Emerging Growth Opportunities in Offshore Wind Industry

Offshore wind is a quickly-advancing energy industry that, in the manner of just a few years, has become less expensive, is creating more electric power as well as more jobs and, importantly, will take pollution out of the air we breathe.

Offshore wind also is an energy source many Republican and Democratic politicians want in their states.

Governors from both parties in New York, New Jersey, Virginia, Massachusetts, Maryland, Maine, Connecticut, Rhode Island, and California are beyond simply talking about offshore wind but also finalizing plans and finding ocean locations for turbines to generate electrical power.

President Trump’s Interior Secretary Ryan Zinke is supporting leaders and their offshore wind projects from both political aisles. At one of our forums, he characterized offshore wind as a “key part” of President Trump’s energy plan. “Of the current energy portfolio, probably wind has the greatest opportunity for growth,” Zinke said. “Let’s make American energy great. Let’s make sure we make wind energy great.”

The latest Advanced Energy Economy’s report found that advanced energy, such as offshore wind, is a rapidly growing global sector with a market size of $1.4 billion. The global growth rate of advanced energy is 7 percent as compared to the world’s economic growth rate of 3.5 percent in 2017.

Advanced energy within the U.S. has created 3.4 million jobs, which is more than twice of the nation’s established hotel and hospitality sector, which generated 1.4 million jobs. Our growing offshore wind projects will turn our ocean turbines into a new economic engine for the United States. Today, the offshore wind industry is developing from New York to California and on track to match Europe’s creation of 96,000 offshore wind-related jobs.

Meanwhile, offshore wind technology is building floating turbines to generate even more wind power and reduce more costs, compared to all forms of energy, including wind turbines with permanent foundations. The Business Network for Offshore Wind, which I head, recently met with Houston oil and gas officials to obtain their help in doing what they have already done in oceans to drill for oil and gas — create offshore floating foundations.

Read more here: https://thehill.com/blogs/congress-blog/energy-environment/400464-offshore-wind-turning-us-power-on