How To Cut Offshore Wind’s Cost By Two-Thirds

Report on Offshore Wind in Massachusetts Confirms Outlook for Market Driving Low Cost at Larger Scale to Power State's Clean Energy Future; Study finds State's commitment to offshore wind would enable markets and technology to generate a more than 50% drop in cost – and below or at-market energy prices for ratepayers – in next decade

March 15, 2016 (University of Delaware Special Initiative on Offshore Wind)

…[A] commitment by Massachusetts to develop offshore wind (OSW) energy at a scale of 2,000 MW, combined with ongoing technology and industry advances, will lower previously projected costs for the clean energy source by as much as 55 percent in the next decade. That kind of cost reduction, driven by market forces, will put offshore wind on a clear path to deliver clean power at competitive prices for millions of ratepayers in the Boston area and beyond, and make the renewable resource a key contributor to the state's clean energy future [according to a new report from the University of Delaware Special Initiative on Offshore Wind]…The study says that costs for the first project in a 2,000 MW build-out of OSW will be [16.2¢/kWh, much lower than a one-off project cost of 24¢/kWh]. Further, costs will continue to decline and the last of these projects will reach a very competitive LCOE of 10.8¢/kWh…” click here for more

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