Analysis of the week: Enerdatics Estimates that the US Will Install 15 GW of Offshore Wind Farms by 2030, Increasing to 50 GW by 2040

Upcoming power procurement rounds primarily in New York, New Jersey, California and Massachusetts during 2024-26 will be critical to support further buildout. New York targets to install 9 GW of offshore wind power by 2035, with 0.9 GW of PPAs currently approved. The state has announced its fifth offshore wind solicitation this summer, with the aim of offsetting the recent contract cancellations, which reached 4 GW. Meanwhile California, which aims to install 5 GW by 2030, recently approved a bill to facilitate offshore wind PPAs, with the first procurement round anticipated in 2025-26. Massachusetts is currently soliciting 3.6 GW in proposals, whereas New Jersey announced that it has expedited its fourth solicitation round from early-2025 to Q4 2024.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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