Low Carbon Pulse - Edition 12

Welcome to Edition 12 of Low Carbon Pulse – sharing significant current news on the progress towards net-zero emissions globally. This Edition covers the period from March 8, 2021 to March 22, 2021.

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Development of the People's Republic of China (PRC) ETS: 

Editions 6 and 9 of Low Carbon Pulse reported on the commencement of the PRC's national Carbon Emissions Trading Scheme (PRC ETS), the world's largest in terms of GHG emissions. Upon commencement on February 1, 2021, the PRC ETS provided a scheme for 2,200 to 2,225 enterprises (depending on the newsfeed or source you read). The enterprises give rise to an estimated 14% of global GHGs (and over 50% of PRC's GHGs). The PRC ETS is intend  to control, and to reduce over time, the mass of emissions from these enterprises. The PRC ETS is central to the achievement of President Xi Jinping's objective of achieving peak emissions by 2030. 

Since the commencement of the PRC ETS on February 1, 2021, there have been two further developments, each contemplated in the framework of the PRC ETS. First, the proposed commencement of trading nationwide in respect of emissions quotas, with quotas to be registered for trading (and transferred) overtime to allow an orderly commencement to trading. Secondly, the extension of the PRC ETS to include enterprises undertaking activities not included in the initial iteration of the PRC ETS. It is currently proposed that the PRC ETS should include the ship-building and shipping industries.

See: China looks at adding shipping to the world’s largest emissions trading scheme

EU ETS … consistent but different:

In contrast to the PRC ETS, the ETS in EU (EU ETS) relates to 40% of GHG emissions arising within the countries covered by the EU ETS. This is reflective of the old GHG emission reduction target of 40% by 2030. It is understood that legislation will be presented in June under which the EU ETS will be revised, and possibly expanded, in line with or to reflect the increase in the amended GHG emission reduction target of 55% by 2030. 

The organisations whose GHG emissions are covered by the EU ETS  must hold or purchase sufficient emission allowances to allow them to undertake activities that give rise to a stated mass of GHG emissions. These organisations are permitted to purchase a limited number of international credits off-set against the mass of GHG emissions arising from those activities. 

The emission allowances and international credits are often referred to as carbon credits. In addition, it appears increasingly likely that the EU ETS will be expanded to include shipping involved in trade to the EU, not just within the EU. From a policy setting perspective, this is consistent with the proposed EU cross border tax.

EU carbon border tax:

On March 10, 2021 the European Parliament voted to approve the imposition of a carbon border tax on goods from countries that do not have a carbon price. While the details of the carbon border tax (amount and commencement date) have yet to be finalised (likely released in June 2021), what is known is the name of the new impost: the Carbon Border Adjustment Mechanism (CBAM). 

From a policy setting perspective, the CBAM may be regarded as sound at every level. Critically it encourages sourcing goods from countries that have a carbon price. 

The CBAM responds to the argument, by some countries that have chosen not to introduce a carbon price that until all countries have a carbon price, pricing carbon, exports jobs: the imposition of CBAM has the potential to foreclose on the EU market for goods exported from a country like Australia, which has yet to price carbon.

See: Europe votes in favour of carbon border tax, could hit Australian exports

Floating solar goes under the radar:

As might be imagined for something that floats on water, the success of the PRC policy (the Top Runner program) to use former coal mining areas in the Anhui and Shandong provinces (where water has collected as a result of subsidence) has gone under the radar. Leading player, Sungrow Floating (having deployed more than 1.1 GW of floating photovoltaics globally) has identified opportunities to repeat the success of the Top Runner program elsewhere in the world, including continuing to do so in Malaysia, Thailand and Vietnam, and to extend into the Indian, Philippine, South Korean, and Taiwanese markets.

See: Lessons can be learnt from China’s support for floating solar, Sungrow says

In South Korea, the Ministry of Environment clearly sees the potential for floating photovoltaics. There are plans to deploy up to a further 2.1 GW of floating photovoltaic capacity by 2030, including five projects to install up to 147 MW of capacity on dams (Chungju, Gunwi, Hapcheon, Imha and Soyang River). 

The new planned program joins the 2.1 GW floating solar complex on South Korea's west coast, where floating photovoltaic capacity is being installed close to the Saemangeum tidal flats (behind the Saemanguem seawall). The floating solar tidal flats project is being developed in two stages, with 1.2 GW of electrical energy to be available from the end of 2022, and the balance of the capacity to be available by 2025.

