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Oil Ticks Lower on EIA Inventory Report

Oil Ticks Lower on EIA Inventory Report

Crude oil prices moved lower…

Japan to Build World's Largest Offshore Wind Farm off the Fukushima Coast

In order to reduce its reliance on nuclear energy following the meltdown of three reactors back in 2011, Japan is attempting to increase its renewable energy capacity and has recently unveiled its plan to build the world’s largest ever offshore wind farm just off the coast of the destroyed Fukushima Daiichi nuclear power plant.

The plan is to install 143 wind turbines 10 miles off the coast of the Fukushima Prefecture by 2020.

The wind farm will have a capacity of one gigawatt, making it larger than the 504 megawatt Greater Gabbard farm off the coast of Suffolk and the 630 megawatt London Array, both in Britain. It will provide a huge boost to Japan’s renewable energy plans

Related Article: U.S. Congress Breaths Life into Wind Energy

Takeshi Ishihara, the project manager, has stated that “this project is important -- I think it is impossible to use nuclear power in Fukushima again.”

Plans have also been made to enable the Fukushima Prefecture to become fully energy sefl-sufficient by 2040, using only renewable energy source. Part of the plans includes the development of Japan’s largest solar park in Minamisoma City.

CLSA Asia-Pacific, one of the region’s largest and most highly rated independent equity brokers and financial-services group, has estimated that over the next three years Japan’s wind capacity could reach 7.6 gigawatts.

By. Joao Peixe of Oilprice.com



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