Offshore Wind Energy

Wind To Create Electricity And Jobs In Rhode Island

Written by Green Chip Stocks
Posted January 9, 2009 at 4:50PM

For those who have a habit of questioning renewable portfolio standards (and whether or not they can be reached), look no further than Rhode Island.

Yesterday afternoon, Governor Donald Carcieri announced that Deepwater Wind now expects to begin construction next year on an offshore wind farm that will generate about 1.3 million megawatt-hours a year. That's roughly 15 percent of the state's electricity use.

Not only will this wind farm quickly help the Governor reach his 20 percent renewable energy goal, but it will also help the local economy. As part of the deal, Deepwater will establish a regional development office in the state, and build a manufacturing facility in Quonset that will create up to 800 jobs with annual wages of $60 million.

Operations are expected to start in mid-2012.

According to researchers at the University of Delaware and Stanford University, the aquatic region from Massachusetts to North Carolina could produce 330 gigawatts - or enough power to supply over 40 million homes.

jeff signature



Enjoy this article? Get more in our Free Newsletter

Get the inside track on the most lucrative stock plays in today's scorching-hot alternative and renewable energy markets.

Sign up for the FREE Energy and Capital daily e-Letter from alternative energy experts Jeff Siegel and Nick Hodge. We'll also send you our latest report on Wind Investing straight to your inbox.

Your Privacy is Assured.

Jeff Siegel on CNBC

Green Chip Stocks Editor Jeff Siegel, featured guest on CNBC's Green Week

Related Articles

Chinese Electric Vehicles
What the Chinese ban on high-polluting cars means for electric vehicle companies.
End Of Coal
Regulatory hurdles will continue to slow coal expansion.
Solar Investing
The 2009 Solar Industry: Shaking short-term skeptics with long-term reality.