The next potential for tremendous growth will be along our coasts, where the energy resources are even higher since the wind is faster and more consistent.
The offshore wind industry offers significant economic potential for Virginia and for the entire the east coast. The federal Department of Energy estimates the industry could employ up to 40,000 people by 2030. With our low tax burden, highly skilled workforce and world class port infrastructure, Virginia is well-positioned to capture these economic benefits and become a hub for the offshore wind supply chain.
Offshore wind — and the ability to serve as a national-level power generation, distribution and logistical Atlantic coast hub for this market — is an opportunity that should not be missed. As we have done with port modernization and sea-level rise, ODU has the technical, logistical and academic expertise to leverage a group of public and private sector leaders to capture this potential.
So, what appears to be a high cost for the CVOW project actually paves the way for stable, lower costs as the much larger wind farms come online over the long haul. Last, let’s not forget the important benefits of economic development and thousands of high-skilled local jobs, and the mitigation of sea level rise and coastal storm surges, a critical issue for Norfolk and other oceanfront communities.
CVOW represents a unique opportunity to translate these lessons learned into cost-savings for ratepayers, potential opportunities for the Commonwealth’s universities and, ultimately, a full-scale buildout of Virginia’s offshore wind resources. Full buildout will grow the Commonwealth’s economy and diversify its portfolio of electricity generation sources.
Hampton Roads businesses and our economy will benefit tremendously from offshore wind. Thousands of jobs will be created in industries like manufacturing, construction, maintenance and logistics. Additionally, offshore wind will inject millions of dollars in local communities that will help create healthier, more prosperous communities. This can be a significant step forward for our region.
Dominion Energy has set course for a massive new expansion of solar and wind energy. Under the provisions of the Grid Transformation and Security Act, which Gov. Ralph Northam signed into law in March, we have committed to putting 3,000 megawatts of new solar and wind generation — enough to power 750,000 homes — under development or in operation by the beginning of 2022, making Virginia a national leader in green energy.
Orsted’s Thomas Brostrom: “Virginia has the chance to leverage its port assets, high-quality workforce and favorable business climate to become a major hub for the supply chain. However, this must be coupled with strong public policy signals from state and local leaders that this industry is valued.”