After years of delays, the U.S. offshore wind industry is picking up pace as states are pushing aggressive wind energy procurement goals. Massachusetts, Rhode Island and Connecticut recently contracted for offshore wind capacity totaling 1.4 GW. New York and New Jersey are making progress towards project solicitations. Massachusetts enacted legislation in 2016 setting an offshore wind energy target of 1.6 GW by 2027, and New York followed suit with a more ambitious goal of 2.4 GW by 2030. New Jersey went further committing to a 2030 target of 3.5 GW.
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Permian operators are adopting solar energy as a new means to power wells throughout the basin.
Wind energy grew in capacity by 8% last year and is now able to provide power to 30 million American homes.
European oil companies have started to address what they worry may one day be an existential threat to their business—the end of a century of oil demand growth in a low carbon world.