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An End To a Four-Week Losing Streak for Oil?

An End To a Four-Week Losing Streak for Oil?

This week, crude oil prices…

100th Turbine Installed in World's Largest Wind Farm

This summer the British offshore wind farm industry found reason to celebrate as the 100th wind turbine was erected in Phase One of the London Array project, the world’s largest wind farm project.

Phase One will consist of a total of 175 turbines, and generate 630 megawatts of power for the South East of England. Despite the slow progress towards reaching the EU’s target of generating 15% of energy from renewable sources by 2020, the future is looking bright for the UK. The government has even suggested that offshore wind energy could provide Britain with more than 10 times its current electricity demand.

Andrew Pendleton, from Friends of the Earth, told the Telegraph that, “forty years ago, we were discovering North Sea oil, and now, as we find ourselves on the cusp of a technological revolution, we are sitting on the most fabulous resource once again. It would be a tragedy if we didn’t exploit it.”

The current largest wind farm in the world is situated in the Irish Sea, and last year Denmark produced 26 percent of its energy from wind turbines, compared to just four percent in the UK. With the investments being made in offshore wind farms around the country, Britain is set to become the next wind superpower.

Ed Davey, the Energy Secretary, praised Britain’s wind energy potential at the opening of one of the offshore wind farm projects (the Walney project in Cumbria).

“Britain has a lot to be proud of in our growing offshore wind sector. Our island's tremendous natural resource, our research base and a proud history of engineering make this the number one destination for investment in offshore wind.”

By. Charles Kennedy of Oilprice.com



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EXXON Mobil -0.35
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