The search for alternative energy resources has become an important objective, especially within the past decade. This year, climate change and the need for change has never been more clear, and activists aren’t letting it down. Changes need to start happening… and start happening now.
An announcement last week confirms the energy firm SSE has begun construction work on its huge offshore wind farm in the North Sea. The 3.6 gigawatt (GW) Dogger Bank Wind Farms project has “broken ground” near a coastal village in the East Riding of Yorkshire, England.
The company’s innovative project has a goal to be “the world’s largest offshore wind farm.” And according to SSE, the wind farm will have the capability to produce renewable energy for more than 4.5 million homes per year. This would be massive. Having an alternative power source and the ability to produce energy for 4.5 million homes per year would be groundbreaking.
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The managing director of Dogger Bank Wind Farms, Steven Wilson, said: “Getting the first spade in the ground is a significant milestone on any project, but for what will be the world’s largest offshore wind farm, this is a major moment for a project that has already been over a decade in the making.”
The demand for renewable energy has never been more crucial than right now. There are a lot of changes that need to happen in order to start relying heavily on other energy sources, and this step toward the construction of one of the world’s largest wind farms is a step in the right direction.
SSE’s wind farm will consist of three sites: Creyke Beck A, Creyke Beck B, and Teesside A. All of these sites will supply 1.2 GW and use GE’s Haliade-X wind turbines that are 260 meters tall and generate 12-megawatts (MW).
The company’s construction of the wind farm is expected to be completed in 2022 and hopes to achieve its first power in 2023. The U.K. and Europe as a whole are advocates when it comes to offshore wind and a 2018 report by WindEurope revealed that Europe connected 409 new offshore wind turbines to the grid.
The Future of Wind Energy
Wind Energy is expected to grow significantly in the years to come. According to a recent forecast, the Global Renewable Energy Market is set to reach $2,152 billion by 2025, meaning there’s a lot going on in this market. Governments are getting on board with new ways to reduce their country’s carbon footprint, more legislation is being passed, and incentives are getting put in place to favor alternative energy sources like wind power.
EcoWatch reports that wind power could supply 19% of the world’s electricity and by 2050 that percentage could reach 25%-30% of global power from wind. Wind power has become an ideal energy alternative because of its scalability — the ability for power to get online relatively quickly. It’s also an attractive alternative because it reduces carbon pollution and could be extremely helpful in avoiding global warming from crossing the danger threshold.
Over the past decade, onshore (or on land) wind power has become widely adopted and is one of the most valued renewable energy sources worldwide. Countries worldwide are becoming emerging markets that can provide wind power as well as business opportunities for particular countries that would otherwise not have the opportunity.
The next few years are going to be crucial, especially for alternative energy sources. The climate crisis is real and the people of the world want action right now, leaving their governments in only one position. There’s not much to lose here, only to gain — especially for investors looking for one of the next booming industries.
Until next time,
Jennifer Clark
Pro Trader Today