• 4 minutes Will Libya Ever Recover?
  • 9 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 13 minutes What Can Bring Oil Down to $20?
  • 16 minutes Venezuela continues to sink in misery
  • 19 hours Alberta govt to construct another WCS processing refinery
  • 6 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 9 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 10 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 20 hours Let's Just Block the Sun, Shall We?
  • 11 hours Water. The new oil?
  • 6 hours Storage will in time change the landscape for electricity
  • 2 days Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 2 days U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 2 days OPEC Cuts Deep to Save Cartel
  • 9 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days Global Economy-Bad Days Are coming
Alt Text

U.S. Wind Energy Demand Surges

Exceptional demand for wind energy…

Alt Text

Can Wind Farms Actually Weaken Hurricanes?

Simulations have shown that spinning…

Jess McCabe

Jess McCabe

Jess is a writer for Environmental Finance.Environmental Finance is the leading global publication covering the ever-increasing impact of environmental issues on the lending, insurance, investment…

More Info

Trending Discussions

Google to Invest in Massive Offshore Wind Project

Google is to invest in a gigantic, $5 billion ‘backbone’ transmission project, which could connect up 6GW of offshore wind to the eastern US grid.

If built, the Atlantic Wind Connection (AWC) backbone will stretch from New Jersey to Virginia, connecting up offshore windfarms virtually out-of-sight of the shore. The first segment of the project, will cost around $1.3 billion to build, according to independent transmission company Trans-Elect, which is leading the development.

The search engine and Switzerland-based renewables developer Good Energies will each take a 37.5% equity stake in the project, with Japanese trading firm Marubeni Corporation taking a further, unspecified stake. The project sponsors did not disclose how much they invested in the backbone.

Without such a transmission backbone, offshore wind developers would have to lay their own radial transmission lines connecting individual farms with the grid. So far, the US has been slow in developing offshore wind, with no projects yet up and running. This month saw the first lease signed for an offshore project, the controversial Cape Wind farm, which will have a capacity of 468MW.

Writing on Google’s official blog, the search engine’s green business operations director, Rick Needham, said: “We believe in investing in projects that make good business sense and further the development of renewable energy. We’re willing to take calculated risks on early-stage ideas and projects that can have dramatic impacts, while offering attractive returns.”

“AWC will help bring stability and security to the eastern power grid while enabling the states to meet their renewable energy goals and standards by accessing an untapped large scale local renewable resource – offshore wind,” said Good Energies’ managing director John Breckenridge.

Detailed plans for the AWC backbone will be filed with the Federal Energy Regulatory Commission later this year, Trans-Elect said. Planning and regulation hurdles will need to be overcome before the project is built, the firm said.

By. Jess McCabe

Source: Environmental-Finance




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News