Renewable Energy Projects expected to spend $13 billion
by: OilOnline
Monday, May 23, 2005
Over 2,300 wind turbines are forecast to be installed offshore over the next five years at a cost of $13 billion, according to energy analysts Douglas-Westwood Limited. Speaking at the Aberdeen and Grampian Chamber of Commerce Renewable Energy Business Breakfast today, John Westwood stated his firm’s belief that offshore renewable energy could form an important part of the energy mix for the UK and other countries.
“The rise in both oil and gas prices that we have experienced over the past three years caused by booming demand from China and decline of non-OPEC production has focussed attention on the fragility of the supply and demand balance” said Westwood.
Forecasts produced in ‘The World Offshore Oil & Gas Report’ show that European oil production is now going into decline and that gas production is close to its peak. Increasing volumes of oil and gas will have to be imported from Russia and the Middle East at a very high cost to meet future demand.
Security of Supply
The result is that there are now growing concerns over security of supply as European politicians begin to realise that political unrest in Russia, a previously source of interruption to gas supplies, could result in the lights going out in Europe and that a minor disruption in the Middle East could cause an instant redoubling of oil prices.
http://www.oilonline.com/news/headlines/internet/20050523.Renewabl.18084.asp