OFFSHORE WIND SUPPLY CHAIN WORTH $109B OVER 10 YEARS

A group studying the economics of offshore wind energy in the U.S. says building and operating the nascent industry will be worth $109 billion to businesses in its supply chain over the next 10 years.

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The report by the Special Initiative on Offshore Wind comes as states on both coasts and the Gulf of Mexico are moving to enter or expand their role in the industry, and are making crucial decisions on what to spend and where to spend it.

Multiple states, including New Jersey, want to become the hub of the supply chain that will support offshore wind energy in the U.S., planning and building onshore support sites for manufacturing turbine blades and other components of wind power.

The group, affiliated with the University of Delaware, estimated the market at $70 billion just two years ago, but updated its estimates as the industry continues to grow quickly.

One caveat: the report notes that most of the initial components to be used for U.S. offshore wind projects will come from Europe. It does not attempt to predict when or where a shift might occur.

The U.S. has set a goal of generating 30 gigawatts of power from offshore wind by 2030 — enough to power over 10 million homes.