DOE Loan Programs Office’s Post

Big news out of IPF 2024! The U.S. Department of Energy (DOE) today announced the release of its "Pathways to Commercial Liftoff: Offshore Wind" report which describes how the U.S. offshore wind sector is adapting to challenges and poised for continued progress to create tens of thousands of new, good-paying jobs and expand access to clean energy for millions of Americans, with a path to deploying over 100 gigawatts (GW) by 2050: https://lnkd.in/gitNPrSc The "Liftoff" reports, which have been facilitated by the DOE Office of Technology Transitions, are part of a DOE-wide initiative to strengthen engagement between the public and private sectors to accelerate the commercialization and deployment of key clean energy technologies by identifying and characterizing the barriers and opportunities for capital allocators across key energy sectors. Some key findings from this latest report include: • The U.S. offshore wind market is at an inflection point, with improved risk mitigation being built into industry planning. • The sector is poised for Liftoff, beginning with 10–15 GW of projects that have a path to final investment decision in the next few years. • While costs increased over the past few years, there is a path to cost reductions moving forward. • Offshore wind power has a compelling and distinctive value proposition that complements other clean resources, with high capacity factors and strong winter production that support grid reliability and resource diversity. Go to the Pathways to Commercial Liftoff Offshore Wind report page for more details and to download the full report and a two-page summary: https://lnkd.in/gms87VZv LEARN MORE: • Read about other Liftoff reports & signup to be notified when new reports or webinars are available at the Pathways to Commercial Liftoff website: Liftoff.Energy.gov • Learn about financing options for offshore wind projects on LPO's offshore wind tech sector page: https://lnkd.in/gz_XKzsi • Read LPO's Tech Talk on offshore wind: https://lnkd.in/gRzS_8C5 #DOELPO #FinancingAmericanEnergy #BridgeToBankability #DeployDeployDeploy #Liftoff #OpenForBusiness #BuiltInAmerica #FinancingInnovation #FinancingImpact #FinancingClimateSolutions #FinancingInnovativeCleanEnergy #FinancingOffshoreWind #FinancingSupplyChains #IPF2024 #IPFConf #LPONews

"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.

The U.S. Department of Energy (#DOE) today released its latest report in the Pathways to Commercial Liftoff series, describing how the U.S. #offshorewind sector is adapting to challenges and poised for continued progress to create tens of thousands of new, good-paying jobs and expand access to #cleanenergy for millions of #Americans, with a path to deploying over 100 gigawatts (GW) by 2050. The Pathways to Commercial Liftoff: Offshore Wind report finds that the sector today is poised for liftoff, enabled by continued efforts to adapt to recent market challenges. The projects that move forward in the next several years will lay the foundation for consistent long-term deployment, #decarbonisation, and economic benefits across the country in support of President Biden’s ambitious goals of achieving a 100% clean power sector by 2035 and a #netzero emissions economy by 2050. “Offshore wind is already powering over 100,000 American homes, and with the Offshore Wind Liftoff Report and new investments, the Biden-Harris Administration is helping deliver on the promise of this technology to rapidly scale over the coming years,” said U.S. Deputy Secretary of Energy David Turk. “The offshore wind sector is making rapid progress even in the face of macroeconomic challenges, poising the industry to create good jobs and supporting a clean, resilient energy system.” To help deliver on the potential of this industry, DOE today announced its intent to fund $48 million in research and development projects for offshore wind technology development, domestic manufacturing, and more—new DOE funding that is part of broader federal resources that the Biden-Harris Administration is deploying to grow the American offshore wind industry. DOE is also announcing its latest steps to support offshore wind transmission, including support for standardization needs and guidance development and a new analysis for the #GulfofMexico. The Pathways to Commercial Liftoff: Offshore Wind Deployment report analyzes market challenges and solutions already underway, finding that the sector is adapting to recent cost pressures and will see lower risk and costs as deployment scales over time. Key takeaways and insights include: The U.S. offshore wind market is at an inflection point. Despite facing macroeconomic challenges, the sector is adapting, and improved risk mitigation is being built into industry planning. State leadership has been and will remain fundamental, as will federal policy, including use of long-standing tools and new resources made available through the Bipartisan Infrastructure Law and the #InflationReductionAct. The sector is poised for Liftoff, beginning with the 10–15 GW of projects with a path to final investment decision in the next few years. These projects will lay the foundation for consistent long-term deployment, decarbonisation, and economic benefits across the country. Longer term, offshore wind can deliver over 100 GW of clean power by 2050.

