A study by our team here at Daymark Energy Advisors illustrates that if 3,500 megawatts (MW) of contracted offshore wind had been operational during the winter of 2024/25, New England ratepayers could have saved $400 million while also significantly reducing greenhouse gas emissions. The study, prepared on behalf of RENEW Northeast, comes on the heels of a ISO New England report that highlighted a 67% increase in the price of energy in New England between 2024 and 2025 due to an unprecedented 112% rise in the price of natural gas – the primary resource providing the region’s electricity.
The Daymark study, “Value of Wind in Winter 2024/25,” models the impact of offshore wind generation during the winter months, which are the region’s most expensive energy season. It found that offshore wind (OSW) could have:
- Generated 3.6 billion kilowatt-hours of clean electricity—enough to power over 567,000 homes for a year – approximately 21% of the Commonwealth’s housing stock.
- Reduced fossil fuel use by 34 million MMBtu, cutting reliance on natural gas, oil, and coal.
- Avoided 1.8 million tons of CO₂ emissions, equivalent to removing nearly 400,000 gasoline-powered cars from the road for a year.
- Lowered energy prices by 11%, saving ratepayers across New England hundreds of millions of dollars.
“Offshore wind is not just a climate solution—it’s a cost solution,” said Francis Pullaro, President of RENEW Northeast. “This study shows that delays in bringing offshore wind projects online are costing New England families and businesses real money.”
“New England winters are costly seasons for electricity supply – this study examines the impact offshore wind generation could have had last winter when real time energy market prices in ISO New England averaged $115/MWh,” said Dan Koehler, Vice President and Principal Consultant with Daymark and study co-author. “Our analysis illustrates key market and environmental benefits of offshore wind generation – benefits that would accrue to Massachusetts ratepayers and to the broader New England region.”
The report also found that even under conservative pricing assumptions, offshore wind would have delivered monthly bill savings of up to $2.68 for the average Massachusetts residential customer.
With several OSW projects already contracted but delayed, the findings underscore the urgent need to accelerate offshore wind deployment to meet both economic and climate goals.
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About RENEW Northeast
RENEW Northeast unites environmental advocates with developers and operators of the region’s largest clean energy projects to coordinate their ideas and resources with the goal of increasing environmentally sustainable power generation in New England from the region’s abundant renewable energy resources.
About Daymark Energy Advisors
Daymark Energy Advisors brings deep knowledge and an integrated view of energy infrastructure, regulation, and markets to help our clients succeed in the face of uncertainty and transformative change. Our advice is backed by the highest quality analytics. We advise clients across the U.S. and Canada assessing opportunities and risks in RTOs/ISOs and regulated markets. We combine rigorous analytical methodology with our knowledge of RTO/ISO operations and market rules, transmission planning, state and federal policies, and regulatory and rate structures, to provide comprehensive solutions that address client needs.