Both actions are critical to Maryland’s efforts to meet its 8.5 GW of offshore wind power generation goal by 2031 and maintain the state’s opportunity to become a hub of offshore wind activity.
The passage of the bill follows Ørsted’s January withdrawal from its power purchase agreement with Maryland for its Skipjack Wind project. It ensures Maryland can quickly re-allocate the Offshore Wind Renewable Energy Credits held by Ørsted to US Wind without exceeding mandated ratepayer caps.
“Today’s bill signing demonstrates Maryland’s steadfast commitment to maintaining its strategic manufacturing advantage by working with industry to develop solutions and help reset current markets” said Liz Burdock, CEO of Oceantic Network. “The offshore wind industry already contributed massively to the state’s economy and is poised to generate approximately $650,000,000 in investment and support nearly 35,000 jobs. Today’s bill contains provisions that will buttress efforts to realise offshore wind investments in facilities like Tradepoint Atlantic and the Port of Baltimore, as well as spur investments beyond Maryland in ports and manufacturing facilities that can be utilised for projects across the East Coast. Along with the Bureau of Ocean Energy Management’s upcoming Central Atlantic Lease Auction this summer, this bill and future efforts from Maryland will place the state’s 8.5 GW goal firmly within reach.”
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