02/10/2023

US needs offshore wind to reach climate goals

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A new GlobalData report states: “The introduction of Inflation Reduction Act (IRA) in August 2022, which extended Investment Tax Credit and Production Tax Credit, is a major boost for the renewable power market. The federal and state level targets for offshore wind, along with the technology specific auctions, present a huge opportunity during the forecast period."

Official Press Release GlobalData:

Offshore wind key to achieve US climate goals, says GlobalData

Wind Industry Profile of

A combination of factors such as complex regulations, lack of consistent and substantial federal support and high costs have hindered the growth of offshore wind in the US. However, offshore wind has several advantages over other forms of renewable energy, which makes it a valuable addition to the energy mix, especially as the US looks to decarbonize its power sector and transition to a low-carbon future, says GlobalData, a leading data and analytics company.

GlobalData’s latest report, “United States Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2022-2035,” reveals that the cumulative installed capacity in the US power market is... ... More: Official Press Release GlobalData