July 24, 2024

The Economics of Offshore Wind Investment in California

July 02, 2024

The Economics of Offshore Wind Investment in California

Register now for our upcoming REMI webinar titled, “The Economics of Offshore Wind Investment in California.” This presentation is occurring on Wednesday, July 24th from 2:00-3:00pm ET and is being presented by Goggy Parksuwan, Jack Hausler, and Celso Lopez from REMI. This presentation is free of charge.

Offshore wind is a clean renewable energy source that utilizes wind turbines to generate electricity for household/commercial use. Coastal wind farms have advantages over land-based ones, being located in areas with stronger airflow. They also provide short and long-term employment through construction and maintenance, as offshore farms are prone to destructive maritime weather that would further affect the price of energy in the economy.

In our case study, we will look at how the installation of offshore wind along California’s coast affects the regional economy. Our study will show the effects of offshore wind on utility prices, such as the short-term change in electricity prices, through an energy pricing model. Electricity price can be based on the size of a wind farm project and the supply of external energy. Furthermore, the E3+ model will gauge the effects of a change in carbon consumption and an increase of clean energy use, leading to forecasts that measure the influence of carbon tax and long-term renewable electricity that is a result of renewable wind.