New Study by DNV Analyzes Impact of Early Investments in Ports, Vessels, Manufacturing, and Transmission for America’s Growing Offshore Wind Sector
Washington, D.C. — A new study from DNV titled “Second Wind: The Impact of Current U.S. Offshore Wind Investments on Future Costs,” released today in partnership with Turn Forward, estimates that current investments in offshore wind supply chain and infrastructure will drive up to a 14 percent cost reduction for future projects.
“This research confirms that the early investments America has made in offshore wind energy are creating benefits that will continue to deliver over the coming years, ultimately lowering the cost of building future projects,” said Turn Forward Executive Director Hillary Bright. “We know that when we invest in American offshore wind energy, we’re creating economic opportunities across the country, leading to a strong, nationwide supply chain that can deliver family-sustaining jobs and reliable energy for American families and businesses.”
DNV’s study quantifies the benefits of 23 early investments — including ports, vessels, manufacturing and transmission projects — to highlight how commitments to build offshore wind infrastructure that can serve multiple projects will help reduce future capital and operations costs.
“Our research shows that early investments have been critical to enabling significant future cost reduction for U.S. offshore wind power projects,” said Jake Frye, Technical Director at DNV. “By analyzing these early investments, which have helped to create foundational building blocks for this vital and emerging energy resource, we were able to quantify their impact on reducing construction and operational costs for each future wave of project development.”
The report highlights the benefits of investments in the growing U.S. offshore wind industry, which are already producing clean energy for communities with 6 gigawatts operating or under construction today and many more gigawatts in the pipeline. Earlier this year, the nation’s 10th project gained federal approval, bringing the total capacity of approved projects to over 15 gigawatts — enough to power over 5 million American homes. Through these projects and more, offshore wind development is ramping up to meet over 50 gigawatts of state targets nationwide.
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Turn Forward is an independent, non-profit advocacy organization dedicated to advancing an ambitious vision for American offshore wind power that meets today’s climate, economic, equity and environmental challenges.
For media inquiries, please reach out to media@turnforward.org.