Tuesday, 19 January 2010

Offshore Wind Industry to spend 50% more than oil / gas counterparts

As reported by the HeraldScotland and Green Energy Republic, the Crown Estate has allocated further coastline for development by offshore wind industry.

Experts estimate developers will spend £7.2 billion a year on capital expenditure between now and 2030, £1.8bn of which will be in Scotland.

This compares with the £5bn a year spent by oil and gas companies in the North Sea. An industry that is "optimistic about the future of the oil and gas industry, since he expected new discoveries in the deeper waters off West Shetland and also opportunities from carbon storage once the sequestration technologies being developed for power stations were commercially viable in a few years’ time".

Whilst the HeraldScotland quotes Energy Minister Malcolm Wicks as saying "The expansion of wind energy is already a real success story for the UK. We will shortly become the leading country in the world in terms of the number of windfarms operating offshore. The potential for round three will add to that success.", Green Energy Republic blog points out the interest the release has generated from investors "The Crown Estate have reported stiff competition for the contracts which reflects the growing power of wind in attracting serious investment. This willingness to invest in wind power highlights the fact that more must be done to lower the barriers to wind onshore."

Read the full articles by following the links at the beginning of this post.

photo credit: richard child - in the North Sea

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