To amend the Outer Continental Shelf Lands Act to support the responsible development of offshore renewable energy projects, establish the Offshore Power Administration, and for other purposes.
About This Bill
Committee
Latest Action · December 18, 2024
Referred to the Committee on Natural Resources, and in addition to the Committees on Energy and Commerce, and Science, Space, and Technology, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
# Offshore Energy Modernization Act of 2024
This bill would significantly expand offshore renewable energy development in U.S. waters by establishing national production targets, creating new regulatory frameworks, and investing in supporting infrastructure.
The legislation sets ambitious goals for offshore wind energy, requiring the federal government to issue permits for at least 30 gigawatts of offshore wind power by 2030 and 50 gigawatts by 2035. It modifies the Outer Continental Shelf Lands Act to streamline permitting for offshore wind, solar, wave, and tidal energy projects while requiring stronger environmental protections, tribal consultation, and community benefits agreements. The bill requires project developers to negotiate project labor agreements with unions starting January 1, 2026, and mandates domestic content requirements for steel and 65 percent of manufactured products in projects beginning after January 2032.
The bill creates an Offshore Renewable Energy Compensation Fund, funded by 10 percent of revenues from offshore leases, to compensate fishing communities and other stakeholders harmed by offshore energy development. It also establishes a new Offshore Power Administration within the Department of Energy to develop shared transmission infrastructure connecting offshore projects to the power grid, with authority to issue loans up to $10 billion.
The legislation appropriates $50 million to the Interior Department and $45 million to the Commerce Department for hiring staff and improving environmental reviews. Additionally, it provides $100 million for shipyard grants and establishes programs to develop technical standards for offshore transmission systems. Congress also directed that fishing access and tribal cultural activities be maintained around offshore projects except during construction.
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