Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries U.S. aims to streamline offshore wind development By: Geothermal Energy RSS Feed January 17, 2023 at 07:23 AM EST The U.S. Dept. of the Interior has proposed a rule to update regulations for offshore wind development that the agency said could save developers approximately $1 billion over a 20-year period. The U.S. Dept. of the Interior has proposed a rule to update regulations for offshore wind development that the agency said could save developers approximately $1 billion over a 20-year period. The proposed regulations would modernize regulations, streamline overly complex and burdensome processes, clarify ambiguous provisions and enhance compliance provisions in order to decrease costs and uncertainty associated with the deployment of offshore wind facilities.“Updating these regulations will facilitate the safe and efficient development of offshore wind energy resources, provide certainty to developers and help ensure a fair return to the U.S. taxpayers,” Interior Sec. Deb Haaland said in a statement. Much has changed in the U.S. offshore wind industry since regulations were put in place more than a decade ago. The Bureau of Ocean Energy Management has conducted 11 auctions and currently manages 27 commercial leases. Based on that experience, the department identified opportunities to modernize its regulations to facilitate the development of offshore wind energy resources to meet U.S. climate and renewable energy objectives.The proposed rule contains eight major components, including:Eliminating unnecessary requirements for the deployment of meteorological buoysIncreasing survey flexibilityImproving the project design and installation verification processEstablishing a public Renewable Energy Leasing ScheduleReforming BOEM’s renewable energy auction regulationsTailoring financial assurance requirements and instrumentsClarifying safety management system regulationsRevising other provisions and making technical correctionsSince the start of the Biden-Harris administration, BOEM has held three offshore wind lease auctions – including a record-breaking sale offshore New York and the first-ever sale offshore the U.S. West Coast in California, initiated environmental review of ten offshore wind projects, and advanced the process to explore additional Wind Energy Areas in the Gulf of Mexico, Oregon, Gulf of Maine and Central Atlantic.By 2025, the Interior Department, through BOEM, plans to potentially hold up to four additional offshore lease sales and complete the review of at least 16 plans to construct and operate commercial, offshore wind energy facilities, which would represent more than 22 GW of clean energy for the nation. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
U.S. aims to streamline offshore wind development By: Geothermal Energy RSS Feed January 17, 2023 at 07:23 AM EST The U.S. Dept. of the Interior has proposed a rule to update regulations for offshore wind development that the agency said could save developers approximately $1 billion over a 20-year period. The U.S. Dept. of the Interior has proposed a rule to update regulations for offshore wind development that the agency said could save developers approximately $1 billion over a 20-year period. The proposed regulations would modernize regulations, streamline overly complex and burdensome processes, clarify ambiguous provisions and enhance compliance provisions in order to decrease costs and uncertainty associated with the deployment of offshore wind facilities.“Updating these regulations will facilitate the safe and efficient development of offshore wind energy resources, provide certainty to developers and help ensure a fair return to the U.S. taxpayers,” Interior Sec. Deb Haaland said in a statement. Much has changed in the U.S. offshore wind industry since regulations were put in place more than a decade ago. The Bureau of Ocean Energy Management has conducted 11 auctions and currently manages 27 commercial leases. Based on that experience, the department identified opportunities to modernize its regulations to facilitate the development of offshore wind energy resources to meet U.S. climate and renewable energy objectives.The proposed rule contains eight major components, including:Eliminating unnecessary requirements for the deployment of meteorological buoysIncreasing survey flexibilityImproving the project design and installation verification processEstablishing a public Renewable Energy Leasing ScheduleReforming BOEM’s renewable energy auction regulationsTailoring financial assurance requirements and instrumentsClarifying safety management system regulationsRevising other provisions and making technical correctionsSince the start of the Biden-Harris administration, BOEM has held three offshore wind lease auctions – including a record-breaking sale offshore New York and the first-ever sale offshore the U.S. West Coast in California, initiated environmental review of ten offshore wind projects, and advanced the process to explore additional Wind Energy Areas in the Gulf of Mexico, Oregon, Gulf of Maine and Central Atlantic.By 2025, the Interior Department, through BOEM, plans to potentially hold up to four additional offshore lease sales and complete the review of at least 16 plans to construct and operate commercial, offshore wind energy facilities, which would represent more than 22 GW of clean energy for the nation.