Offshore wind developers are now jumping over each other to claim increasingly lucrative state and federal subsidies for the technology.
The allure for states such as New York and Rhode Island, which has the nation’s only operating commercial-scale offshore wind farm, isn’t just clean energy. With offshore wind comes the promise of a new industry to build and service turbines many miles out to sea, meaning jobs and port redevelopment projects in regions that have struggled to maintain good-paying blue-collar jobs..
“The basic economics of offshore wind is in demand right now,” he said. “There’s state buy-in to tackle transmission, and they’re expanding ports right before our eyes. It’s going to create tens of thousands of jobs.”Advances in offshore wind turbines that allow developers to get far more power out of an acre than previously understood is contributing to the land, or rather, ocean rush,
Salustro said. With only so much offshore acreage getting parceled out, developers are willing to pay a premium to get in on what they believe could be the ground floor for the energy industry of the future.off more than 100,000 acres off the North Carolina coast. The question hanging over the bidding will be how high developers are willing to go.
Not everyone is convinced the high lease prices leases are worth it. Orsted, the Danish offshore wind giant,BP CEO Bernard Looney, whose company is already developing two offshore wind projects in the Northeast, told analysts earlier this month that the decision to drop out of the bidding in the New York lease sale should be taken as, “a sign of discipline.”The risk facing energy developers is state energy regulators won’t agree to as high a rate as hoped when it comes to time to negotiate power contracts.
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