U.S. releases plan seeking to spark Atlantic offshore wind transmission (NYSEARCA:FAN)
The Biden administration unveiled an “action plan” Tuesday for U.S. offshore wind development intended to “catalyze offshore wind energy, strengthen the domestic supply chain, and create good-paying, union jobs.”
The plan, jointly announced by the Department of Energy and Department of the Interior, outlines immediate actions needed to connect the first generation of Atlantic offshore wind projects with power grids, and longer-term efforts to support needed transmission over the coming decades.
The plan is part of efforts of the Biden administration to deploy 30 GW of offshore wind in the U.S. by 2030.
Since 2021, the U.S. has approved four commercial-scale offshore wind projects and is on track to complete reviews of at least 16 offshore wind project plans by 2025, representing 27 GW of capacity.
But offshore wind projects are facing serious difficulties as costs soar; last week, the governors of six northeastern states called for federal action to support the sector.