See: South Korea wants to deploy another 2.1 GW of floating PV by 2030

South Korea investment programs:

Consistent with South Korea's plans to move to a hydrogen economy SK, South Korea's third largest chaebol, and its largest refiner of hydrocarbons, has announced plans to invest in new infrastructure. SK is planning to invest USD 16 billion to develop an "ecosystem" at Incheon (an industrial hub) by 2025. The planned ecosystem includes the production of 30,000 tonnes a year of liquified hydrogen (LHG) by 2023, using the SK Incheon Chemical plant.

In addition, 250,000 tonnes of clean hydrogen will be produced in the vicinity of the Boryeong LNG Receiving and Regasification Terminal (south of Incheon) using re-gasified LNG (comprising CH₄ predominantly) as the feedstock for the production of blue hydrogen (with the capture and storage of CO₂ arising from the oxidation of the CH₄ used to derive H₂). 80,000 tonnes of the annual hydrogen production will be distributed to hydrogen re-fueling infrastructure facilities (HRI), and 200,000 tonnes will be transported by a new pipeline to feed a new 400 MW fuel cell power plant, i.e., for the generation of electrical energy, consistent with a key policy setting in South Korea around the use of fuel cell technology for electrical energy generation.

See: South Korean Energy Firms Step Up Hydrogen Investments

The PRC is to Renewables, what the KAS is to hydrocarbons:

In a thought provoking piece on OilPrice.com, Alex Kimani reflects on the meaning of energy independence (as distinct from energy security). Alex Kimani notes that the PRC is: the world's largest manufacturer of renewable energy equipment (with 7 of the top 10 manufacturers being PRC corporations); the world's largest installer of renewable energy capacity; and the largest importer of hydrocarbons from the KAS (with the relationship with the KAS, and other countries in the Gulf Region, growing stronger).

The development of the global market for solar renewable energy has benefited from the scale achieved by the PRC manufacturers, with the unit costs contributing greatly to the reduction in the cost of the development of solar projects. The PRC has achieved scale, and will continue to benefit from scale.

The Biden Administration has pledged a planned USD 1.7 trillion of investment in energy infrastructure to allow the US to achieve net-zero GHG emissions by 2050, including the installation of 500 million solar panels across the US. For the US to achieve this  proposed (and much needed) reduction in GHG, it would benefit greatly from the supply of renewable energy equipment from the PRC. After a recent meeting, it seems likely that the PRC and the US are likely to cooperate to achieve net-zero GHG emissions, including the likely removal of tariffs on solar equipment imposed by the previous administration.

See: New Way To Invest In The $11 Trillion Hydrogen Boom

Finally, in an article in the South China Morning Post (published on March 18, 2021), Su-Lin Tan recognises the scale of the USD 6.4 trillion investment required to allow the PRC to achieve net-zero GHG emissions by 2060. Further, the article recognises that while PRC renewable energy equipment manufacturers are preeminent, they face challenges of sourcing raw materials to allow the manufacture of equipment for the roll out of renewable energy capacity, critically, aluminium, cobalt, copper, lithium and nickel.

See: China’s carbon neutral ‘transformation’ could cost US$6.4 trillion, but plan has ‘Achilles’ heel’

India imposes import duties and mulls net-zero by 2050 commitment:

In a mixed bag of news over the last two weeks, on March 9, 2021, India announced that from April 1, 2022, import duty of 40% will apply to solar modules, and 25% on solar cells. This move will allow India technology providers to develop so as to meet the increasing demand for photovoltaics, but may result in higher prices for electrical energy derived from solar farms than would otherwise be the case. 

It has been widely reported that India is considering committing to achieving net-zero GHG emissions by 2050. The fact that India is considering this reflects the number of countries that have now committed to net-zero, including during Q3 and Q4 of 2020. In the lead up to COP 26 (to be held in Glasgow in November 2021) it is likely India will feel obliged to make this commitment.

While Low Carbon Pulse rarely provides opinion, if India is to make a commitment to achieve net-zero GHG emissions by 2050, as part of making that commitment, India should develop a clear pathway to achieving net-zero and obtain clear commitment from other countries and development banks consistent with achieving net-zero. The whole world will benefit from achievement of net-zero by India, and to the extent needed, development countries should provide assistance.

