Photo Credit: Google Map
A 3.6 GW offshore wind farm (the largest in the world) will be built in the North Sea (halfway between the UK and Denmark), supplying 5% of the UK’s total energy when completed, reported by Steve Hanley at CleanTechnica.
GE will be providing its monster 13 MW turbines for this project. GE stock has risen over 30% this month, in part likely from this announcement. I am thrilled GE has flipped its strategy on power before it was too late. I have rooted for GE, since my father and brother worked at the Schenectady NY HQ near my childhood home, in the ’70s.
Just 5 years ago GE completed a disastrous acquisition of Alstrom’s power division for about $14B, doubling its coal fleet and betting big on gas. The market value of the company tanked over subsequent years.
GE is very well positioned now to make a huge contribution to offshore wind. Size matters in wind…power a squared function of rotor radius…and offshore…turbines are unconstrained by highway navigation. Capacity factors can be extremely high with less turbulence at sea. And the ability of offshore wind to work in synergy with onshore solar is typically outstanding.
Exciting times for renewable energy companies.