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US offshore to ‘top 3.5GW’

Westwood Global Energy report says states driving growth to 2026

US offshore to ‘top 3.5GW’ image

Offshore wind capacity in the US could reach 3.5GW by 2026, according to a new report by Westwood Global Energy Group (WGEG).

The report – ‘World Offshore Wind Market Forecast 2017–2026’ – said capacity is set to grow from 30MW in 2016 to 2.5GW by 2026, with an additional 1GW of capacity from projects that have not yet passed conceptual phases.

It projects that 580 turbines will be installed offshore in 2026 compared with six in 2016.

Offshore wind expenditure in the US is projected to be $28bn between 2017 and 2026, with a 39% year-on-year growth, WGEG said.

The majority of expenditure will be on hardware capex (68%), followed by installation costs (22%) and planning development (10%), the company added.

WGEG analyst Marina Ivanova said: “Despite president Trump’s pro-oil and gas stance and his decision to leave the Paris Climate Accord, there are some positive signs that US offshore wind is gaining momentum.

“More importantly, as each state has its own renewable electricity mandates, the withdrawal from the Paris Climate Accord is likely to affect emission targets at a federal level only.

“It remains to be seen the extent to which President Trump will be able to influence individual states’ renewable policies.”

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