Marine Renewable Energy Begins to Take Off in 2012
The U.S. lags behind Europe in the development of offshore wind (OSW) projects in part due to the lack of a mandatory national renewable energy standard and other tax incentives. But, the Obama Administration has set its own voluntary goal of producing 80% of the nation’s electricity from clean sources by 2035. And, various federal agencies have worked diligently to promote new sources of energy, including OSW and tidal and wave energy. This year, we anticipate the first new commercial leases for wind off the Atlantic Seaboard (since Cape Wind)…
StatoilHydro, Statkraft Develop Offshore Wind
A new wind farm, to be developed by StatoilHydro and Statkraft, which will consist of 88 turbines, is planned to start production in 2011. When fully operational, its annual electricity production is expected to be around 1.1TWh, enough energy to power around 220,000 UK homes. Total investments are estimated at approximately $1.5b. Until now, the 315 MW Sheringham Shoal project has been owned 100% by StatoilHydro. Through an agreement, Statkraft will acquire 50% of the shares in the project, thus becoming an equal partner with StatoilHydro.