Amid challenges in offshore wind development, Kester Guy-Briscoe, Principal at Gerard Daniels, emphasises the need for innovative leadership and collaboration to meet net zero targets. Despite setbacks, records in clean energy generation highlight the sector's momentum. Overcoming hurdles like intermittent supply and macroeconomic challenges requires strategic solutions and cross-industry cooperation. Read more about the journey towards sustainability in offshore wind development. #cleanenergy #gerarddaniels #executivesearch #boardconsulting

America is moving quickly, efficiently and bringing much needed money and jobs to the country ! The rate of growth with my clients in the USA is staggering 🙌 love it 💚 Great things ahead and a good little read below 😏 Few points which stand out for me 💫 📈 Wind power is soaring, contributing to a remarkable 22% surge in new electricity generation during 2022. 💰 An impressive $12 billion investment underscores wind power's cost-effectiveness and economic potential. 👷♂️ Over 125,000 job opportunities have been created, powering local communities across the nation. 🌊 **Offshore Wind Market Report 2023: Leading the Way** 📊 The recently unveiled 2023 Offshore Wind Market Report, crafted by the DOE's National Renewable Energy Laboratory, showcases progress and potential. 💼 Beyond numbers, this report signifies a commitment to clean energy job creation and sustainable practices. Enjoy 🫡 https://lnkd.in/gzWEy2Yj #WindPowerSuccess #CleanEnergyFuture #SustainableProgress #RenewableEnergy #GreenTech #CleanPower #EconomicOpportunity #OffshoreWind #WindIndustry #USAWind #RenewableInvestment #GreenEconomy #ClimateAction #EnvironmentalImpact #CleanTech #Innovation #EcoFriendly #WindTurbines #WindEnergy #PoweringTheFuture #GreenTransition #EnergyTransition #WindTech #ClimateSolutions #CleanEconomicFuture #GreenProgress #NewEnergyHorizons

RenewableUK - “Expanding the Horizon” The UK's Offshore Wind Industrial Growth Strategy The UK's Offshore Wind Industrial Growth Plan (#IGP) aims to significantly bolster the country’s offshore wind supply chain, aligning with national targets to enhance energy security and promote sustainable growth. Here are the core strategies and recommendations distilled from the plan: Strategic Overview: 🔹Supply Chain Enhancement: Accelerate and de-risk the supply chain expansion through targeted investment in critical technologies and infrastructures. 🔹Market Expansion: Boost domestic and international market shares by leveraging advanced technologies and fostering innovation. 🔹Collaboration and Partnerships: Establish a new Delivery Body to synchronise efforts across government, industry, and stakeholders to drive the execution of the growth plan . Key Recommendations: 🔹Investment in Infrastructure: Address the urgent need for robust port and grid infrastructure to support the growing deployment of offshore wind projects. 🔹Innovation Promotion: Create an innovation-friendly environment through the establishment of the Offshore Wind Innovation Development and Demonstration (WInDD) Hub and the Advanced Turbine Technology Institute . 🔹Risk Mitigation for Investors: Develop strategies to de-risk investments, ensuring a stable and attractive market for domestic and foreign investors. 🔹Enhanced Capability and Capacity Building: Focus on expanding the UK's research and development capabilities to maintain a competitive edge in emerging offshore wind technologies . 🔹Implementation and Monitoring: - Execution by the Delivery Body: A central Delivery Body will coordinate the IGP’s implementation, aligning strategic funding and monitoring progress against set goals . 🔹Funding Mechanisms: A mix of public and private funding, including a proposed joint industry fund, to support investment priorities over a planned 5-year period. 🔹Regular Review and Adaptation: Continuous assessment and adaptation of the plan to address emerging challenges and opportunities in the offshore wind sector . Conclusion: The 2024 Offshore Wind Industrial Growth Plan sets a proactive framework aimed at reinforcing the UK's position as a leader in offshore wind technology and industrial capacity. This strategy not only promises significant economic benefits but also aligns with global environmental goals. Engage with the Plan: #OffshoreWind #IndustrialGrowth #SustainableEnergy #UKWindSector #EnergySecurity #InnovationLeadership For further insights and ongoing updates on the UK's offshore wind strategy, engage with the industry's thought leaders and stay tuned to governmental updates. <🔗 https://lnkd.in/eD_ftPDV>

