Vineyard Wind Power Purchase Agreement

Vineyard Wind has put a difficult price marker for other developers. In Massachusetts, 1.6 GW of offshore wind capacity is expected online by about 2026/2027, and developers must beat the Vineyard Wind award. “We are very pleased to reach this agreement, another important milestone in a project that will bring a whole new sector to the United States,” said Sy Oytan, Deputy CEO of Vineyard Wind. “There is huge potential for job creation, not only during construction, but also for operation and maintenance. These are well-paying jobs that will still exist for decades. “We are proud to support the development of renewable energy that will help reduce greenhouse gas emissions and combat climate change in our region,” said James Daly, vice president of energy supply at Eversource. “The additional 804 megawatts of offshore wind power in this AAA will help promote Connecticut`s future and economic development for clean energy.” New Jersey, on Sept. 9, opened a second offshore wind state tender, which could triple its promised capacity. Vineyard Wind said last week that it responded to New York State`s second tender for offshore wind capacity by offering six options for up to 1.3 GW of generation. Vineyard Wind said one of the options for its Liberty Wind project “would be the greatest direct economic benefit obligation of any offshore wind project in the United States.” Elsewhere in the U.S. offshore, developer Deepwater Wind has launched months of geophysical and geotechnical studies off the coasts of Maryland and Delaware to prepare for the 120 MW Skipjack wind farm. Wednesday`s announcement comes two days after the Business Network for Offshore Wind, a trade group for the sector, released a white paper that said the lack of a coordinated transmission policy for offshore wind “constitutes an existential restriction on the OSW industry`s ability to exploit its full potential in the United States.

Market. The Federal Energy Regulatory Commission (FERC) on Tuesday hosted a technical conference to discuss the ability of existing regulatory policy to address the expected rapid growth of the U.S. offshore wind market. John Miller, a senior research analyst at Calvert Research and Management in the company`s ESG group, recently told POWER that the U.S. “lacks a coherent public policy agenda to support the offshore space. In the United States, most first-class offshore sites are owned by the federal government, which requires leasing and environmental negotiations with the Department of the Interior`s BOEM [Bureau of Ocean Energy Management]. Wholesale electricity markets are regulated by the federal government through FERC, but most of this day is executed by ISO [Independent Grid Operator] or RTO [Regional Transmission Organization], which requires successful tendering in these markets. Finally, states dictate the final tariff structures for consumers, which means that a project must successfully manage the purchasing process at the procurement level. All three negotiations take time and there are no developed processes or timelines. In addition, the three of these negotiations can be project killers, either from the point of view of the environment/authorization, or from the point of view of costs. Oil companies BP and Equinor entered into a strategic partnership for offshore wind in the United States in September.