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The Biden admin wants to power 10M US homes with offshore wind turbines

Wednesday, March 31, 2021 by Robinhood Snacks | Disclosures

Jersey Shore ... but it's a clean energy reality. The Biden admin just announced ambitious plans to increase America's offshore wind energy. That includes a massive wind farm off the New Jersey coast, which the White House is already taking steps to approve. Picture: dozens of massive spinning wind turbines in the Atlantic Ocean. President Biden's goals for this initiative:

  • 10M homes powered by wind energy by 2030
  • 77K jobs created to support building wind farms
  • 78M metric tons of carbon dioxide emissions/year avoided
  • 30 gigawatts of offshore wind power capacity — right now, the US is expected to have less than 20 GW by 2030 (so 30 is ambitious)

Vineyard Vines... and Vineyard Winds. Right now, the US only has two tiny wind farms (near Rhode Island and Virginia). But there are 13 offshore wind projects under federal review, including "Vineyard Wind." If the proposal gets green-lit, 84 turbines would live (rent free) off the coast of Martha’s Vineyard. This month, the Biden admin took a crucial step toward approving a review of Vineyard Wind, Americas' first large-scale offshore wind farm.

THE TAKEAWAY

Government priorities = corporate opportunities... Biden's "Build Back Better" plan proposes $2T for clean energy innovation and infrastructure. The White House estimates that $12B worth of investments per year would be needed to hit the 2030 wind targets. That could be a big opportunity for wind energy companies. Like: GE (which is testing a monster-sized offshore turbine), NextEra (North America's largest generator of renewable wind energy), and Vestas (a Danish turbine manufacturer).