national and climate security interests. Floating wind, in particular, could decarbonize regions of the planet - especially the Indo-Pacific - that lack viable clean energy alternatives. There's a lot of work to do.

Exciting developments in the offshore wind industry! The latest report from the Global Wind Energy Council (GWEC) highlights significant global growth, with 2023 marking the second-highest annual installations ever. Despite facing macroeconomic challenges, the sector added 10.8 GW of new offshore wind capacity, bringing the global total to 75.2 GW—a 24% increase from the previous year. Looking ahead, GWEC forecasts a remarkable 410 GW of new offshore wind capacity by 2033, aligning with global targets to install 380 GW by 2030. This rapid expansion will require strong collaboration between industry and governments, supported by streamlined policy and regulatory frameworks. Emerging markets such as Australia, Japan, South Korea, the Philippines, Vietnam, Brazil, Colombia, Ireland, and Poland are driving this growth. These regions are making significant policy strides and focusing efforts to create conducive environments for large-scale offshore wind development. Ben Backwell, CEO of GWEC, notes, "Policy progress, particularly in the Asia-Pacific region and the Americas, has set us on course to regularly achieve record-breaking capacity installations. Offshore wind is now a global story, not just a European, Chinese, or American one. Rapid progress in new markets shows that key drivers for offshore wind, such as government commitments, sustainable economic growth, and industrial decarbonisation, are now in place." The future of offshore wind is bright and holds immense potential for a sustainable energy transition. As highlighted in the article by Robin Whitlock for Renewable Energy Magazine, the progress and potential of the offshore wind industry are truly inspiring. We believe that with continued support and collaboration, these advancements will significantly contribute to a cleaner, greener world. #renewableenergy #offshorewind #sustainability #energytransition #cleanenergy #gwec #climateaction #evoegy

GWEC Predicts Rapid Offshore Wind Expansion: 410 GW by 2033 Reading Time: 4 minutesOffshore wind is poised for truly global growth after 2023 saw the second-highest annual installations as well as key policy developments that set the foundations for accelerated expansion of the industry over the next decade. Download the Global Offshore Wind Report 2024 In 2023, despite the macroeconomic challenges faced by the sector in some key markets, the wind industry installed 10.8 GW of new offshore wind capacity, taking the global total to 75.2 GW. New capacity increased 24% on the previous year, a growth rate the Global Wind Energy Council expects to see continue up to 2030, […] - https://lnkd.in/dJ92Dx2h #windenergy #windturbines #offshorewind #windturbine #cleanenergy #climatechange #sustainability #energynews #smartenergy #windfarm #windindustry #renewableenergy #renewables #globalnews #gwec #marketreport #offshorewind #policy #renewableenergy #reports #sustainable #windenergy #windturbines

Panel—Procuring at Scale at the 2024 Pacific Offshore Wind Summit We're excited to share another preview of an expert Panel Discussion that we have confirmed for the upcoming 2024 Pacific Offshore Wind Summit, convening in Sacramento on May 13-15. Last year, the California Legislature passed and Gov. Newsom signed the ground-breaking legislation, AB 1373, to establish a robust mechanism to facilitate procurement and a clear path to market for large-scale clean energies like offshore wind. On Wednesday afternoon, May 15, the 2024 Summit will host a distinguished panel of experts to explore AB 1373 and procurement at scale for California offshore wind in greater detail. Panel Spotlight: Procurement at Scale – Perspectives on Mechanisms for Offshore Wind Offtake Procurement at scale for long lead-time resources like offshore wind is critical to lower costs for load-serving entities (LSEs) and ratepayers, and also to increase market confidence for developers making the investments. California’s LSEs encompass a wide variety of investor-owned utilities, large public power entities, and community choice aggregators, all working to fulfill their SB 100 obligations to help the state generate 100% clean electricity by 2045. This panel will explore the role that contracting for offshore wind could play in their clean energy plans, the state’s processes for procuring and planning for offshore wind, and the implications of AB 1373 and the Department of Water Resources Electricity Supply Reliability Reserve Fund for large-scale, long lead-time resources. Meet our Expert Panel Moderated by Molly Croll, Pacific Offshore Wind Director, American Clean Power Association (ACP)–California, our expert panelists include: ● Adam R. Smith, Director of Regulatory Relations, Southern California Edison (SCE) ● Leuwam Tesfai, Deputy Executive Director for Energy and Climate Policy, California Public Utilities Commission ● Rick Umoff, Director of Government Affairs, Vineyard Offshore ● V John White, Executive Director, Center for Energy Efficiency and Renewable Technology To see more about this panel and other panel and keynote presentations, please visit the Summit Agenda. Don't miss this opportunity to learn more about California’s clean energy future, its impact on job creation and environmental sustainability, and your chance to network with the key industry leaders, policymakers, and experts shaping California's offshore wind revolution. Register now to secure your spot. See you in Sacramento! https://lnkd.in/gjfqmup4 #offshorewind #floatingwind #cleanenergy #renewables #climate #offshorewindca #pacificoffshorewindsummit