"Hydrogen Republic of Germany":

Along with North Asian countries, Germany continues to progress towards becoming a hydrogen economy, committed to green hydrogen production. The North Sea port city of Hamburg provides a case study in planning and integration. At the port, Hamburg Warme, with Shell, Vattenfall, and Mitsubishi Heavy Industries (MHI), are planning to develop a 100 MW electrolyser. Gasnetx Hamburg, working with the environmental agency responsible for the City of Hamburg, is planning the development of the "Hamburg Hydrogen Industry Network" (HH-WIN) to supply hydrogen to energy intensive industrial customers, and also to provide hydrogen to power and to propel public transport. The developments in Hamburg are planned with those for other German states, Bremen, Lower Saxony, Macklenburg-Western Pomerania, and Schleswig-Holstein), to develop 500 MW of electrolyser capacity by 2025.

See: Hydrogen: Hamburg Sets the Pace for Europe

More Northern Europe News:

On March 8, 2021 plans were announced for the development of the world's first hydrogen powered and propelled ferry. Norwegian ferry operator, Norled, is reported as having agreed terms with Linde for the supply of liquid hydrogen from its 24 MW PEM electrolyser plant, located within its Leuna Chemical Complex in Germany. Linde will supply associated on-shore and on-board LHG storage facilities. The supply is due to commence in 2022.

See: Hydrogen-powered ferry to become a near-term reality

First Australia and Germany, now Canada and Germany – no shortage of options for Hydrogen Republic:

The Canadian and German Governments are committed to hydrogen, and have committed funding, in the case of Canada, around USD 1.5 billion, and Germany USD 10.75 billion. On March 16, 2021, Canada and Germany signed a Hydrogen Cooperation Deal to establish an energy partnership - The German-Canadian energy partnership.  It is reported that the focus of the partnership will be renewable energy supply and security, technological innovation, with a particular focus on the development of clean hydrogen supply.

See: Canada, Germany Sign Hydrogen Cooperation Deal

Japan – Australia: 

As foreshadowed in earlier Editions of Low Carbon Pulse, the world's first Hydrogen Energy Supply Chain (HESC) is now producing grey hydrogen (some might call it brown hydrogen) derived from brown coal in the Latrobe Valley, liquefying the grey hydrogen and exporting the liquefied hydrogen (LHG) to Japan, abroad the world's first LHG carrier to the world's first receiving terminal and storage facility in Kobe. 

In a ceremony to mark the establishment of the HESC, the Australian Energy Minister, Mr Angus Taylor said that: "[Australia has] the potential .. to be [one of the] world leaders in the production and export of hydrogen…". It is more than likely that Japan and Australia will now re-forge links based on energy, until now dominated by thermal and metallurgical coal (from New South Wales and Queensland primarily), and liquefied natural gas (from Western Australia, the Northern Territory and Queensland). The opportunity is across all colours of hydrogen, including grey, blue and green. 

It is worth noting, that the Australia Federal Government provided funding for the development of the HESC, and at various points along the way the funding was questioned. It is fair to say that now the funding appears entirely justified. 

See: Dirty coal to hydrogen: Trial aims for clean-energy solution

Electrical energy to produce, liquefy and store hydrogen:

As will have been clear from previous editions of Low Carbon Pulse, the source of electrical energy to produce, cool and compress hydrogen or to liquefy hydrogen as LHG, and to store that hydrogen determines the colour of that hydrogen. Hydrogen produced using renewable energy to power electrolysers to split water is referred to as green hydrogen, hydrogen produced using electrical energy from the grid to power electrolysers is referred to as yellow hydrogen, and hydrogen produced using steam derived from the production of electrical energy from nuclear power is referred to as pink hydrogen. 

Green Hydrogen and Pink Hydrogen are Clean Hydrogen (as is Blue Hydrogen, and as is Purple Hydrogen, being hydrogen using electrical energy from a nuclear energy source).

As the EU progresses towards the development of a regulatory framework for the hydrogen industry, an issue has arisen as to whether it is necessary at this time to place a criterion on the mass of CO2-e arising from the production of hydrogen. At the moment it is proposed that the criterion should be 2.256 kg/CO2-e / kg of H2. In response to this proposal, a number of energy companies (as prospective producers and users) and industrial companies (as prospective users) have questioned whether it is necessary to impose any criterion at this point in the development of the hydrogen industry, including major companies: ABB, ArcelorMittal, EDF, Engie, Fortum, NMV, Uniper and UPM.

