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A couple important pieces of information were omitted from the article--according to the Energy Information Administration (EIA) offshore wind is the second mos
by barney54 10y ago
A couple important pieces of information were omitted from the article--according to the Energy Information Administration (EIA) offshore wind is the second most expensive source of new electricity generation. In fact, offshore wind is 250% more expensive than onshore wind, but it only produces electricity 5% more of the time. https://www.eia.gov/forecasts/aeo/pdf/electricity_generation.pdf https://www.eia.gov/forecasts/aeo/pdf/electricity_generation...
Also, the Block Island project is 50% more expensive than EIA's numbers assume (It was $10,000 per KW while EIA assumes $6,331 per KW for the first few offshore facilities).
- arm85 10y agoYes it is. But it's going to drop quite quickly the more off-shore wind developments there are. Unfortunately, these prices only drop when people start building them. When the banks get more experience with the risks involved the project costs drop and the same will happen with new foundation technologies.
- _rpd 10y agoThere seem to be higher costs for offshore wind that aren't going to go away with extra projects. Maintenance is more expensive because the turbines are in a salt water environment, and the electrical interconnect to the shore is an order of magnitude more expensive than equivalents on land.
- Symbiote 10y agoThere are many offshore wind farms in Europe, the first was built in 1991. Many more are planned, and I'd assume the idea isn't novel to banks. Can we expect much reduction in cost? https://en.wikipedia.org/wiki/List_of_offshore_wind_farms https://en.wikipedia.org/wiki/List_of_offshore_wind_farms