Offshore Wind: Today’s Challenges and Tomorrow’s Opportunities
Addressing and identifying key policy, market, and finance issues that will impact the direction of the offshore wind industry in the United States
Event Details
The Biden administration has set a target of 30 gigawatts of operational offshore wind capacity by 2030 as part of larger efforts to halve US emissions by the end of the decade and achieve net zero by midcentury. According to the Department of Energy, this goal would support 77,000 jobs, generate enough electricity to power more than 10 million homes, and cut 78 million metric tons of carbon dioxide emissions.
However, the US offshore wind industry is still nascent and several obstacles remain before such an ambitious goal can be realized. It requires coordinated action from states and the federal government, and the policies and market structures that are put in place today will have a huge impact on the future of the industry and its ability to deliver on the promise of clean energy, jobs, and technology.
Resources for the Future (RFF) hosted a virtual workshop on December 2 and December 3, 2021, to address and identify key policy, market, and finance issues that will impact the direction of the offshore wind industry in the United States.
Agenda and Event Videos
Thursday, December 2
9:00 a.m. EST | Welcome and Introductory Remarks
Barbara Kates-Garnick, Resources for the Future, Tufts University
9:15 a.m. EST | Session 1: Lessons Learned and Key Challenges Ahead
As efforts to scale offshore wind projects take off, this session examines key opportunities and challenges that lay ahead. Our panelists shared successes from government and industry, and offered insights into critical issues facing offshore wind development in the United States, including governance, industry-building, labor, supply chains, siting and permitting, environmental impacts, and more.
10:15 a.m. EST | Break
10:30 a.m. EST | Session 2: Local Considerations and Impacts of Offshore Wind Development
Offshore wind projects influence the local economy in communities in the short-term during construction and in the long-term during operation. This session looked at how offshore wind may affect host communities and to what extent the Jones Act—a century-old law that requires that only US–built ships can move goods between US ports—may affect development of these projects and their impacts.
11:45 a.m. EST | Closing Remarks
Barbara Kates-Garnick, Resources for the Future, Tufts University
Friday, December 3
9:00 a.m. EST | Welcome and Introductory Remarks
Karen Palmer, Resources for the Future
9:15 a.m. EST | Session 3: Transmission and Grid Modernization
Offshore wind developers and grid operators face several challenges in bringing projects to fruition and ultimately delivering electricity to the grid. Among these are finding locations to interconnect with the grid and making necessary upgrades to offshore and onshore transmission to enable delivery of power. These challenges are particularly acute given state goals and, in some cases, requirements for rapid development of offshore wind capacity in the coming decades as a part of state decarbonization policy. In this session, we heard from experts about some of these challenges and ways to address them.
- Carrie Cullen Hitt, National Offshore Wind Research and Development Consortium | Slides
- James Ferris, Clean Energy Division, New Jersey Board of Public Utilities | Slides
- Robert Gramlich, Grid Strategies | Slides
- Yachi Lin, New York Independent System Operator | Slides
- Melinda Marquis, National Renewable Energy Laboratory | Slides
- Karen Palmer, Resources for the Future (Moderator)
10:30 a.m. EST | Break
10:45 a.m. EST | Session 4: Costs, Finance, and Risks and Rewards
There is considerable developer and investor interest in US offshore wind, but obstacles to widespread deployment remain. Among the advantages are certainty in near-term federal incentives—a 30 percent investment tax credit for projects that commence construction before 2026, states’ targets for offshore wind development, long power purchase agreements, and the potential for project cost declines. However, investors must be comfortable with the various risks of offshore wind, such as from technology, permitting, and transmission. In this session, we considered the advantages, barriers, and risks of offshore wind development from the perspective of investors to understand the likelihood for large-scale deployment of offshore wind.
11:45 a.m. EST | Closing Remarks
Kristin Hayes, Resources for the Future
Participants
Timothy Bialecki
Energy Industry Analyst, Federal Energy Regulatory Commission
Bill White
Head of US Offshore Wind, Avangrid Renewables
William "Bill" Murray
Senior Vice President of Corporate Affairs and Communications, Dominion Energy
Matthew Rosenberg
Senior Analyst, US Government Accountability Office
James Ferris
Bureau Chief for New Technology, Clean Energy Division, New Jersey Board of Public Utilities
Yachi Lin
Senior Manager of Transmission Planning, NYISO
Ieva Ozola
Project Leader Finance, Equinor