From the Brink to Breakthrough: The Resurgence of Empire Wind I & Sunrise Wind in New York's Offshore Wind Journey The Power Purchase Agreement (PPA) awards in 2024 for the Empire Wind I and Sunrise Wind projects mark a watershed moment for the U.S. offshore wind industry. Despite facing significant challenges in 2023, including the potential cancellation of these projects, their revival not only underscores the resilience of the U.S. renewable sector but also signals the industry's commitment to New York's clean energy and climate objectives. A Turbulent 2023 The previous year, 2023, was a test of endurance for the Empire Wind I and Sunrise Wind projects. Developers faced a significant hurdle when New York State declined their request to amend their PPAs, citing financial concerns and potential impacts on ratepayers. This led to a decisive yet risky move by the developers to cancel the PPAs, plunging the future of these projects into uncertainty. This move was seen as highly risky, given the substantial investment and the strategic importance of these projects to New York's renewable energy goals. The cancellation of the PPAs posed a real possibility that the projects could be scrapped altogether, setting back the state's ambitions to be a leader in offshore wind energy and to achieve its aggressive climate targets. The Strategic Revival In response to the initial setbacks, a series of strategic negotiations and reorganizations ensued amongst the various stakeholders to bring these projects back from the brink. Both projects experienced major restructuring from their developers. For Empire Wind I, Equinor took full ownership from their JV partner BP, meanwhile Ørsted similarly acquired 100% ownership of the Sunrise Wind project from their original JV partner Eversource. With both projects now under the sole governance of their respective developers, a revised strategy could be implemented for the resubmission of the project’s PPAs. Charting the Course for 2024 and Beyond The resilience and strategic pivot displayed by the Empire Wind I and Sunrise Wind projects offer valuable lessons in the pursuit of renewable energy goals. The restructuring, re-bidding, and ultimate re-award of the PPAs for these two critical projects shows that, despite the naysayers, the collaboration and determination to leverage offshore wind in the U.S. is as strong as it’s ever been, setting a positive example for the industry's future. As we continue to navigate the challenges and opportunities of building a sustainable energy future, these projects serve as inspiring examples of what can be achieved through perseverance, collaboration, and a shared vision.

#WindPower #World #RystadEnergy "The offshore wind market continues to grow significantly, despite inflationary pressures and supply chain disruptions. In 2023, global installed capacity increased by 7% year-on-year, and forecasts for 2024 indicate a further 9% growth, with over 11 GW of new installations. Rystad Energy’s projections estimate that global capacity could exceed 520 GW by 2040, with Europe playing a central role in this expansion. Europe is expected to account for over 70% of global floating wind installations by 2040. The development of this technology, essential for exploiting deep-water offshore resources, is supported by projects in the UK, France and Portugal. These countries are at the forefront of meeting ambitious national targets for energy transition. Asia, excluding mainland China, is also positioning itself as a key player in floating wind, capturing around 20% of global installations forecast by 2040. Development in this region is mainly focused on Taiwan, South Korea and Vietnam, which are set to increase their installed capacity to almost 28 GW by 2030. Nevertheless, the sector continues to face significant supply chain challenges, which could hamper growth in the short term. At the same time, Europe remains the leader in fixed-foundation wind power, dominated by the UK, Germany and the Netherlands. These three countries are well positioned to reach a combined capacity of 150 GW by 2040, due to their proximity to the North Sea and their carbon-neutral objectives. In the United States, offshore wind development is highly dependent on the political climate, with capacity expected to reach less than 40 GW by 2040, if political support remains stable. The growth of floating wind power is hampered by constraints similar to those encountered in the fixed-foundation segment. Bottlenecks in the supply chain continue to pose challenges for the rapid installation of new capacity. In response, governments are being called upon to step up their support to facilitate these developments, which are vital if we are to achieve our energy transition objectives. Between 2030 and 2035, Europe could add 20 GW of floating capacity, while Asia could add up to 5 GW. These developments are essential to meet growing energy demand while supporting emission reduction strategies. Technology maturity by 2040 could enable Europe to exceed 65 GW of installed floating wind capacity, while Asia could reach 17 GW. Industry players therefore face a crucial challenge: overcoming logistical and technological hurdles to maintain current momentum and ensure that offshore wind can make a significant contribution to the world’s energy future."

