Aegir Insights’ market dynamics to watch in offshore wind in 2024 across the Americas
After a turbulent year in offshore wind, Aegir insights’ lead analysts look back on the key events in regional offshore wind plays in 2023 – and forward to how they will affect these markets in the coming year.
Here, Signe Sørensen reflects on the Americas, where hope is springing anew as US states scramble to make up for capacity lost to contract cancellations and get the first wave of North American offshore wind projects back on track, while Colombia officially opened the offshore wind market in South America:
- Multiple offshore wind projects in the US Atlantic canceled state offtake contracts in 2023, prompting two, New York and New Jersey, to speed up procurement plans to make up for lost capacity, while others adapted their solicitations to better account for inflation. How quickly East Coast development can get back on track with these tools to hand will be revealed in 2024.
- The Bureau of Ocean Energy Management did its best to help the sector retain momentum in 2023, advancing areas for offshore wind expansion off such different states as Maine, Virginia, Maryland, Delaware, Louisiana and Oregon. But with few bidders attracted to the latest auction, in the Gulf of Mexico off Texas and Louisiana, results of the multiple lease sales planned for 2024 will be telling of developer appetite for the ‘next wave’ of build-out in US waters.
- Positive signs for observers of South American offshore wind emerged in 2023, with Brazil closing in on a framework to begin developing some of its 200 GW-plus project pipeline. But Colombia stole the spotlight with the launch of pre-qualification for the continent’s first-ever seabed tender, results of which will be announced in November 2024.
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