Do you think it will become a reality? Do you think its success will be limited by the difficulty in building offshore wind farms like Cape Wind?
There are already investors lined up for this project with multiple billions of dollars. Google is throwing about the equivalent of 1 year of profits into this venture.
The secretary of the interior in Washington has thrown his support behind the project.
As there are only four places where the line has to leave national waters and enter the state’s jurisdiction – the permitting process is expected to go relatively smoothly.
Even if the cost of offshore wind doesn’t come down significantly, the investors will be able to recoup their capital by selling cheap electricity generated in West Virginia at much higher rates in the North East. This may cause the price of electricity to rise along the mid-Atlantic seaboard, but fall in the tri-state area. As soon as the cable is connected (2016), it will start to make money even though the first wind farm is not expected to be completed until after 2020.
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