Economic Impact & Financing

The Massachusetts Clean Energy Center released the 2018 Massachusetts Offshore Wind Workforce Assessment, which examines the workforce needs and economic impact of the emerging offshore wind industry.

This report presents the results of a comprehensive workforce and economic analysis that estimates the labor needs and economic impacts associated with the planning, construction, and maintenance of offshore wind (OSW) energy in the Massachusetts and Rhode Island/Massachusetts Wind Energy Areas (WEAs). Informed by the experience of the OSW industry’s emergence in Europe, dozens of in-depth interviews, and a detailed economic analysis, this report is designed to provide state and regional policymakers with actionable recommendations they can use to maximize the economic benefits of the emerging OSW industry for Massachusetts, its communities, and its workforce.

New York State Energy Research and Development Authority has coordinated on behalf of the State all the work being conducted by New York State agencies in the development of offshore wind resources. As part of its leadership role, NYSERDA spearheaded the development of the New York State Offshore Wind Master Plan, a comprehensive roadmap that encourages the development of offshore wind in a manner that is sensitive to environmental, maritime, economic, and social issues while addressing market barriers and aiming to lower costs.

Maine Gov. Paul R. Lepage has issued an order establishing the Maine Wind Energy Advisory Commission to study economic impacts of potential wind turbines, assess the economic impact of expedited wind rules and procedures, and develop recommendations in a written report. Until the report is issued in writing, no permits related to wind turbines are permitted. The order notes that "the scenic vistas and pristine waters of Western Maine, our coast and coastal islands, and our significant avian migratory pathways attract significant tourism to the State."

The U.S. Jones Act Compliant Offshore Wind Turbine Installation Vessel Study examines the functional requirements and costs of constructing purpose-built vessels that would comply with the U.S. Jones Act and meet the needs of the U.S. offshore wind industry. The Jones Act requires any vessel transporting cargo between U.S. ports, or between U.S. ports and offshore facilities, be built and flagged in the U.S. The study presents designs for two Jones Act compliant vessel options: a wind turbine installation vessel and a feeder barge. Estimating packages were sent to multiple U.S. shipyards and indicative prices of $222 million for the wind turbine installation vessel and $87 million for feeder barge were received. Using the cost data, a business model was created that showed 10-years of work, or a pipeline of approximately 3,500 to 4,000 megawatts of offshore wind capacity (roughly equivalent to the expected low regional offshore wind deployment trajectory), would provide the owner of a wind turbine installation vessel with a reasonable rate of return.