See: EU taxonomy shutting the door to grid-powered hydrogen, critics say

Australia sources 40% of load from solar:

On Friday March 5, 2021 a little under 40% of the load for electrical energy across the National Electricity Market or NEM  (covering New South Wales (NSW), Queensland, South Australian and Victoria, and the Australian Capital Territory) was from a solar source. Interestingly, the split was 13.5% utility scale solar, and 26.6% roof-top solar. (With wind and hydro, a little under 50% of total load came from renewable electrical energy sources.)

The ever increasing penetration of solar electrical energy, is resulting in low/lower cost electrical energy across the NEM. This is resulting in the actual and announced decommissioning of power stations, Liddell (in NSW) and Yallourn (in Victoria). As yet, Australia has not introduced a scheme (equivalent to that in Germany) to provide coal-fired power stations with a softer landing on decommissioning, rather the decommissioning of coal-fired power stations is managed through what some regard as reasonably long notice periods. There is an argument for the introduction of a decommissioning scheme to provide greater certainty for coal-fired power stations owners, and for the renewable energy sector (including companies that own both coal-fired power stations and renewable energy and BESS businesses). 

What participants in the Australian electrical energy market can feel in their bones, is confirmed by the Institute of Energy Economics and Financial Analysis (IEEFA) Report, Australia's Opportunity to Plan Ahead for a Secure Zero-Emissions Electricity Grid. The headline from the report is the expectation that coal-fired power stations will be closed sooner than expected (reflecting the projected revenue decline for coal-fired power stations). In anticipation of the closure of coal-fired power stations, the report is clear in stating that planning is needed, and provides guidance.

Drawing on what is happening globally, it seems to the Ashurst Global Towards Zero Emissions team that part of the policy framework to allow effective planning is to introduce a grandparenting regime to allow the decommissioning of coal-fired power stations using a reverse auction scheme similar to that used in Germany. 

See: 

• Australia achieves record large solar energy output on Friday
• Energy: IEEFA Australia: Preparing the grid for a future without coal, blackouts or emissions

Ah but when the sun sets … from record highs to VOLL:

On Friday March 11, 2021 the gross pool price in the NEM in South Australia reached the value of lost load (the ceiling price at which off-takers from the grid shed load, AUS 15,000 MWh).

At a time of low demand for electrical energy, transmission maintenance being undertaken and a fire at a gas-fired power station, as the sun set on Friday, supply fell short of load. As the sun rose the following morning, and for the balance of the weekend, the gross-pool price was negative (as supply exceeded load), with most of the demand being met by roof-top solar. To manage grid integrity and stability (including to avoid risk of "islanding"), the system operator, AEMO, required a portion of roof-top solar capacity to be "switched-off" from the grid.

There are some lessons to be learned from these system events, lessons that go beyond the headline of AUS 15,000 MWh (compared to the annual average in 2020 of around AUS 36 MWh or 3.6 c KWh).

The overarching lesson appears to be that there is a need for more electrical energy storage, BESS or pumped storage, or both, and in due course, access to hydrogen in storage.

The need to manage dispatch of electrical energy in new ways is not limited to Australia. At the opposite end of the load curve, cold weather and recharging of BEV is understood to have stretched the Norwegian system in circumstances in which all capacity on its grid system was available. Flexible and immediate responses are needed, both to add electrical energy, and to shed load. 

See: Fire takes out biggest gas generator in South Australia, AEMO curtails rooftop solar

Cyprus, Greece and Israel to connect power grids:

It was reported on March 8, 2021 that Cyprus, Greece and Israel are considering the development of a subsea electrical energy interconnector (the EuroAsia Interconnector) to enhance efficiency across grids. Also the EuroAsia Interconnector will allow each country to optimise renewable electrical energy capacity, particularly solar, so as to allow each country to move towards net-zero GHG, and to minimse the need for non-renewable electrical energy.

The plan is reflected in a Memorandum of Understanding among the countries. It is anticipated that the EuroAsia Interconnector will have capacity of between 1,000 to 2,000 MW, with completion planned for 2024, with full operation by 2025. The EuroAsia Interconnector has been under consideration for a while, having been on the EU's Projects of Common Interest (PCIs) since 2015.

