Published on 23 Oct 2023 on Zacks via Yahoo Finance
AVANGRID (AGR) Installs First Turbine for Vineyard Wind 1
AVANGRID, Inc. AGR and Copenhagen Infrastructure Partners (“CIP”) announced the successful installation of the first GE Haliade-X Wind Turbine Generator (“WTG”) for the first-in-the-nation Vineyard Wind 1 project.Vineyard Wind began offshore construction in late 2022, achieved steel-in-the-water in June and completed the nation’s first offshore substation in July. In order to store and export the power produced by the wind turbine generators, an offshore substation is a must for an offshore wind farm. It acts as a connecting point between the onshore electricity grid and the offshore leasing area's wind turbine generators.According to a statement from the companies, the turbine, which has a nameplate capacity of 13 megawatts (MW), can power more than 6,000 homes and businesses in the state. The project comprises the construction of 62 wind turbines, totaling 806 MW, which can power roughly 400,000 homes and businesses in Massachusetts.AGR is focused on expanding its clean energy generation capacity and adding more wind and solar sources to its portfolio. The company has long-term investment plans to further upgrade its infrastructure. It intends to deliver a compound annual growth rate of 6-7% during 2022-2025.
Growth Prospects
Utilities in the United States are gradually shifting focus and concentrating more on clean energy sources like renewable energy to generate electricity. Wind and solar are the predominant sources of power generation that will help achieve the target of net zero emissions by 2050.Offshore wind projects are expected to grow rapidly in the coming years as the turbines at sea make use of stronger winds. According to a report by the U.S. Department of Energy, the capacity of the currently operating and under construction U.S. offshore wind energy projects increased 15% from the previous year’s level to 52,687 MW. When fully developed, these projects would be enough to power more than 18 million American homes.Per a Precedence Research report, the global offshore wind energy market was valued at $33 billion in 2022 and is expected to hit $179.41 billion by 2032. The market is poised to witness a CAGR of 18.50% during 2023-2032.