Energy Video Week 1 Sept 2023: MA w/ 3.6 GW Offshore Wind Solicitation Even as Developers Face Setbacks

First half 2023 global wind turbine orders hit 70GW according to Wood Mackenzie, up 12% year-over-year. 

Massachusetts just opened its fourth offshore solicitation – at a record 3.6 GW – with bids due by end of January 2024 and projects to be selected by June. 

Meanwhile, two projects from its previous solicitations have been canceled owing to a major shift in the macroeconomic environment, with 2,400 MW of projects canceled and developers paying a total of $108 million to exit contractual commitments. 

Offshore developers in New York seeking an average 48% increasein contract prices, to an average $167.25/MWh. Developer Orsted just announced a possible $2.3 billion impairments to earnings based on the exposure of its U.S. offshore portfolio.

The much-heralded wind lease auction in the Gulf of Mexico was a bust, with a single winning $5.6 mn bid from RWE for acreage off Louisiana, and two lease areas off of Texas receiving zero interest.

Hyundai and LG Energy Solution announce plans to invest an additional $2 billion to manufacture batteries at Hyundai’s Georgia EV plant.

The Biden Administration will offer $15.5 bn to help U.S. automakers convert existing factories to compete in the EV revolution. 

The Defense Logistics Energy Agency designated Oklo as the pending contractor awardee to design, construct, own, and operate a micro-reactor at Alaska’s Eielson Air Force Base in a long-term power purchase agreement. 

Arizona utility Salt River Project and long-duration, non-lithium energy storage system company CMBlu Energy announce pilot for a 5MW/50 MWh to be built near Phoenix. Project is due to come online by December of 2025. 

Singapore’s Bila Solar will open 1GW solar module manufacturing plant in Indianapolis. Its lightweight module is flexible and useful in locations where modules cannot typically be installed.

Battery recycling company Redwood Materials scores another $1bn in Series D round, to be used for further capacity expansions.