See: Greece, Cyprus and Israel take a further step to link their grids

Eni and Cassa Depositi e Prestiti Equity in joint venture:

On March 11, 2021 it was announced that Eni SpA and Cassa Depositi e Prestiti Equity (CDP Equity) entered into a joint venture (called GreenIT) to fund the development of 1 GW of renewable electrical energy projects across Italy. The equity interests in GreenIT are divided between Eni (51%) and CDP Equity (49%).  The plan is for GreenIT to develop utility scale plants. GreenIT has the option of using government property (buildings and land) for the purpose of the joint venture. CDP Equity is the Italian sovereign wealth fund, administered by the government run investment bank - Cassa Depositi e Prestiti (CDP).

See: Italian sovereign wealth fund joins forces with Eni to deploy 1 GW of solar and wind

Agriculture, Forestry and Land Use: 

Understandably there is a continued focus on the decarbonisation of energy production and energy use. This is because between 70 and 75% of GHGs arise from energy use. The use of renewable electrical energy sources has decarbonised energy use in part, and continues, to decarbonise electrical energy use, and increasingly it seems likely that blue hydrogen and green hydrogen will decarbonise use of energy carriers, and over time displace the use of fossil fuel (and other carbon intensive fuels). 

The reduction of GHG arising from Agriculture, Forestry and Land Use is going to be as important, but more difficult. From a report published on March 8, 2021, Nature Food, has developed a new global emissions database estimating GHG arising in the 25 years from 1990 to 2015. Ascribing GHG across the entire food system (direct and indirect emissions), it is estimated that 18 billion tonnes (18 Gt) of GHG arise each year from the food system, or 36% of total global GHG emissions (on the basis of 50Gt of GHG emissions). Of the 18 Gt of GHG emissions, 71% of which arise directly from agriculture and land use (direct GHG). 

The balance (indirect GHG) of the GHG arise from the "land to landfill" value chain, including processing and production, transportation to and from processing and production, packaging (including materials derived from hydrocarbons for that purpose), retail, and waste. 

While these numbers and percentages may be on the higher side compared to other estimates and models, it is clear that between 20% and 25% of total global GHG emissions are arising directly from agriculture, forestry and land use each year. 

There is increasing focus on the concept of negative GHG emission initiatives. At the same time, as many have seen coming for a while, a number of investors do not regard the use of carbon offsets as a sustainable tool for organisations to achieve net-zero emissions. This position is now reflected in new guidelines developed by a group of investors that includes the AXA Investment Managers, Brunei Pension Partnership, Legal and General and PIMCO. 

Renewable energy and BESS news round-up:

• On March 9, 2021 French renewable energy giant Neoen announced its plan to develop a 500 MW solar, wind, and battery storage hub in the New England region of NSW (The Thunderbolt Energy Hub). The Thunderbolt Energy Hub will combine 120 MW of solar, 380 MW of wind, and 400 MW BESS (with the MWh yet to be finalised). 
  
  The Thunderbolt Energy Hub follows the planned development by Neoen of the 500 MW Great Western Big Battery project to be located close to Lithgow, NSW. Both The Thunderbolt Energy Hub and the Great Western Big Battery are ideally located on the grid network; 

See: Neoen adds huge Thunderbolt project to massive wind and solar pipeline in New England

• As noted above, the Yallourn coal-fired power station in Victoria is to be closed by EnergyAustralia (one of Australia's big three integrated energy companies, with AGL Energy and Origin Energy), and EnergyAustralia is to develop the Jeeralang Big Battery (350 MW and 1,400 MWh) to be delivered in 2026, two years before the proposed decommissioning date for Yallourn. AGL Energy is understood to be planning a 500 MW / 1,000 MWh BESS for Liddell (to close in 2023), 250 MW / 1,000 MWh at Torrens (to close partially in 2023), and 200 MW / 800 MWh for Loy Yang A. Origin Energy is progressing plans to install a 700 MW / 2,800 MWh BESS at its Eraring coal-fired power station.
  
  It is clear that within the last five years the landscape of the Australian electricity grid system has changed in a manner no one could have predicted. The rate of change is expected to increase.

