The study concluded that the Atlantic Wind Connection (AWC) project offers total benefits of $9-$15 billion, exceeding the estimated $5 billion construction cost. In particular, it would reduce system wide production costs from fossil-fuel fired generation by $1.1 billion per year with a 20-year present value of $12 billion; reduce customer locational marginal prices (LMPs) by approximately $1.6 billion per year (net of offsetting impacts on capacity market prices), with a present value of $17 billion; and, support between 130,000 and 260,000 full-time-equivalent (FTE) years of employment.
The report assesses the benefits and costs of a 288 MW offshore wind farm off the waters of New Jersey. Such an offshore wind pilot project could generate 717 GWh per year, or 1% of generational output, and reduce greenhouse gas (GHG) emissions by 430,000 metric tons. Construction costs would range from $1-1.3 billion. Tourism spending forgone or gained will affect directly only that county closest to the wind farm; the difference in forgone revenue drops significantly if project located six miles vs. three miles offshore, as well twenty miles vs. twelve miles. The total net present value (NPV) to the fishing industry of a potential wind farm's construction and operations under these scenarios would range from $154,000 to $6.6 million. There would be minimal impact on New Jersey's and the Shore's brand image but, the proposed wind farm could improve New Jersey's brand image with a holistic, credible, accountable green action plan.
The report states that at least 64,310 employees are working in the Massachusetts clean energy industry at 4,909 firms, representing 1.5 percent of total state workers. Employment grew 6.7 percent between July 2010 to July 2011.
The State Energy Plan outlines five strategies to achieve New York's objectives to maintain energy reliability, reduce greenhouse gas emissions, stabliize energy costs, reduce public health and environmental risks, and improve energy independence. The strategies include: (1) produce, deliver and use energy more efficiently; (2) support development of instate energy supplies; (3) invest in energy and transportation infrastructure; (4) stimulate innovation in a clean energy economy; and (5) engage local municipalities, and neighboring states and provinces in achieving the Stateﾒs policy objectives.
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.