General Electric Company (NYSE:GE), Deepwater Wind Finishes Block Island Wind Farm


General Electric Company (NYSE:GE) and Deepwater Wind LLC have collaboratively been constructing the first offshore wind farm in the US, Block Island Wind Farm— with the latter providing the vital equipment and components of the wind turbines and the latter being in charge of the entire project.

Block Island Wind Farm

The project has been in the play since 2008. The two companies have just recently concluded the installation of five enormous wind turbines in the middle of the Atlantic Ocean. The last blade of the last wind turbine has been fully integrated on Thursday. Jeffrey Grybowski, Deepwater Wind CEO, confirmed the completion in an online post. Originally, the construction of Block Island Wind Farm is expected to be completed by the end of the month. Nonetheless, the project was ahead of schedule and more importantly, remained consistent with the budget. Accordingly, by the middle of the fourth quarter, Block Island Wind Farm will be fully operational.

What It Means for the US

The $300-million initiative can power about 17,000 homes once all the wind turbines are up and running. Energy experts believe that the construction of the first offshore farm in the US is just the beginning— it will soon encourage the construction of more wind farms in the country in response to the growing demand for renewable energy solutions.

Furthermore, the project also includes the installation of six-strand fiber optic cables. As a result, the residents benefiting from the offshore wind farm’s energy will also enjoy stronger connectivity.

Presently, the US accounts for approximately 18% of the global energy consumption. As demand continues to strengthen, the supply shortens given the fact that the current major energy sources are non-renewable. Consequently, there is a growing need for sustainable and clean energy solutions.

Earlier this month, Charlie Baker, Massachusetts Governor, has signed a bill mandating utility companies to acquire 1,600 megaWatts of electricity from offshore wind farms over the next 10 years. Meanwhile, in New York (NY), there are budding plans to construct offshore wind farms in Long Island.

On the other hand, the UK is set to construct the biggest offshore wind farm in the world, a project that has an estimated cost of nearly $7.8 billion.

1 Chart Pattern Every Investor Should Know

This little-known pattern preceded moves of 578% in ARWR, 562% in LCI, 513% in ICPT, 439% in EGRX, 408% in ADDUS and more...

Click Here to See This Now.

(Visited 135 times, 1 visits today)