Kitty Hawk Wind will bring significant economic impacts to Virginia Beach ($1.2 billion), Hampton Roads ($4billion) and Virginia ($4.8 billion)... 2024 Economic Impact Study reports
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Avangrid Releases 2024 Economic Impact Study for Kitty Hawk Wind
The Kitty Hawk Wind project will deliver approximately $4.8 billion in economic impact across Virginia, $4 billion in Hampton Roads, including $1.2 billion in the City of Virginia Beach. As part of this larger economic benefit, 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 tax revenue, averaging about $7 million per year over forty years, through the development, construction, and operation of the project.
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Kitty Hawk Wind is an offshore wind project proposed more than 36 miles from Virginia Beach and 27 miles off coast of Outer Banks in federal waters.
The site was defined through careful planning and review by the U.S. Bureau of Ocean Energy Management (BOEM). The Wind Energy Area (WEA) is 200 square miles and was selected to minimize impacts to other users of the ocean (such as the military, commercial and recreational fishing, and shipping industries) as well as to minimize impacts to the marine environment and coastal communities. BOEM conducted an Environmental Assessment of the WEA and issued a "Finding of No Significant Impact," concluding that the environmental effects associated with offshore wind development and operation would not significantly impact the environment. Additionally, the project will provide considerable economic benefits to the region during construction and throughout the project's lifetime. More information on the lease can be found on BOEM's website here.
Avangrid began the process of studying the WEA in detail after acquiring the lease in 2017. Initial indications are that the WEA has the potential to yield around 3,500 megawatts (MW), enough energy to power over 1 Million homes. The design, construction, and operation of the offshore wind project is being refined.
