What is the increase in net sales of wind blades in the third quarter of 2020 compared to the same period in 2019
 1990 levels. The European Council is expected to make a final decision in December. In September, China announced a commitment to reach carbon neutrality by 2060, and, at the Beijing wind show in October, the wind industry pledged to provide more than 50 gigawatts of wind per year in China through 2025 and 60 gigawatts per year thereafter.
In India, Prime Minister Modi has committed to increase its renewable energy capacity to 450 gigawatts by 2030 and has committed to 40% nonfossil fuel energy by 2030 as part of the Paris Agreement. These are a few examples of the accelerating energy transition we are seeing on a global basis. According to BloombergNEF's 2020 New Energy Outlook climate scenario, to meet a well below two-degree emission scenario, which is the key aim of the Paris Agreement, over 11 terawatts of onshore and one terawatt of offshore wind would need to be installed by 2050. This represents about three times more than the economic transition scenario or their base case. Under the climate scenario, one would represent 45% of global electricity in 2050. Back to the economics of wind, according to Lazard's Levelized Cost of Energy Analysis version 14.0, the unsubsidized levelized cost of energy of the most competitive new wind projects is equal to or lower than the marginal cost of operating existing combined cycle natural gas, nuclear and coal plants. Furthermore, utility-scale wind LCOE remains at or below that of utility-scale solar on an unsubsidized basis and, in the best locations, significantly cheaper on a subsidized basis.
Utility-scale wind LCOE has been reduced by 71% since 2009 according to Lazard, and we and the industry are working hard to continue to drive LCOE down and keep wind as the most cost-effective source of new energy generation. We believe the future for wind energy will continue to strengthen, given some of the recent initiatives and goals to promote the acceleration of an energy transition that I just noted. However, our current long-term goals that we have discussed publicly, including 18 gigawatts of capacity, 20% market share and $2 billion of wind revenue are based on older and more conservative industry forecasts that do not factor in these new initiatives and goals. Stay tuned as we will review and update our long-term goals in light of these new initiatives, including the optimization of our global footprint. Turning to Slide eight. We now have a total potential contract value of up to approximately $5.1 billion through 2024, and the minimum guaranteed volume under our supply agreements is $2.9 billion. This is a net decrease from $5.4 billion and no net change from $2.9 billion from last quarter as a result of extending existing contracts, offset by third quarter sales.
The potential and minimum contract values do not include the two lines in China that we are operating under a short-term contract this year, nor does it include the impact from some of the anticipated, new, larger-blade models that we expect to produce after the anticipated 2021 transitions or additional contract extensions. While the health and safety of our associates remains our primary objective, we remain focused on our operating imperatives, including the integration of our key ESG activities to drive profitable growth and long-term shareholder value.
With that, let me turn the call over to Bryan.
Bryan Schumaker -- Chief Financial Officer
Thanks, Bill. Please turn to Slide 10. All comparisons made today will be on a year-over-year basis compared to the same period in 2019. For the third quarter ending September 30, 2020, net sales increased by $90.3 million or 23.5% to $474.1 million. Net sales of wind blades increased by 27.8% to $450.1 million. The increase was primarily driven by a 20% increase in the number of wind blades produced year-over-year, largely as a result of increased production at our China, Mexico, Iowa and India facilities. We estimate that our net sales were adversely impacted by approximately $8 million based upon when blade sets, which we had forecasted to produce in the period unde
 1990 levels. The European Council is expected to make a final decision in December. In September, China announced a commitment to reach carbon neutrality by 2060, and, at the Beijing wind show in October, the wind industry pledged to provide more than 50 gigawatts of wind per year in China through 2025 and 60 gigawatts per year thereafter.
In India, Prime Minister Modi has committed to increase its renewable energy capacity to 450 gigawatts by 2030 and has committed to 40% nonfossil fuel energy by 2030 as part of the Paris Agreement. These are a few examples of the accelerating energy transition we are seeing on a global basis. According to BloombergNEF's 2020 New Energy Outlook climate scenario, to meet a well below two-degree emission scenario, which is the key aim of the Paris Agreement, over 11 terawatts of onshore and one terawatt of offshore wind would need to be installed by 2050. This represents about three times more than the economic transition scenario or their base case. Under the climate scenario, one would represent 45% of global electricity in 2050. Back to the economics of wind, according to Lazard's Levelized Cost of Energy Analysis version 14.0, the unsubsidized levelized cost of energy of the most competitive new wind projects is equal to or lower than the marginal cost of operating existing combined cycle natural gas, nuclear and coal plants. Furthermore, utility-scale wind LCOE remains at or below that of utility-scale solar on an unsubsidized basis and, in the best locations, significantly cheaper on a subsidized basis.
 Utility-scale wind LCOE has been reduced by 71% since 2009 according to Lazard, and we and the industry are working hard to continue to drive LCOE down and keep wind as the most cost-effective source of new energy generation. We believe the future for wind energy will continue to strengthen, given some of the recent initiatives and goals to promote the acceleration of an energy transition that I just noted. However, our current long-term goals that we have discussed publicly, including 18 gigawatts of capacity, 20% market share and $2 billion of wind revenue are based on older and more conservative industry forecasts that do not factor in these new initiatives and goals. Stay tuned as we will review and update our long-term goals in light of these new initiatives, including the optimization of our global footprint. Turning to Slide eight. We now have a total potential contract value of up to approximately $5.1 billion through 2024, and the minimum guaranteed volume under our supply agreements is $2.9 billion. This is a net decrease from $5.4 billion and no net change from $2.9 billion from last quarter as a result of extending existing contracts, offset by third quarter sales.
The potential and minimum contract values do not include the two lines in China that we are operating under a short-term contract this year, nor does it include the impact from some of the anticipated, new, larger-blade models that we expect to produce after the anticipated 2021 transitions or additional contract extensions. While the health and safety of our associates remains our primary objective, we remain focused on our operating imperatives, including the integration of our key ESG activities to drive profitable growth and long-term shareholder value.
With that, let me turn the call over to Bryan.
Bryan Schumaker -- Chief Financial Officer
 Thanks, Bill. Please turn to Slide 10. All comparisons made today will be on a year-over-year basis compared to the same period in 2019. For the third quarter ending September 30, 2020, net sales increased by $90.3 million or 23.5% to $474.1 million. Net sales of wind blades increased by 27.8% to $450.1 million. The increase was primarily driven by a 20% increase in the number of wind blades produced year-over-year, largely as a result of increased production at our China, Mexico, Iowa and India facilities. We estimate that our net sales were adversely impacted by approximately $8 million based upon when blade sets, which we had forecasted to produce in the period unde