A new study conducted by the Special Initiative on Offshore Wind (SIOW) under University of Delaware offers a roadmap of key strategic steps for New York to reduce costs of offshore wind power over the next decade.
The study was conducted for the New York State Energy Research and Development Authority (NYSERDA).
According to the study, the ongoing technology and industry advances combined with actions taken by New York independently or with other states will lower costs for offshore wind power as much as 50 percent.
In addition, the study finds that taking advantage of wind turbine innovations and other technology and industry advances could lower costs about 20 percent.
Direct steps taken by New York State will contribute up to an additional 30 percent reduction in a project’s cost.
This effort will also bring the clean-energy source closer to realizing its potential for delivering utility-scale renewable electric generation to New York City and nearby areas such as Long Island.
The report concludes that supporting offshore wind development at scale, rather than on a project-by-project basis will have the greatest impact on reducing costs.
Other actions the report cites that will lower costs include creating and using innovative financing mechanisms, developing infrastructure to reduce costs, and supporting site characterization for early projects to reduce development expenses and risk.
The study notes that no operational offshore wind power projects have been completed to date due to complex construction challenges and the need for operational infrastructure that doesn’t exist today in the U.S.
The study identifies multiple paths for reducing offshore wind power costs, emphasizing that the State can take actions in the near term to lower its costs substantially, independent of expected external reductions over the next decade.
A significant benefit of offshore wind power is its proximity to the New York City metropolitan area.
Offshore wind has the potential to increase the percentage of clean energy used within New York City.
Promoting greater deployment of renewable energy such as offshore wind is a central part of Governor’s comprehensive and strategic Reforming the Energy Vision (REV) plan.
Sabeena Wahid
editor@greentechlead.com