EIA: Developers to Add 6 Gigawatts of U.S. Offshore Wind by 2029

July 1, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Power developers and operators have reported plans to install more than 6 gigawatts (GW) of offshore wind capacity in the U.S. over the next seven years, according to a recent Today in Energy article from the U.S. Energy Information Administration (EIA) . It's notable that the government agency reports only 6 GW by 2029, whereas President Joe Biden has set the goal of having of having 30 GW of U.S. offshore wind by 2030.

Industrial Info is tracking substantially more than 6 GW of planned U.S. offshore wind but classifies many of these projects as having a low probability (0-69%) of moving forward as planned. There are a number of reasons for this, including logistical challenges due to U.S. maritime law and opposition by residents along the coastal areas where the windfarms will be installed. However, some developers have accounted for these hurdles and are taking measures to overcome them, giving them a greater chance of actually being built.

Companies featured: TotalEnergies SE (NYSE:TTE), Dominion Energy Incorporated (NYSE:D), Avangrid Incorporated (NYSE:AGR), Equinor (NYSE:EQNR) (Stavanger, Norway) and BP (NYSE:BP)