e-Poster: Modeling the Economics of Offshore Wind in the Southeastern United States
(Room Station 2)
23 Oct 19
12:30 PM
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12:45 PM
This research explores the potential of offshore wind under various policy scenarios in the Southeastern U.S., with a focus on Virginia, North Carolina, and South Carolina. Potential barriers to offshore wind are discussed, including costs, energy alternatives, and public opposition. Electricity forecast modeling projects capacity expansion, electricity prices, and greenhouse gas emissions over a 20-year horizon. Three sets of policy scenarios are examined in the model: carbon pricing, renewable portfolio standards, and a carbon cap. For each set of policies, impacts are modeled under baseline, high cost, and low cost scenarios. Results suggest that regardless of the type of policy, a considerable decrease in cost is necessary for offshore wind to be developed. Until this occurs, terrestrial wind and solar photovoltaics are primarily deployed. However, offshore wind capacity appears to be feasible in the southeast by 2040