While you guys are facing the worsening-by-the-day consequences of the BP spill, some interesting news came out of the European "oil patch" - ie the North Sea:
UK’s offshore renewable energy could match one billion barrels of oil, report shows
The UK’s offshore renewable energy sector could generate electricity equivalent of one billion barrels of oil annually, matching North Sea oil and gas production, according to a new report.
(that would be roughly 3 million barrels per day, ie about double current Gulf of Mexico production)
(hat tip: JekyllnHide)
The research, published by the Offshore Valuation Group and welcomed by industry body RenewableUK, said the offshore renewable energy industry could ensure the UK becomes a net electricity exporter by using less than a third of the total available resource.
At the same level, it would result in cumulative carbon dioxide savings of 1.1 billion tonnes by 2050 and create 145,000 new jobs in the UK with additional tax revenues of £28bn.
What is most interesting here is that this is not just a grand claim by a dismissable NGO - the working group includes the UK government (and Scottish and Welsh authorities), the main power utilities in the country and a couple of large North Sea oil&gas companies, ie Serious People.
I am hopeful that as more such reports get published, and the utilities put an ever growing chunk of their investment budgets into offshore wind, the industry will finally take its rightful seat at the table, and be taken seriously as a large scale part of the solution, and not just a greenwashing gadget.
And note as well that this covers only the UK waters. Germany is expected to invest about the same, and the rest of Europe the same again. There have been studies showing that there is similar potential in the US off the Northeast coast, and again in the Great Lakes.
And, just for once, let me quote approvingly Thomas Friedman:
Obama and the Oil Spill
In the wake of this historic oil spill, the right policy - a bill to help end our addiction to oil - is also the right politics. The people are ahead of their politicians. So is the U.S. military. There are many conservatives who would embrace a carbon tax or gasoline tax if it was offset by a cut in payroll taxes or corporate taxes, so we could foster new jobs and clean air at the same time. If Republicans label Democrats "gas taxers" then Democrats should label them "Conservatives for OPEC" or "Friends of BP." Shill, baby, shill.
Why is Obama playing defense? Just how much oil has to spill into the gulf, how much wildlife has to die, how many radical mosques need to be built with our gasoline purchases to produce more Times Square bombers, before it becomes politically "safe" for the president to say he is going to end our oil addiction? Indeed, where is "The Obama End to Oil Addiction Act?" Why does everything have to emerge from the House and Senate? What does he want? What is his vision?
The Serious People are now telling us officially that this vision is feasible? Why hesitate?
Part of my series on Wind power
Full disclosure: I advise wind developers on their financing needs.
