Offshore wind – has the gold rush begun?

Fortune magazine has an interesting article on offshore wind in the US. Despite initial hiccups and challenges, there is the sweet taste of success. Here is the link to the story. The typical opposers complain about view and impact on endangered flora and fauna. Flora and fauna and in this case fishes and whales are one thing, the visual pollution is another. The same could be said for the sky pre-airlines – when the sky was perhaps bluer and and less smoggy. But then life has to move on.


Here is what the article says:

“For the first time, U.S. investors see a path to profitability. The gold rush has begun. In the U.S., 23 offshore wind projects totaling 16 gigawatts (GW), the equivalent of about 16 nuclear power plants, are on the drawing board. Almost all are located along the northeast coast. Over the past year, Denmark’s oil and gas giant Dong Energy bought federal leases off the coasts of Massachusetts and New Jersey. Norway’s Statoil won a 33-round auction to secure a 79,000-acre site south of Jones Beach on Long Island for $42.5 million, far more than the $16 million generated by all earlier offshore wind auctions combined. Shell has been sniffing around. Wall Street players such as Citigroup (C, -0.15%), HSBC (HSBC, -1.00%), and, as we’ll see, D.E. Shaw are lining up to finance the most promising projects.”

Looks like the good days might just have arrived.


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