You’ve already read this week in Energy and Capital about how offshore oil drilling stocks like Hercules Offshore (NASDAQ:HERO) are piling on gains. But did you know that there’s a surprising twin trend that’s driving future investment returns out on the water? It’s offshore wind energy, and the technology is advancing fast to become an integral part of Europe’s electricity mix.
In the Grid Parity blog on EAC’s sister site, www.greenchipstocks.com, editor Jeff Siegel wrote today about just how much momentum is now behind offshore wind energy. For the whole scoop, read the full article below:
Offshore Wind Could Cover 17% of EU Electricity Demand
Expanding its wind presence even further, GE (NYSE:GE) announced yesterday that it has completed the acquisition of wind turbine technologies company ScanWind.
Headquartered in Norway, ScanWind is focused heavily on the development of offshore wind turbines. The company boasts a product platform that is designed for harsh environments with high winds and turbulence, like onshore along the Northern European coast and offshore. This also happens to be where some expect to see one of the fastest growing wind markets, estimated to reach an installed capacity of as much as 50 gigawatts by 2020
Interestingly enough, the GE-ScanWind deal was announced the same day the European Wind Energy Association released a report that indicated total installed capacity of offshore wind could jump to 150 gigawatts in 2030. That would cover between 13 and 17 percent of total EU electricity demand.
The report also revealed. . .
More than 100 gigawatts of offshore-wind power programs are now being planned in 15 EU member states and other European countries.
Investment in the industry will soar from 3.3 billion euros in 2011 to 16.5 billion euros in 2030.
The U.K. Could accommodate 25 gigawatts in addition to the 8 gigawatts already built or planned.
You can read the entire EWEA report here.