BlueFloat Energy has announced the findings of a socioeconomic analysis from ACIL Allen of the Greater Gippsland Offshore Wind Project, revealing that the proposed 2.1 GW project – located off the coast of Gippsland, Victoria – could see a $35 billion increase in the gross regional product for Gippsland.
The Gippsland region, which was designated as Australia’s first offshore wind zone, is currently open to applications for feasibility licenses. Projects awarded a license can begin field work and studies as part of the environmental approvals and technical feasibility process.
The socioeconomic study, which was conducted as part of BlueFloat Energy’s feasibility license application, shows that the Greater Gippsland Offshore Wind Project is forecast to generate thousands of ongoing direct and indirect jobs and deliver an $18.3 billion increase in combined household incomes in Gippsland.
Victoria has set targets of at least 2 GW of offshore generation capacity by 2032, 4 GW by 2035 and 9 GW by 2040. The Greater Gippsland project is projected to generate 7,800 GWh of renewable energy each year and will put downward pressure on wholesale electricity prices.
The project will be located between 10 km to 43 km offshore from the Gippsland coast, between Woodside Beach and Seaspray. It includes approximately 140 wind turbines and four substations, which will produce 2.1 GW of electricity and be connected to the National Energy Market in the Latrobe Valley via a shared transmission line.
“As part of our feasibility license application, we wanted to understand how the Greater Gippsland Offshore Wind Project would impact the regional economy. The numbers that came back are astounding,” says Nick Sankey, BlueFloat Energy’s Australian country manager. “It is so important that offshore wind delivers benefits for local communities, and the analysis by ACIL Allen shows just how many jobs, incomes and livelihoods can be positively affected.”
