US Offshore Wind in “Second Market Phase” as Holdouts Shell-EDF and US Wind Seek Higher Prices

Introduction

The US offshore wind industry is entering a new phase of growth, with a focus on larger projects and higher prices. This shift comes as two major holdouts, Shell-EDF and US Wind, are now seeking to participate in the market. The two companies, which have previously been slow to enter the US offshore wind market, are now looking to expand their presence in the sector.

New Phase of Growth

The US offshore wind market has been steadily growing over the past decade, with a significant increase in the number of projects and capacity. The market has also seen a increase in the size of projects, with larger turbines and larger projects becoming more common. This new phase of growth is expected to continue, with the US Department of the Interior’s Bureau of Ocean Energy Management (BOEM) predicting that the country will install 20 GW of offshore wind capacity by 2030.

Holdouts Join the Market

Shell-EDF and US Wind, two of the largest energy companies in the world, are now looking to enter the US offshore wind market. Shell-EDF, a joint venture between Royal Dutch Shell and EDF Energies Nouvelles, has announced plans to build a 120 MW offshore wind farm off the coast of Massachusetts. US Wind, a subsidiary of US subsidiary of the Italian energy company, Enel Green Power, has also announced plans to build a 400 MW offshore wind farm off the coast of Maryland.

Higher Prices Expected

The increased interest in the US offshore wind market is expected to drive up prices. As more developers enter the market, the demand for large turbines and other equipment is expected to increase, leading to higher prices. This could make it more challenging for some developers to secure funding for their projects.

Conclusion

The US offshore wind industry is entering a new phase of growth, with a focus on larger projects and higher prices. The entry of major players like Shell-EDF and US Wind is expected to drive this growth, and the market is predicted to continue to expand in the coming years. As the market evolves, it will be important for developers to be able to secure funding and navigate the challenges associated with higher prices.

FAQs

* What is the purpose of the article?
The purpose of this article is to provide an overview of the current state of the US offshore wind market and the impact of the entry of major players like Shell-EDF and US Wind.
* What is the current state of the US offshore wind market?
The US offshore wind market is entering a new phase of growth, with a focus on larger projects and higher prices.
* What is driving the growth of the US offshore wind market?
The growth of the US offshore wind market is being driven by a number of factors, including the increasing demand for renewable energy and the decreasing cost of offshore wind.
* What are the challenges facing developers in the US offshore wind market?
Developers in the US offshore wind market are facing a number of challenges, including the need to secure funding and navigate the challenges associated with higher prices.