A FREE-MARKET ENERGY BLOG
By Allen Brooks -- February 28, 2017
“While the ITC option eliminates the uncertainty of performance, it is also consistent with the view of Warren Buffett, considered one of the outstanding investors of all-time. He has said, ‘[O]n wind energy, we get a tax credit if we build a lot of wind farms. That’s the only reason to build them. They don’t make sense without the tax credit.’”
“Responding to his critics about the economics of Deepwater Wind, CEO Jeffrey Grybowski said: ‘We’re building clean energy for the next generation here. And I think there are always small-minded opponents who like to find conspiracies.’ But I doubt most Rhode Islanders consider themselves either ‘small-minded’ or conspiracy-theorists.”
America’s renewable energy industry recently opened a new chapter with the official startup of the Block Island Wind Farm located 3.8 miles off the coast of Block Island in Rhode Island state waters.
The wind farm was developed and is owned by Deepwater Wind LLC, which is an arm of the D. E Shaw Group, a global investment and technology firm with $38 billion of invested capital as of July 1, 2016. After receiving approval from Rhode Island’s Coastal Resources Management Council (CRMC) to begin operations, the 30-megawatt, five-turbine project was switched on December 5th.