Panel—W. Coast Supply Chain at 2024 Pacific Offshore Wind Summit, May 13-15 We're excited to share another preview of an expert panel discussion that we are featuring at the upcoming 2024 Pacific Offshore Wind Summit, convening in Sacramento May 13-15. The increasing demand for floating offshore wind on the U.S. West Coast offers California a great opportunity to pioneer a sustainable clean energy future and build an industry that generates green growth and good-paying jobs. On Wednesday morning, May 15, the Summit hosts a panel discussion on what it takes to develop a scalable supply chain on the West Coast and advance the technology to deploy California’s first floating offshore wind projects. Panel Spotlight: Developing a Scalable West Coast Supply Chain & Technology for California Offshore Wind. The growth in demand for floating offshore wind on the U.S. West Coast presents California with a unique opportunity to build the full-value supply chain from the ground up and leverage best practices from other markets to advance the clean energy transition. In order to develop this new industry, the state faces several challenges, including a limited supply chain and a lack of ports, transmission infrastructure, vessels, and a trained workforce.  In this panel discussion, we’ll dive into the key elements needed to establish a robust and sustainable supply chain for offshore wind in California. We’ll explore how the state can leverage insights from other markets and adopt best practices to ensure timely project construction and reliable operations. Meet our Expert Panel Moderated by Hillary Bright, U.S. VP for Renewables, Xodus, our distinguished panelists include:  ● Michelle Bardini, Public Affairs Manager, Vestas ● Tim Fischer, Global Director of Offshore Wind, Ramboll ● Rohimah Moly, Deputy Director, Energy and Climate Unit, California Governor's Office of Business and Economic Development (GO-Biz) ● Saul Rosser, P.E., Engineering Manager, West Coast, Offshore Development Americas, RWE To read more about our keynote speakers and panel presentations, please visit the Summit Agenda. The 2024 Pacific Offshore Wind Summit kicks off in less than a week and we have more than 700 attendees heading to Sacramento. It’s not too late for you to join us. Don't miss your chance to hear the latest developments in the California offshore wind industry, and network with the key industry leaders, policymakers, and experts shaping California's clean-energy future. Register now to secure your spot! See you in Sacramento! https://lnkd.in/gjfqmup4 #offshorewind #floatingwind #cleanenergy #renewables #climate #offshorewindca #pacificoffshorewindsummit

Global Wind Energy Council (GWEC) predicts Offshore wind industry ‘set for record-breaking decade’ as growth goes global⚡ In 2023, we saw the second-highest annual installation of new offshore wind capacity ever, adding 10.8 GW to reach a global total of 75.2 GW. The Global Wind Energy Council forecasts a monumental addition of 410 GW by 2033, driven by new markets like Australia, Japan, and Brazil. At rhi, we can support this growth by leveraging our expertise in the energy sector to provide consultancy services that optimize project execution, reduce costs, and mitigate risks. Our centralized data management and innovative global delivery model ensure high-quality, timely results for our clients in the offshore wind industry. 🌍🔋 #OffshoreWind #RenewableEnergy #EnergyTransition https://lnkd.in/ei_9YEw7

I’ve just read Global Wind Energy Council (GWEC)’s annual offshore wind report, which was published last week. Despite the challenges the offshore wind industry faced last year, 2023 saw the second-highest number of installations and the industry is primed to see continued global   growth📈. The report also highlighted how:    - 2023 saw connection of 11 GW of offshore wind to the grid globally (an increase of 24% year-on-year)  - In Europe, a new wave of markets neighboring the North and Baltic Seas, Mediterranean, and Atlantic Ocean are seeing offshore wind as a way to enable economic and industrial growth.   - With the right frameworks in place, the world can be on course to deploy 410 GW by 2033.    But it’s not time to get complacent. If we are to meet individual country targets, we must maintain momentum and focus on installing capacity that enables us to reach these goals. We are racing against time to get new wind plants up and running to supply communities with green energy and save our planet from rising carbon emissions. 🌎     #EnergyTransition #OffshoreWind #MoreWindNow 

I know that I am probably a little biased, but Global Wind Energy Council (GWEC)'s #GlobalOffhoreWindReport is a truly amazing publication and exceptionally insightful, even if you've been in the industry for twenty years or twenty minutes. There is an entire section dedicated to what has happened over the past 12 months and how GWEC's Market Intelligence team is seeing offshore wind develop over the next decade, as well as country deep dives (even Australia gets a mention, as well as South Korea - the home of this year's APAC Wind Summit). However, the thing that I really enjoyed this year was the deep dive into offshore wind finance. I thought it was a great read and pretty good explanation of terms that we hear bandied around the industry like #BlendedFinance, #ConcessionalFinance etc. as well as providing some illustrative case studies. The supply chain section is also really relevant for people that have been following GWEC's work on the subject. I think it helps to put the supply chain challenge into a global perspective to really see where the risks and opportunities lie. So well done Feng Zhao and Rebecca Williams (and your amazing teams) for pulling off another brilliant publication. Thanks to Lincoln Electric, Iberdrola, Mingyang Smart Energy and all of the other industry sponsors that supported the report, from the peer reviews and case studies through to thought leadership and beyond. Download the Global Offshore Wind Report here: https://lnkd.in/dBF9GpD2