FIT for Purpose: Can Feed-In Tariffs (FIT) Turbocharge the US OSW?
- Feb 20, 2021 4:02 pm GMT
Why Push Offshore Wind?
Of all the renewable technologies, available, offshore wind offers a best chance at a utility level scale, that can support a significant baseload. Thanks to government incentives, technological advances, economy of scales, reduction in cost, low interest rates and pressures on energy companies to transition towards cleaner energy, today, European offshore wind is a mature industry with more than 22 GW by end of 2019. So, what about prospects of offshore wind energy in USA?
The US offshore wind market is expected to grow several-fold increase in capacity, from 2020 levels of (42 MW) to estimated ~28 GW by 2030 from at least 34 projects in the development pipeline in the North Eastern United States and west coast1 . As international experience indicates, the governments incentives and support will also be crucial for incentivizing the investment in the emerging US offshore wind industry. Globally, several incentive options have been used, but here, we will mostly focus on Feed-In tariffs (FIT) and renewable portfolio standards (RPS) as a policy tool for accelerating the development of renewables in US.
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