While facing a shortage of turbines and equipment, a phalanx of government regulations, and testy opposition from coastal communities worried about turbine-obstructed views of the sea, the stormy Atlantic and other locations nevertheless beckon with the promise of some of the richest rewards in the business.
Offshore wind promises clean, ample energy in areas that fetch some of the highest electrical rates in the U.S. So while offshore turbines are expected to cost 50% to 70% more to build than land-based systems, they may generate 100% more revenue, wind advocates point out.
While no pure-play wind companies trade in the U.S., there are a few ways for investors to tap into any future success in the emerging business. Vestas, the world’s leading manufacturer of wind turbines, and Nordex, another turbine maker, both trade on the Copenhagen Exchange. Mitsubishi, which trades in Japan, makes some of the largest turbines now in use.
Industry proponents also point out that the most convenient way for Americans to support wind power development is by participating in green power programs offered by utility companies. In the global race to build offshore wind turbines to feed a power-hungry grid, Europe leads the U.S. by a score of 1,110 megawatts to zero. With the potential to supply as much as 20% of the U.S.’s growing and critical electrical power needs, proponents often refer to America as the Saudi Arabia of wind.