Biden's ocean wind target comes into view
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There's already enough offshore wind power in the U.S. development pipeline to exceed the White House target of 30 gigawatts of capacity by 2030, per S&P Global Market Intelligence.
Why it matters: Marine wind power, a largely untapped resource in the U.S., is among the tools that can help decarbonize the country's electricity.
The big picture: Big players like Ørsted, BP, Shell and others are developing projects off New York, Massachusetts and other states, with a total of 30.7 GW in the pipeline, per S&P. (A gigawatt is 1,000 megawatts.)
- The Biden administration has greenlit two Atlantic Coast projects, and plans more leasing and approvals, as well as making Gulf Coast and Pacific Ocean regions available.
Yes, but: S&P sees a "time crunch" on the 2030 goal. It projects over 4.7 GW of capacity installed by 2025 if schedules are met, and 16.2 GW completed in 2025-2030. But projects totaling over 8 GW "have not disclosed in-service dates."
