Jobs & Economic Development Assessment

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.

Proposed regulations include filing requirements and review process for the Rhode Island Public Utilities Commission's (PUC) review of utility-scale offshore wind projects.

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.

Overview of the environmental and economic drivers of offshore wind energy development, and Virginia's offshore wind potential and estimated project costs.

The report summarizes the environmental and economic benefits of Atlantic Coast offshore wind energy development. It offers recommendations for overcoming cost and siting obstacles, as well as state-by-state summaries of ongoing projects.

The report investigates the feasibility of utility-scale wind energy development in the waters offshore of New Jersey. The report found that offshore wind could produce approximately 3,000 MWh/yr for each installed MW of facility. Power densities of approximately 20 MW per square mile could be harvested while occupying less than 0.01% of the seabed within a project area. The study area encompasses 2,465 square nautical miles and extends up to 20 miles from shore. The cost of offshore wind energy modeled within the study area was found to be at the high end or above market price. Declining capital cost and other factors are expected to improve this situation over time. The existing transmission system along the coastline has sufficient capacity to accept significant amounts of new wind-based generation with the amount of this capacity dependent on the locations where wind projects are interconnected. Several major ports exist within or near the study area that are suitable to support the shipping, installation or O&M requirements of an offshore wind project, including the Port of New York and New Jersey, Atlantic City, and industrial ports accessible via the Delaware Bay and Delaware River in New Jersey, Delaware, and Pennsylvania.

Appendix E summarizes the results of the modelling of total economic impacts of offshore wind energy development in two phases: an investment phase and an operation phase. An investment of $1 million dollars would generate less than 8 jobs, $1.6 million in output, and $0.5 million in wages on average. But once operational, offshore wind would support annually a total of 48 jobs, $8.3 million in output, and $3.6 million in wages. The total state and local tax revenues would amount to approximately $97,953 on average per $1 million for the investment phase, and an annual total of $424,731 for the operation phase.