The US Congress could help stimulate the economy by providing the resources needed for reviews of offshore wind projects, as requested in the Trump Administration’s 2021 budget, according to the Business Network for Offshore Wind (BNOW).
“If the Federal government wants to boost the economy, it doesn’t have to look any further than the Department of Interior,” said BNOW chief executive Liz Burdock (pictured).
“Congress should act today to devote the resources needed for review of construction and operation plans (COPs) as requested in the Administration’s 2021 budget,” she said.
“US small businesses will need work immediately following the containment of the coronavirus, and next year may be too late to keep them solvent.”
BNOW’s annual market report describes how the White House can “act now to claim the US share of an emerging $1tn global market by 2040 to assist in the economic recovery”.
“The health and safety of wind industry workers is paramount. We are concerned about the economic hardship that a long-term shutdown and recession would place on secondary and tertiary US suppliers,” said Burdock.
She saod offshore wind energy is an “unparalleled business opportunity right now”.
“Investment in these vital infrastructure projects can ensure the pipeline to small business suppliers stays open,” added Burdock.
The report found that power prices are consistently falling in the American offshore wind industry, “paralleling the European experience”.
For example, the Empire Wind and Sunrise Wind developments off New York had an average all-in price of $83.36 per megawatt-hour when awarded in 2019, with an expected average OREC cost of $25.14, revealing a 40% reduction in costs compare with those projected in 2018.
Burdock said the recent drop in oil prices won’t diminish demand for offshore wind. “Petroleum is key in the transportation industry, but offshore wind is focused on electricity,” she said.