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Looking for a side-hustle? Why not start an offshore wind farm? $1tn opportunity

PortandTerminal.com, October 24, 2019

Offshore wind to become $1 Trillion industry, International Energy Agency Says (IEA) says

NEW YORK, NY – Offshore wind could become a cornerstone of the world’s power supply as steep cost reductions and improved technology unleash the potential of the green energy source, said the International Energy Agency (IEA) on Friday.

Dr Fatih Birol, Executive Director of the International Energy Association

“Offshore wind currently provides just 0.3% of global power generation, but its potential is vast,” the IEA’s executive director, Fatih Birol, said.

The study predicts offshore wind generation will grow 15-fold to emerge as a $1tn industry in the next 20 years and will prove to be the next great energy revolution.

How big is the potential? Bigly big.

Erecting wind turbines on the world’s best offshore sites could provide more than enough clean energy to meet global electricity demand, according to the report.

Offshore windfarms “can provide more electricty than the world needs”

The IEA’s analysis revealed that if windfarms were built across all useable sites which are no further than 60km (37 miles) off the coast, and where coastal waters are no deeper than 60 metres, they could generate 36,000 terawatt hours of renewable electricity a year. This would easily meeting the current global demand for electricity of 23,000 terawatt hours.

New York State announces major progress with wind-generated power plans

Gov. Andrew M. Cuomo

Earlier this week it was announced that New York State has finalized offshore wind contracts with Equinor Wind US LLC for its 816 MW Empire Wind Project and Sunrise Wind LLC – a joint venture of Ørsted A/S and Eversource Energy – for its 880 MW Sunrise Wind Project.

“New Yorkers know all too well the devastating impacts of climate change and the catastrophic consequences if we do not act urgently,”

Gov. Andrew M. Cuomo

The two projects representing the largest procurement for offshore wind in America’s history.

“New Yorkers know all too well the devastating impacts of climate change and the catastrophic consequences if we do not act urgently,” says Cuomo. “By finalizing the contract awards for the nation’s largest offshore wind procurement, we are realizing the positive impacts these projects will have on the environment while diversifying our economy and bringing significant economic benefits to the Empire State.”

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