Future Pathways for Offshore Wind Projects Interconnecting in Virginia

 
Pathways Forward for Future
Offshore Wind Projects
Interconnecting in Virginia
 
 
VOWDA Meeting – July 13, 2023
Howard Shafferman, The Haswell Group, LLC
 
Objectives
 
For Virginia to fulfill the 5,200 MW offshore wind goal by 2032, as set
forth in the Virginia Clean Economy Act, as amended in the 2023
session
Finding pathways to facilitate additional Virginia offshore wind
capacity beyond the 5,200 MW goal, through offtakers that require or
request it
 
 
Core issue:  Without a financially stable, long-term offtake agreement
or other mechanism, no project can be financed and move forward
 
Mechanisms in Virginia to Assist With Viability
of Future Offshore Wind Projects
 
Recent acceleration of Commonwealth’s offshore wind energy goal of
5,200 MW; Governor’s amendments not accepted in 2023 session
RPS legislation from 2020
No mandated competitive offshore wind purchase by VA utilities
Dominion’s preference to build and rate-base future projects
Potential legislation?
 
Survey of Atlantic Coast Mechanisms to
Encourage Offshore Wind Development
 
Connecticut, Massachusetts and Rhode Island (ISO-NE):  required
solicitations by distribution utilities
New Jersey, Maryland (PJM):  ORECs
New York:  index ORECs
 
Alternatives to Northeast Legislative and
Regulatory Regimes:  Direct Deals
 
Large entities with green power commitments:  collaboration with
VEDP
Military installations:  Navy Mid-Atlantic, Defense Logistics Agency
Energy division – initial possibilities, more research needed
Other options
 
Potential Contractual Arrangements for Direct
Deals
 
Conventional PPAs with offtakers
Contracts for Differences
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Virginia aims to achieve a 5,200 MW offshore wind goal by 2032, necessitating stable off-take agreements for project financing. This report explores mechanisms, alternatives, and contractual arrangements to support the viability and expansion of offshore wind energy in Virginia and the Atlantic Coast region.


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  1. Pathways Forward for Future Offshore Wind Projects Interconnecting in Virginia VOWDA Meeting July 13, 2023 Howard Shafferman, The Haswell Group, LLC

  2. Objectives For Virginia to fulfill the 5,200 MW offshore wind goal by 2032, as set forth in the Virginia Clean Economy Act, as amended in the 2023 session Finding pathways to facilitate additional Virginia offshore wind capacity beyond the 5,200 MW goal, through offtakers that require or request it Core issue: Without a financially stable, long-term offtake agreement or other mechanism, no project can be financed and move forward

  3. Mechanisms in Virginia to Assist With Viability of Future Offshore Wind Projects Recent acceleration of Commonwealth s offshore wind energy goal of 5,200 MW; Governor s amendments not accepted in 2023 session RPS legislation from 2020 No mandated competitive offshore wind purchase by VA utilities Dominion s preference to build and rate-base future projects Potential legislation?

  4. Survey of Atlantic Coast Mechanisms to Encourage Offshore Wind Development Connecticut, Massachusetts and Rhode Island (ISO-NE): required solicitations by distribution utilities New Jersey, Maryland (PJM): ORECs New York: index ORECs

  5. Alternatives to Northeast Legislative and Regulatory Regimes: Direct Deals Large entities with green power commitments: collaboration with VEDP Military installations: Navy Mid-Atlantic, Defense Logistics Agency Energy division initial possibilities, more research needed Other options

  6. Potential Contractual Arrangements for Direct Deals Conventional PPAs with offtakers Contracts for Differences

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