Offshore Wind Blows Into The US: Seven Stocks To Catch The Breeze

The Growth of Offshore Wind

Offshore wind has finally gotten a toe hold in the United States.

The United States' first offshore wind farm, the 30 megawatt (MW) Block Island Wind Farm, is under construction. A new project, the South Fork Wind Farm will be three times the size of Block Island (90 MW), is set to be approved by the Long Island Power Authority. This project will be located 30 miles East of Montauk, NY and Southeast of Block Island in a wind energy area designated by the federal Bureau of Ocean Energy Management (BOEM.)

BOEM also recently designated 81,130 acres of outer continental shelf off New York's Long Island and New Jersey as a new commercial wind energy area. This area's proximity to some of the nations' most expensive and capacity constrained parts of the nations' electric grid make it an excellent site for relatively expensive but abundant offshore wind energy.

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