In March, a new study by John Merck Fund grantee the University of Delaware’s Special Initiative on Offshore Wind (SIOW) reported that if Massachusetts develops offshore wind energy at a scale of 2,000 MW, it is likely that with technology and industry advances, the costs of wind power to ratepayers will decrease by as much as 55% in the next decade. That kind of cost reduction, driven by market forces, would put the Commonwealth on a clear path to deliver clean power at a competitive price for millions in the Boston area and beyond, and would make wind power a core contributor to the state’s clean energy future.
“The key,” stated lead author Dr. Willett Kempton in SIOW’s press release, “is making a firm commitment to scale so the market can do its work. By providing market visibility – the State’s commitment to a pipeline of projects over a set period – the offshore wind industry in the US can deliver energy costs on the kind of downward [cost] trajectory seen in Europe. More than 10 GW of offshore wind energy has been built in Europe and powers nearly 7 million homes. The US has an opportunity to take advantage of this domestic clean energy resource which is in such abundant supply.”