Wind power takes a blow from the global economy

The Atlantic coast is a windy, windy place, no doubt about that.

Luckily, wind is a useful resource, and moves are being made to harness that wind and turn a profit. But, there are obstacles galore.

A $1 billion wind farm in Summerside, P.E.I. was delayed by the sudden economic downturn, as investors backed out at the last minute. Originally going forward in stages, phases one and two are now being combined. Four turbines are expected to be installed by November.

Additionally, the project has run into a strong case of NIMBY. Local residents aren’t completely sold on the project. In 2006, the first two windmills were installed on this farm. They were met with some protest. More seems likely to come.

The provincial government, led by Energy Minister Richard Brown, is trying to turn them around on the idea. He insists the money generated from projects like this will be good for the provincial economy. Given the current economic climate, “good for the economy” may translate into “necessary.”

The province receives a percentage of the revenue generated by wind power. They also get a piece of the action from lands rentals where the windmills are located, and a 16 per cent corporate income tax rate.

Wind power figures to play a prominent role in PEI’s future economic well being. 18 per cent of PEI’s electrical energy is already generated by wind. Provincially-owned wind farms already are in place on either end of the island province.

Many European firms have their eyes on P.E.I. as an excellent location for their windmills.

There’s gold in the winds?