Offshore wind projects along the New England coast could bring sizable economic and environmental benefits to the region, according to a report by the Independent System Operator-New England.
The Draft 2015 Economic Study-Offshore Wind Study found the installation of 1GW of offshore wind would provide production cost savings of $104m/year to $407m/year
If installation is doubled to 2GW, production cost savings ranged from $205m/yr to $807m/yr. The report examined different scenarios including construction or retirement of other types of power plants such as nuclear, natural gas and coal.
In terms of the load-serving entity (LSE) energy expenses, total savings ranged from $56m/yr to $241m/yr with 1GW of offshore wind and $128m/yr to $491m/yr with 2GW.
Offshore wind development also would reduce carbon emissions from 1518 kilotons/yr to 4230 kilotons/yr.
The study analyzed the interconnection of offshore wind into three substations in the Southeastern Massachusetts/Rhode Island area: Barnstable, with 25% of total offshore wind capacity interconnected, Brayton Point, with 50% and Kent County, with 25%. The three substations appear to be favorable interconnection points for low production cost resources, said the report.
ISO New England conducted the study as part of a regional system planning effort to help stakeholders evaluate resource and transmission options and help policymakers plan strategy.
Image: reNEWS
New England plots offshore path
Installing 1GW could bring cost savings of $407m/y says ISO report
By EBS