The various parts and pieces needed to make offshore wind a reality in the Gulf of Mexico have come into sharper focus over the last year, reports 10/12 Industry Report in its latest issue.
There has been an undeniable buildup in momentum, from the establishment of a state regulatory framework for leases to the creation of academic and private industry consortiums to actual corporate restructurings by those wanting to position themselves for the new reality.
James Martin, CEO of Gulf Wind Technology in Avondale, says a lot of people have been waiting for this moment. “It’s exciting,” Martin says. “I think Louisiana has a real opportunity to be the sharp end of the stick, but it’s a bit of a race. This is a big industry and there is a lot of potential, but we need to be sharp to stay ahead of the likes of Texas, or at least be ready to work in collaboration with them.”
Several hurdles first must be cleared. Primarily, the Gulf’s complex wind environment makes other locations more appealing to investors. They’re hesitant to spend billions of dollars on assets that could be at risk from a hurricane—and absent a hurricane, the winds aren’t that strong. Read the entire story.