The report estimates the direct, indirect, and induced economic effects of the manufacture, installation, and operation of a 480 MW offshore wind farm off the coast of South Carolina. During the two-year construction phase, the equivalent of up to 1,881 full-time jobs could be created, with an increase of $287 million in annual state economic output, $2.8 million in state income tax returns, and $190,000 in corporate income tax revenues. Annual state output could increase by up to $15 million in the operational phase, creating up to 155 full-time jobs, $200,000 in state income tax revenues and $14,000 in corporate income tax revenues.
Three coastal counties accounted for 75% the coastﾒs
contribution to economic activity in the state throughout the 1990s: Beaufort, Charleston, and Horry. Economic and demographic trends suggest that they will continue to expand steadily over the next decade.
Tabular report contains master data and summary tables used in the economic analysis.
Discussion of data limitations and methodological challenges involved in developing the economic impact method and measuring the coastal and marine economies.
Analysis of the coastal and marine economies in Massachusetts including discussions of: employment and production output resulting from the economic activity; employment, establishment, and payroll summaries for each of the major sectors; discussion of major trends and issues within the marine economy; and, technical appendices detailing the methodology. The 2004 gross state product (GSP) of the coastal economy was approximately $117 billion, or 37% of the state total. Total 2004 output of the marine economy was $14.8 billion.
The report reviewed the costs and benefits associated with recent administrative, regulatory, and legislative changes related to electricity, including their impacts on rates and bills of electricity customers and their impact on economic development in the state. Renewable and alternative energy, including offshore wind, were found to provide ratepayer benefits outweighing the added cost of incentives for these resources resulting from wholesale market price reductions due to introduction of additional generation. At $328 million, the ratepayer benefits were projected to be three times the $111 million cost of implementing these renewable and alternative energy initiatives.
The report examined the capacity for renewable energy in Virginia to provide 9,724 MW of electricity by 2035 (half the additional capacity needed under the 2010 Virginia Energy Plan to meet forecasted demand) and quantified the potential resulting economic benefits. Offshore wind contributed 10% of the overall total in Scenario 1, and 33% in Scenario 2. The economic gains from investments in all renewable energy sources ranged from $13 billion to $20.8 billion (Gross State Product), significantly higher than gains from coal and natural gas. The construction costs for renewables would be higher, operating costs would be comparable among all the different sources, but the higher investment required for renewables would create the most significant economic gains. Total job creation varied from 108,000 to 172,000.
Overview of background of the Virginia Coastal Energy Research Consortium (VCREC); mid-Atlantic region's offshore wind potential; advantages of Hampton Roads area; and, offshore wind's economic development potential.
Fact sheet on the Offshore Wind Jobs and Economic Development Act (SB 747 v1).
The proposed legislation requires the North Carolina Utilities Commission to issue a request for proposal (RFP) for development of up to 2,500 MW of offshore wind energy over 7-10 years. If the state determines there is a positive net economic impact, investor-owned utilities would be required to enter 20 year contracts. The bill sets a non-binding state goal of
5,000 MW by 2030.