Source: Lawrence Berkeley National Laboratory; Database of State Incentives for Renewable Energy. Analysis by Beacon Economics
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- Louisiana H.B. 165149 marks a significant step by permitting offshore wind development in state waters for the first time. The bill defines the largest permissible wind lease area in state waters at 25,000 acres and mandates that wind project proposals outline decommissioning strategies for turbines.
149 Louisiana state legislature. HB 165. Released August 01,2022. Assessed August 22,2023. Available at: https://www.legis.la.gov/legis/BillInfo.aspx?s=22RS&b=HB165&sbi=y
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- California is also shaping the state’s future growth of the offshore wind sector with AB 525.150 This law requires the California Energy Commission (CEC) to assess the viable offshore wind energy generation capacity along the California coast and obligates the CEC to develop a strategic plan on how to meet its offshore wind development goals for 2030 and 2045. In September 2023, the state passed AB 1373151 which makes numerous changes to electricity policy in preparation for offshore wind. Most notably, it authorizes the Department of Water Resources (DWR) to serve as a central procurement entity to procure energy resources in order to help the state meet its renewable and zero-carbon energy resources and reliability goals.
- In 2022, California saw robust investment flowing into energy projects. Storage ventures valued at nearly $3.0 billion and solar initiatives amounting to just over $2.8 billion were successfully brought online. Notably, wind projects contributed over $100 million in capital investments within the state. The cumulative capital infusion in California for the year exceeded an impressive sum of $71.3 billion.152
- Another emerging focal point in renewable energy in 2022 was Geothermal. The Infrastructure Investment and Jobs Act (IIJA) allocates $84 million for enhanced geothermal systems, and various states are exploring policies for geothermal energy development. For example, Fervo Energy’s planned 400-megawatt facility in Beaver County, Utah will use “enhanced geothermal” technology that reduces the ecological impact. Several companies are also looking to expand this type of geothermal generation in the Salton Sea area of California.153
150 California Legislative Information. AB-525 Energy: offshore wind generation. Released Sep 24 2021. Assessed Aug 22,2023. Available at: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220AB525
151 California Legislative Information. AB-1373. Published May 22,2023. Assessed Aug 23, 2023. Available at: https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202320240AB1373
152 American Clean Power Association. 2022 Annual Market Report. May 2023. Assessed August 15, 2023. Available at: https://cleanpower.org/wp-content/uploads/2023/05/2022-ACP-Annual-Report_Public.pdf
153 Gallucci, Maria. “Fervo Energy breaks ground on next-generation geothermal plant.” Canary Media, September 26, 2023. Available at: https://www.canarymedia.com/articles/geothermal/fervo-energy-breaks-ground-on-next-generation-geothermal-plant
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