The Oceatic Network’s Q1 2024 U.S. Offshore Wind Quarterly Market Report has been released, highlighting announced investments, review process advancement for certain projects and domestic policy developments between January and March.
Notable milestones included Ørsted and Eversource’s completion of South Fork Wind last month.
“In the first quarter, our industry moved from concept to reality with projects now delivering power to the grid,” says Sam Salustro, vice president of strategic communications at Oceantic Network. “No longer will the question be whether the U.S. builds offshore wind projects, but how many and how fast. This summer we’ll see the market move into a new region with the start of Dominion Energy’s Coastal Virginia Offshore Wind in the mid-Atlantic and a third project in the Northeast with Revolution Wind.”
The report identified several further industry advancements, including BOEM’s total capacity approval increase for construction, 4,000 MW of projects expected to begin installation activities this summer and new IRS guidances.
