The Many Values Of Ocean Wind

New study finds that the market value of offshore wind varies significantly along the U.S. east coast

April 16, 2018 (Lawrence Berkley National Laboratory)

“…[T]he economic value of wind power can vary significantly by location, depending on the time-varying wind resource profile at a given site, as well as local pricing and market rules within the regional power market…[A new Berkeley Lab study] finds that the historical ‘market value’ of offshore wind (considering energy, capacity, and REC value) is highest for sites off of New York, Connecticut, Rhode Island, and Massachusetts—i.e., all areas where offshore wind is being actively pursued—and lowest for sites along the southeastern coast…[It] also finds that offshore wind can reduce air pollution emissions and wholesale electricity and natural gas prices, though effects vary in magnitude over time and across regions…The ‘market value’ of offshore wind is found to have exceeded that of land-based wind, due to offshore wind sites being located closer to major population centers and also having a time-varying profile of electricity production that is more-correlated with that of electricity demand. Yet, the cost of offshore wind is also higher than that of land-based wind, requiring important economic tradeoffs…” click here for more

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