Using updated input assumptions, the report projected wholesale power prices over the period 2014-2038, for scenarios with and without Cape Wind in service, and quantified the expected reduction in wholesale power prices and wholesale electricity costs that would result from the power supplied by the project. The report found that Cape Wind would lead to a reduction in the wholesale cost of power averaging $286 million annually over the years 2014–2038, resulting in an aggregate savings of $7.2 billion over 25 years. If Cape Wind were in service, the price of power in the New England wholesale market is projected to be $1.86/MWh lower on average. Over the combined 16-year period spanning construction and the first 15 years of operations, Cape Wind would create an average estimated net addition of 514 jobs in Massachusetts and 1,119 jobs in New England.
The NJ Division of Rate Counsel's consultant testifies that the proposed Fishermen's Energy (FERN) Atlantic City Windfarm project, and its Offshore Renewable Energy Credits (ORECs) prices, do not produce a net economic benefit to New Jersey ratepayers, and, if approved and developed, could lead to a loss of nearly 30,000 jobs and a loss of $1 billion in net economic output on net present value terms. On an annual basis, the project would increase rates by between $15 million to $37 million per year. Over a twenty-year time frame, the project would lead to a rate increase of $286.3 million. According to the consultant, the project should also be rejected since it fails to meet the statutory nameplate capacity limitation outlined in the Offshore Wind Economic Development Act (OWEDA).
This study investigates four aspects of offshore wind energy in Maryland: (1) the regulatory and policy environment for offshore wind development; (2) optimal interconnection points for bringing offshore power onshore; (3) estimated investment costs; and, (4) potential conflicts between radar functionality, military activities, and wind farm siting.
This Fiscal and Policy Note analyzes the state fiscal effect and policy framework of the proposed Maryland Offshore Wind Energy Act of 2012. Over a five-year period, the Public Service Commission's (PSC) anticipated administrative expenditures would amount to $3.4 million, which would be covered by a special assessment fee between fiscal years 2013-2016. State expenditures on electricity would increase to $3.57 million in fiscal year 2017.
The study found that New England could develop 2,233.6 MW from offshore wind sources by 2016 and 22,436.8 MW from offshore wind sources by 2020. The potential decreases in levelized cost of energy (LCOE) could range from $33-$68/MWh. Through 2016, large scale onshore wind dominates the supply curve; offshore wind resources become economically feasible at approximately $210/MWh.
This paper assesses the Delaware offshore wind energy resource through three elements: a mapping model (examining the developable offshore area out to 60 km), a valuation model (translating historical buoy records of wind data into electricity production and corresponding real world spot prices), and a business development model (analyzing the value of this electricity in light of detailed development cost estimates). It also summarizes potential impacts to marine wildlife in the Delaware area from potential offshore wind project construction and operation.
The report assesses the costs, challenges, and impacts in areas of technology, manufacturing and employment, transmission and grid integration, markets, siting and permitting strategies, and potential environmental effects associated with providing 20% of U.S. electricity needs through wind energy by 2030, an increase of more than 290 GW within 23 years.
The report evaluates the direct and indirect economic benefits of the Deepwater Wind Block Island project over the 20-year term of the amended power purchase agreement (PPA). It estimates the overall state economic benefits to be $107 million in constant 2010 dollar terms and $92 million in net present value (NPV) terms as of January 1, 2013 using a 7.2% discount rate.
The report describes how developing Marylandﾒs offshore wind resource would bring benefits to all regions of the state- in the form of cleaner air, new jobs and economic activity, and greater protection against the threat posed by global warming to the environment and human health.
The report describes offshore wind research results in areas of feasibility-level design and economic assessment, preliminary mapping offshore areas, and evaluation of economic development potential. It offers recommendations for applied research and government policy.