Abstract
Globally, offshore wind development is flourishing. As costs decline, wind is becoming more competitive with traditional energy sources, and government and public support is increasing. The offshore wind energy market is expected to grow at 18.6% annually through 2024 and 8.2% through the end of the decade, with the industry projected to generate about 234 gigawatts (GW) of power globally by 2030. In the U.S., seven east coast states have collectively committed to creating almost 20 GW of wind power by 2030, and the industry projects 25 GW by 2030. However, there are currently only two operational offshore wind facilities. There is a 30 megawatt (MW) wind farm off the coast of Rhode Island that became operational in 2016 and a 12 MW wind farm (phase one of a potentially 2,640 MW project) off of the coast of Virginia that became operational in June 2020. Yet, there are around 30 additional proposed offshore wind projects in various stages of development in U.S. waters. Currently, the Bureau of Ocean Management (BOEM) has issued 16 active commercial wind energy leases, which, when operational, could power approximately 8 million homes.