Battery Life is Good for LG:

On March 12, 2021 South Korean chaebol, LG announced that over the next four years or so it will expand electrical production capacity in the US by 70 GWh, at a cost of USD 4.5 billion. Following this expansion, LG will have production capacity of 110 GWh. This expansion is responding to the growth in demand for pouch cell batteries, electrical energy storage systems and cylindrical cell EV batteries.

See: Sunrise brief: LG plans massive U.S. investment in battery production for EVs and energy storage

While this is big news of itself, the implications of the capacity growth are wide ranging in the medium and longer term. In an ideal world, policy makers will give consideration to the medium and long term benefits (and possible challenges) of EVs as a source of electrical energy for grid use (as is the case in certain areas of France at the moment). 

The electrical energy stored in batteries, including Big Batteries and batteries located in buildings and in vehicles, has now become a possible, and in some parts of the world, a viable source of electrical energy to grid. 

Solar and wind round-up:

• On March 15, 2021 the shortlisted bidders in the fourth round of large-scale pv solar (Large Scale Solar or LSS) in Malaysia were announced. The Malaysian Energy Commission has indicated that the lowest bid is at USD 0.0429 KWh. The tender was for 1 GW, with bids received for 823.6 MW, and as such, slightly under-subscribed. The lowest bid is in the 30 to 50 MW project capacity category. In the smaller, 10 to 30 MW category, the lowest bid is understood to have been at USD 0.049.

See: Malaysia’s 1 GW PV tender attracts lowest bid of $0.0429/kWh

• On March 15, 2021 it was reported that the tender for 1 GW of large-scale pv solar was more than eight-times oversubscribed, with 131 project proposals having aggregate capacity of 9.44 GW of installed solar capacity. The Turkish Ministry of Energy is running the tender process, with the applications currently under review as part of the pre-qualification process underway, leading to the final phase shortly. 
  
  The tender process is intended to provide renewable electrical energy to 36 cities, with a spread of installed capacity from 50 MW (in each of Van, Antalaya, Gazinatep, and Mardi) to 30 MW (Uşak, Erzurum, Budur, Mersin, Osmaniye, Yozgat, Batman, Ağri, Askaray, and Adiyanam), with Ankara and Diyarbakir to 40 MW of new installed capacity.  With the size of the projects in the remaining 21 cities varying;

See: Turkey’s 1 GW PV tender more than eight times oversubscribed

• On March 18, 2021 it was reported that Ørsted has commenced construction works at the 900 MW Greater Changhua 1 and 2a off-shore wind fields, with installation works likely within 2021. The off-shore wind fields are located 35 to 60 kilometres from the coast line of Changhua County on Taiwan's west coast. This is the first of Taiwan's off-shore wind field developments, with completion planned for 2022; 

See: Offshore Installation Starts at Ørsted’s 900 MW Wind Farm in Taiwan

• In a research paper reported on March 17, 2021, it is anticipated that Poland will increase large-scale solar pv installed capacity by around 2 GW a year in each of the next five years, adding to the current 4.1 GW of installed large-scale solar pv capacity;

See: Poland to add another 11 GW of PV over the next five years

• On March 17, 2021 it was reported that Spanish renewable energy giant, Iberdrola has contracted with Cosmo Eco Power to join, and to develop jointly with Cosmo Eco Power, the 600 MW Seihhoku-oki off-shore wind field project, off northwest Japan. It is noteworthy that this is the sixth off-shore wind project to which Iberdrola has committed over the last 12 months or so;

See: Iberdrola Joins 600 MW Offshore Wind Project in Japan

• On March 14, 2021 the US Federal Government is reported to have released the final environment impact assessment (FESI) for the first large-scale off-shore wind field project in the US, the Vineyard Wind Project of the US East Coast, south of Cape Cod, east of Long Island. The FESI provides a positive assessment overall.
• On March 19, 2021 the Environment America Research & Policy Center and Frontier Group issued a report, Offshore Wind for America. The report concluded that the US off-shore wind resources have the potential to deliver 7,203 TWh of electrical energy a year. The projected electrical energy use of the US in 2050 is 7,930 TWh. The areas of off-shore wind resources identified by the report as most prospective are the Atlantic and Gulf regions. The report is timely in that it continues, and is likely to add momentum to, the development of what appears to be an as yet untapped world class resource base for the US.

See: Offshore Wind Could Meet Nearly All of US 2050 Electricity Demand – Report