Assessment finds transformational offshore wind
project will generate approximately $4.8 billion in economic impact
in Virginia, $1.2 billion in City of Virginia Beach
Report estimates project will create more than
12,000 jobs in the Commonwealth; 9,500 located within Hampton
Roads.
Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company
and member of the Iberdrola Group, today announced the release of a
comprehensive economic assessment, the Kitty Hawk Wind: Economic
& Fiscal Impact report. The report finds that the Kitty Hawk
Wind project will deliver approximately $4.8 billion in economic
impact across Virginia, including $1.2 billion in the City of
Virginia Beach. As part of this larger economic benefit, the report
calculates that the City of Virginia Beach, which would serve as
the host community for the interconnection of the project to the
power grid, would realize $275 million in property tax revenue,
averaging about $7 million per year over 40 years, through the
development, construction, and operation of the project. These new
revenue streams can be used to support critical municipal services
and investment in capital projects throughout the community.
“Kitty Hawk Wind is a transformational opportunity for Virginia
and offers significant economic benefit to the City of Virginia
Beach and the entire Hampton Roads region,” said Avangrid CEO
Pedro Azagra. “As the developer of Vineyard Wind 1, the
nation’s first large-scale offshore wind project, Avangrid is
uniquely positioned to help the Commonwealth meet its energy goals,
and looks forward to strengthening the bonds we’ve built in
Virginia Beach and the Hampton Roads region. Through the
development, construction, and operation of this project, Avangrid
will be a committed partner to Virginia Beach, ensuring the city
realizes the full economic benefit of Kitty Hawk Wind while helping
Hampton Roads emerge as a regional hub for offshore wind.”
Kitty Hawk Wind is an offshore wind project proposed in federal
waters more than 36 miles from Virginia Beach. Kitty Hawk Wind is
expected to generate up to 3,500 Megawatts (MW) of clean, reliable
electricity, enough to power more than 1 million homes and
businesses each year and reduce greenhouse gas emissions by more
than 1.5 million metric tons – equivalent of taking 500,000 cars
off the road annually.
Through development, construction, and operations, the report
estimates that Kitty Hawk Wind will deliver approximately $4
billion in investment to the Hampton Roads region, which is
uniquely positioned to provide critical services to offshore wind
due to its existing port infrastructure and maritime workforce. The
report estimates the project will create more than 12,000 jobs in
the Commonwealth, 9,500 of which would be located within Hampton
Roads.
“Our support of offshore wind energy is the biggest opportunity
we have in Virginia Beach to be a leader in providing an
alternative to fossil fuels for energy generation and doing our
part to reduce the greenhouse gas emissions that are fueling
climate change,” said Lynnhaven River NOW Executive Director
Karen Forget. “In addition to contributing to lowering the
emission of climate altering greenhouse gases, offshore wind energy
is the most important growth industry in our regional economic
forecast.”
“Energy supply in the region is critical to maintaining and
growing the economy,” said Hampton Roads Chamber CEO and
President Bryan Stephens. “The Kitty Hawk Wind Project has the
potential to supply our growing energy needs, provide new tax
revenue to the City of Virginia Beach, and help the state meet the
clean energy goals of 100 percent renewable electricity supply by
2045.”
“The Hampton Roads Workforce Council is working with our local
training providers to ensure that we have the workers ready to meet
the diverse needs of our offshore wind industry,” said Hampton
Roads Workforce Council CEO Shawn Avery. “The training we are
doing now will support the Kitty Hawk Wind project as well as
future projects, strengthening the talent pipeline for these
exciting career opportunities – not only today, but for generations
to come.”
“Since 2009, the VMA has consistently touted the opportunities
offshore wind presents to expand and diversify our maritime
economy. The Kitty Hawk Wind Economic Report affirms the economic
benefits of that project alone, and specifically the financial
windfalls for the citizens of Virginia Beach,” said Virginia
Maritime Association Executive Director David White. “The
opportunity presented by the Kitty Hawk Wind project for our
industry and the community must not be allowed to slip away.”
Kitty Hawk Wind will also advance the Commonwealth’s transition
to a clean energy future by utilizing the reliable and abundant
wind resources off its coast to power homes and businesses,
increasing energy security, and reducing dependence on fossil
fuels. The project would also ensure that Virginia meets its
legally mandated target of 5.2 GW of offshore wind by 2034.
Avangrid is developing the nation’s first large-scale offshore
wind project, the 806-megawatt Vineyard Wind 1, located 15 miles
off the coast of Martha’s Vineyard. Currently under construction,
Vineyard Wind will generate electricity for more than 400,000 homes
and businesses in the Commonwealth of Massachusetts, create 3,600
Full Time Equivalent (FTE) job years, save customers $1.4 billion
over the first 20 years of operation, and is expected to reduce
carbon emissions by more than 1.6 million metric tons per year, the
equivalent of taking 325,000 cars off the road annually.
In February 2024, Avangrid announced that it has powered up the
first five GE Haliade-X turbines for the nation-leading Vineyard
Wind 1 project, delivering clean energy to 30,000 homes and
businesses in Massachusetts. Vineyard Wind 1, the first large-scale
offshore wind project in the United States, is currently providing
approximately 68 Megawatts to the New England grid, delivering a
steady stream of clean energy that will help the region meet winter
electricity demand.
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 December 2023, Avangrid announced
that Vineyard Wind 1 has created 2000 jobs in Massachusetts to
date.
Avangrid is committed to responsible development, minimizing
impacts to Virginia Beach residents, businesses, and visitors
during construction, as well as ensuring local communities benefit
from the transformational investments made to build a diverse,
equitable, and inclusive offshore wind sector. Kitty Hawk Wind has
established a local office in Town Center, Virginia Beach to
support ongoing project development, community outreach, and
workforce development activities. The Kitty Hawk Wind: Economic
& Fiscal Impact report was prepared by Chmura Economics &
Analytics, a top labor market data and analysis software consultant
based in Richmond, VA.
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be
the leading sustainable energy company in the United States.
Headquartered in Orange, CT with approximately $44 billion in
assets and operations in 24 U.S. states, Avangrid has two primary
lines of business: networks and renewables. Through its networks
business, Avangrid owns and operates eight electric and natural gas
utilities, serving more than 3.3 million customers in New York and
New England. Through its renewables business, Avangrid owns and
operates a portfolio of renewable energy generation facilities
across the United States. Avangrid employs approximately 8,000
people and has been recognized by JUST Capital in 2021, 2022, 2023
and 2024 as one of the JUST 100 companies – a ranking of America’s
best corporate citizens. In 2024, Avangrid ranked first among
utilities and 12 overall. The company supports the U.N.’s
Sustainable Development Goals and was named among the World’s Most
Ethical Companies in 2024 for the sixth consecutive year by the
Ethisphere Institute. Avangrid is a member of the group of
companies controlled by Iberdrola, S.A. For more information, visit
www.avangrid.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240307569827/en/
Media Contacts:
Rachel Martin, Outreach Manager Rachel.martin@avangrid.com (774)
437-3979
Sarah Warren, Manager, National Communications
Sarah.warren@avangrid.com (585) 794-9253
Avangrid (NYSE:AGR)
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