Economic feasibility of low-trophic aquaculture within U.S. Offshore wind energy areas

Offshore wind energy is developing along the Atlantic coast of the United States and is expected to create use conflicts. A solution proposed to reduce conflicts among seafood production and ocean energy production is to co-locate low-trophic aquaculture within offshore wind energy areas. This study applied a techno-economic analysis to assess the economic feasibility of locating low-trophic aquaculture within offshore wind energy areas off the U.S. Atlantic coast. Costs and revenues were compiled for ten candidate species in four regions of the U.S. Atlantic to determine which species, locations, grow-out methods, and production scale combinations may be profitable or worth further consideration. Costs and revenue distributions were estimated via a Monte Carlo simulation analysis where profit margins and breakeven analyses were assessed to determine which combinations could be economically feasible. At 100-mt and 500-mt scales of production, 87% of profit margins were negative, indicating most scenarios of offshore co-located aquaculture would not be profitable. However, high value species such as eastern oyster and soft-shell clam and high yield species such as sugar and winged kelp have the greatest potential for offshore aquaculture, with profit margins ranging from 4% to 31%. Generally, costs of production will need to decrease for co-located offshore aquaculture to be economically viable in the U.S. Atlantic.