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

Expanding #renewables capacity in the UK is vital to deliver our clean energy goals and drive growth across the country. Our Programme for Government called for the removal of barriers to onshore wind as part of this process, so it's positive to see this taken forward. This will help spur investment and accelerate progress towards #netzero, which will ultimately support increased prosperity in the UK. More information available here: https://lnkd.in/eCbBxqJy Read the full Programme for Government, outlining key recommendations to drive investment in #netzero and #nature, here: https://lnkd.in/eG8wTxRb Department for Energy Security and Net Zero

As the global energy landscape transforms, offshore wind emerges as a pivotal player in the green transition. In our latest blog, we explore the immense potential of offshore wind projects and compare the strides made in Europe and the United States. We discuss what development looks like for Atlantic Canada and key learnings to take from global leaders. Check out our blog and join the conversation👇 #offshoredevelopment #offshoreenergy #offshorewind #greentransition #localcontent #capacitybuilding #supplychainmanagement

The Energy Transitions Commission (#ETC) – a coalition of leaders from across the #globalenergy landscape – are calling on #governments and industry to work together to rebuild confidence in the offshore wind market and bring costs down. In a new briefing document: ‘Overcoming Turbulence in the Offshore Wind Sector’ the ETC call for co-operation to get #offshorewind back on track, and generation to the levels it needs to be. 2022 and 2023 were difficult times for offshore wind, with the effects of #Covid and Russia’s invasion of #Ukraine creating supply chain bottlenecks and shortages which drove up the cost of steel by 200%, resulting in many projects and contracts being cancelled. The report emphasises that most of these drivers were temporary in nature and offshore wind should not be seen as being in crisis, rather that it is ready to bounce back. In the seven years prior to 2022, costs in #WesternEurope had fallen 60%, while global capacity expanded six-fold, from 12GW to 74GW, producing energy for around 90 million households. The report also points out that #China have made huge cost savings through #technological progress and large-scale production, illustrating that offshore wind can be even cheaper and more competitive in the future. The International Energy Agency (#IEA) have suggested that to achieve a #netzero economy built on clean electricity, annual wind generation needs to grow ten-fold between 2022 and 2050. However, most countries are not on track to install sufficient offshore wind capacity by 2030 to align with this trajectory. The ETC report states that to rectify this, governments and industry must work together to rebuild confidence in offshore wind. Specifically they should:  - Set ambitious targets and predefined auction schedules, which ensure large-scale volumes committed and delivered year by year. - Design auctions and government-backed contracts to reduce the risks of non-delivery. Changes should include inflation-indexation to reduce developer risks and greater penalties for withdrawing from contracts to reduce contracts being treated as options. Governments must accept paying somewhat higher prices to remove this optionality. - Streamline planning, permitting and grid connection processes while also reinforcing the grid to reduce waiting times for offshore wind to connect. - Ensure that #windturbine and component production can achieve economies of scale-based cost reductions by encouraging harmonisation of turbine components and sizes. - Address specific supply chain #bottlenecks through, for example, guarantees and subsidies for new installation vessels to carry larger turbines; and balancing the desire to encourage local supply chain content with the need to achieve high production volumes on a multi-country/regional level.