Here’s how offshore wind can meet the U.S. Clean Electricity Needs:
Offshore wind costs have dropped rapidly over the past few years, and the Department of Energy (DOE) forecasts prices to fall $53/MWh by 2035, cheaper than the levelized cost of a new combined cycle gas plant or coal plant, and on par with existing solar and wind projects.
As a result of improved performance and falling costs, wholesale electricity costs (the cost of generation plus new transmission) are comparable in all Offshore Wind Policy scenarios.
Wholesale electricity costs in the High Ambition scenario, in which the nation deploys 750 GW of offshore wind by 2050, are just 2.2% higher in 2035 than a Baseline scenario with minimal offshore wind deployment and .25% higher than Baseline in 2050. Wholesale electricity costs in the Low and Medium Ambition offshore wind scenarios are both lower than Baseline in 2050.
NREL Annual Technology Baseline Advanced cost projections for years 2015, 2017, and 2022. Levelized cost of electricity for selected offshore wind projects in China, Taiwan, United States, United Kingdom, and Germany. All project costs are in $ 2020 real. Data Source: BNEF, 2022
Wholesale electricity costs ($/MWh) (generation plus new transmission) in Baseline and Offshore Wind Policy scenarios using NREL ATB Moderate costs, 2040-2050.
