OCEAN
Oregon Coast Energy Alliance Network

A new bill has been introduced for the 2021 legislative session in Salem – HB 2995 (100 Percent Clean Electricity). Currently Oregon’s renewable electricity standard is set at 50% by 2040.  HB 2995 would raise it to 100% by 2035.  California and Washington have already raised their targets to 100%.  In fact, 15 states now have RPS or goals to achieve 100% clean electricity by 2050 or earlier.  Clean energy standards help provide the market confidence that companies and their investors need to finance their projects.  Over the past couple of years this type of legislation has helped take the U.S. East Coast from zero to over 20 offshore wind projects that are now in the pipeline. That means around $55 to $87 billion of capex, which will support the growth of a significant domestic supply chain.he offshore wind industry is also being encouraged at the national level.  Last December, a bipartisan agreement in Congress approved an extension of the wind production tax credit (PTC) by one additional year, and a new 30% investment tax credit (ITC) was created for offshore wind projects that start construction before 2026.

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