US offshore wind projects will boom as costs drop

Subject

US offshore wind projects.

Significance

Offshore wind has been a mostly uncharted frontier for the US renewable energy industry. That started to change late last year, when the first offshore wind farm started up off Rhode Island, a milestone moment for the sector. Now project developers are looking to build on this success with billions of dollars' worth of new projects being proposed along US shores.

Impacts

• Offshore wind projects could provide new business to offshore hydrocarbon development service providers.
• Gulf Coast ports and fabricators active in offshore oil and gas development will see new business from offshore wind projects.
• A large-scale buildout of offshore wind would offer an economic and employment boon to coastal states.