With costs declining and a favorable regulatory environment, the U.S. offshore wind market will grow rapidly in the coming years, according to Moody’s Investors Service in a new analysis of the sector.
The Northeast, particularly New Jersey, New York, and Massachusetts, should see significant investment in offshore wind, partly with support from policymakers, partly thanks to varied natural attributes, like good wind speed, shallow waters, and proximity to large centers of power demand, according to the analysis.
The analysis could help New Jersey bolster its lagging efforts to tap the technology to accelerate its transition to cleaner energy. Gov. Phil Murphy has established a goal of having 3,500 megawatts of offshore wind capacity by 2030, the most aggressive target in the nation.