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July 1, 2021

Avangrid secures BOEM notice of intent for Park City Wind project

The Park City Wind project will help Connecticut reach its goal of 2,000MW of offshore wind power by 2030.

By Umesh Ellichipuram

US-based energy company Avangrid has received a notice of intent (NOI) from the US Bureau of Ocean Energy Management (BOEM) to conduct an environmental impact study (EIS) for the Park City Wind project.

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The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The 804MW offshore wind project is being developed by Avangrid Renewables and Copenhagen Infrastructure Partners in a federal lease area located more than 60 miles east of Connecticut.

The NOI comes with a 30-day public comment period to define the EIS scope, the major permitting study required for the project approval.

Avangrid CEO Dennis Arriola said: “This is another important milestone for Avangrid’s portfolio of offshore wind projects.

“We look forward to working with BOEM, the Lamont Administration, community leaders and our partners to successfully develop Park City Wind and deliver clean energy to our home state of Connecticut.”

The Park City Wind project will have the capacity to supply almost 14% of Connecticut’s electricity and is estimated to generate $890m of direct economic development in the state. It will also support 2,800 full-time equivalent job years.

In December 2019, the Connecticut Department of Energy and Environmental Protection (DEEP) selected Park City as the project’s location.

During the construction phase, Barnum Landing, a 15-acre parcel of land, will be used for storing and assembling the transition pieces.

The transition pieces are the portion of the wind turbine that connects the body of the machines to the steel foundation.

Upon completion, the project will help Connecticut to reach its goal of generating 2,000MW of offshore wind power by 2030.

In May, BOEM issued a Record of Decision (ROD) for Avangrid’s 800MW offshore Vineyard Wind I project.

The ROD serves as the final federal approval for the Avangrid project and enables the start of construction activities on the project this year.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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