Blog Archives

USA: LI-NYC Wind Farm Collaborative Plans to Build Wind Farm off Rockaways

The Long IslandNew York City Offshore Wind Collaborative has filed an offshore land lease application with the federal Bureau of Ocean Energy Management, Regulation and Enforcement, taking a big step in bringing wind energy to New York City and Long Island.

The New York Power Authority, Long Island Power Authority and Con Edison have all come together to propose an offshore windmill farm in the Atlantic Ocean 15 miles off the Rockaway Peninsula.

With help from Gov. Andrew Cuomo, who is backing the initiative, the project has finally moved on to the approval process.

“We are massive supporters of this project,” said Dan Hendrick, communications director of the New York League of Conservative Voters. “This is great news for the region.”

Michael Clendenin of Con Edison said “It’s something people have been talking about for a while.”

It is hoped that the offshore windmill farm, though costly, can provide efficient energy for the entire region without further depleting the Earth’s ozone layer.

If the application passes and the project gets running, having a reliable source of energy could even obviate the need to bring in energy from upstate New York.

“New York has fantastic wind resources,” Hendrick said. “It is in the top 10 for wind resources in the country.”

The collaboration is taking advantage of the vast amounts of wind energy, but it comes with a steep price.

The expected cost of a 350-megawatt project, which would power roughly 112,000 homes, is $415 million, while an upgrade to 700 megawatts would cost an additional $406 million.

The offshore wind project, designed for 350 MW, with the possibility of expanding to 700 MW, would become the largest offshore wind farm in the country.

Not all are certain the project would be beneficial, however.

Recently elected Rep. Bob Turner (R-Queens and Brooklyn) said the “efficacy of wind farms might need more study.”

Turner said he wants to see further research on the wind farms off the coast of Europe before the United States puts a great deal of money into funding one here.

Studies have shown that the implementation of the wind farm would displace roughly 540,000 tons of carbon dioxide annually, equivalent to removing 120,000 cars from local roads, according to the collaborative’s website.

An earlier proposal for offshore wind farms in August 2007 off the coast of Jones Beach on Long Island was terminated due to concerns from local groups protesting the close vicinity of the windmills to the shore, coupled with rising technological costs at the time. But the agencies in the collaborative say this one would bring another benefit of greater concern today.

“The project is expected to boost the job market,” said Clendenin. “It is worthwhile and will create quite a few jobs.”

In fact, the collaborative estimates 2,300 to 4,700 job openings once the plan is enacted and the wind farm is set to be built.

As for the danger to birds, another concern with wind turbines, Hendrick said he does not see a problem, as the facility would be far enough off the coast that fly zones for migrating birds would not be disrupted. One major avian flyway goes right through Jamaica Bay.

“They tend to hug the shoreline,” Hendrick said.

If the lease is approved, the project could start as early as 2017, , Hendrick said, adding, “With everyone using cell phones and other forms of technology these days, we’re going to need more energy.”

by Fen Yi Chen (qchron)

Original Article

UK: SeaEnergy Publishes ‘Past Laurels, Emerging Offshore Wind Energy Service Sector Bode Well’

image

The management has an excellent track record of establishing businesses from the concept stage and adding value for shareholders

SeaEnergy PLCs (earlier Ramco Energy PLC) strategic approach to growth entails entering new businesses at an early stage when the need for capital is low and exiting these ventures when the right value is attained. The company, which was incorporated with focus on oil services, evolved into| an energy investment company with interest in oil and gas assets. SeaEnergy is currently also focusing on the development of its offshore wind service business, SeaEnergy Marine. In line with its strategy, the company has successfully monetized its business interests in the past. It liquidated its 2.0825% interest in the Azeri Chirag Guneshli (ACG) field in Azerbaijan for USD150 million during 2000 and divested its 80.13% stake in SeaEnergy Renewables Limited (SERL) for a cash consideration of £38.6 million in 2011.

SeaEnergy Marine – Banking on the promising offshore wind energy services sector

SeaEnergy is venturing into services related to the installation, operation and maintenance (O&M), and support of wind turbines through SeaEnergy Marine. It will stand out in terms of efficiency and cost-effectiveness. Offshore wind capacity in Europe is estimated to rise from 2.6GW at the end of 2010 to 43.3GW by 2020. This is likely to create massive demand for vessels that can facilitate the installation and O&M of wind turbines. The industry is currently facing a dearth of right-fit vessels that can execute these activities efficiently. For instance, wind farm owners in UK currently depend on workboats that operate at a maximum wave height of 1.5 meters and at a distance of 60 miles from shore, severely limiting their usefulness for wind farms now in development. The huge gap between demand and supply reflects the opportunities for growth in the offshore wind energy sector.

SeaEnergy Marine – A one-stop-shop for offshore energy sector

SeaEnergy Marine plans to integrate all services that offshore wind farm owners/developers may require. The company’s state-of-the-art vessels will shorten the installation cycle and increase accessibility for O&M. In addition, SeaEnergy Marine’s vessels will offer these services at very competitive rates, making the economics of operation quite favourable for its customers.

Past experience, established business model increase probability of success

SeaEnergy Marine benefits from the management’s experience in the offshore wind energy sector, especially the exposure gained while working with SERL. Moreover, the business model is well established. SeaEnergy Marine is also actively submitting tenders for contracts with major offshore wind companies.

The Discounted Cash Flow approach yielded a fair value of GBp50.5 per share, based on a cost of equity at 14.48%, inclusive of an additional risk premium of 8% as the company is still in the inception phase. As the marine business will gradually materialise, the additional premium will be faded out over time , providing further upside. In addition, our fair value excludes current (and further) upside from the O&G assets.

Original Article

Wind farm support vessel refined

Oil exploration to renewable energy group SeaEnergy is working up plans to build a new wind farm support vessel specially designed for the North Sea market which is being targeted for a tender due out next month.

image

SeaEnergy chairman Steve Remp has told shareholders he expects a market opportunity for a specialised wind farm Offshore and Maintenance support vessel to be available by 2014.
“We have engaged with many potential customers and can confirm widespread support for our design and operational concept,” Remp reports.

Although the market opportunities for the vessel could materialise by 2014, Remp says those will be in the more benign conditions of the Baltic Sea: “To date, the only tender for such offshore wind support vessel has been for a project in the Baltic Sea,” Remp has told SeaEnergy shareholders.

“Our vessel design is specified for the more challenging wave, tide and weather conditions encountered in the North Sea, and is therefore over-specified for the more benign conditions in the Baltic. “

Remp goes on to point out that the requirement for the vessel in the North Sea – primarily in the UK or Germany – will be in 2014,   “…And we are actively preparing to participate in the first of such tenders fort the North Sea which are expected to be issued next month.” Remp says.

SeaEnergy is now progressing technical work on the O&M vessel design which includes tank testing and completion  of detailed engineering drawings “..Both of which are required to put us in a position to initiate construction of our first new-build vessel, once an initial charter has been secured,” Remp says.

Meanwhile the company is talking to potential customers about chartering an existing ship in the near-term for use this winter which would be used to demonstrate SeaEnergy’s wind farm O&M concept, and to generate earlier revenue.

Original Article

%d bloggers like this: