Industry News

Maryland Opens Offshore Wind Process

On 24 February 2016, the Maryland Pubic Service Commission announced it has received its first Offshore Wind Renewable Energy Credit (OREC) Application, opening competition for the $1.9B OREC financing set in place by the Maryland Offshore Wind Energy Act of 2013. There is a 180 day window for all other developers to apply.

 

In addition to the OREC, the Maryland Offshore Wind Energy Act of 2013 established a number of provisions for a qualified offshore wind project, which is required to be located on the outer continental shelf, between 10 and 30 miles off the coast. Projects must satisfying several ratepayer impact protection measures, the offshore wind project must demonstrate positive net economic, environmental and health benefits to the State as a condition of approval. The next step in the process is the approval of the OREC application.

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