A new study from the Department of Energy‘s (DOE’s) Lawrence Berkeley National Laboratory (LBNL) finds that the “market value” of offshore wind — considering energy, capacity, and renewable energy certificates (RECs) — varies significantly along the U.S. East Coast and generally exceeds that of land-based wind in the region.
The study, funded by the DOE’s Wind Energy Technology Office, addresses the various value components and explores a hypothetical question: What would the marginal economic value of offshore wind projects along the East Coast have been from 2007 to 2016 if such projects were operating during that time period?
LBNL researchers answered this question by developing an approach based on historical weather data at thousands of potential offshore wind sites combined with historical wholesale market outcomes and REC prices at hundreds of possible locations. The study finds that the historical “market value” of offshore wind (considering energy, capacity, and REC value) is highest for sites off New York, Connecticut, Rhode Island, and Massachusetts — areas where offshore wind is being actively pursued.
Register for a webinar on May 4 to learn more.