Announcing the next phase of The New England Food System Resilience Fund. Learn More
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.”
The study’s release was featured in both CommonWealth magazine and Bloomberg Business. For more information on the study and SIOW, click here.