The United States will likely spend more money developing offshore wind capacity than offshore oil and gas within the next five years, according to a new study.
Installed offshore wind capacity off the coast of the United States could reach 20 gigawatts by 2030, generating annual investments of $15 billion in another five years, according to Rystad Energy, the Norwegian based energy research firm. One gigawatt provides enough power for about 700,000 homes.
Annual spending on U.S. offshore oil and gas projects is expected to average $14.8 billion between now and 2025, according to Rystad.
Six gigawatts of offshore wind projects in U.S. waters are already slated for development and are expected to cost more than $20 billion over the next five years. By the middle of the decade — if regulators continue to give the green light to offshore wind projects — annual investment is expected to top $15 billion, according to Rystad.
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